This is what the pandemic has done to house prices in Bedford

Bad news homeowners .....

Wednesday, 20th May 2020, 4:47 pm

House prices dropped slightly in Bedford in March, new figures show.

​The ​drop ​contributes to the longer-term trend, which has seen property prices in the area ​suffer a 0.9 per cent annual decline​.

The average Bedford house price in March was £283,674, Land Registry figures show​ – a 0.8 per cent decrease on February.

Bedford house prices dropped slightly in March

Over the month, the picture was ​worse than that across the East of England, where prices ​remained static​, and Bedford underperformed compared to the 0.2 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bedford ​​remained level – putting the ​area 28th among the East of England’s 47 local authorities for annual growth.

Winners and Losers

Owners of terraced houses fared worst in Bedford in March – they dropped 1.3 per cent in price, to £219,317 on average​. Over the last year, prices dropped by 0.9 per cent.

Among other types of property:

Detached: down 0.4 per cent monthly; down 0.6 per cent annually; £463,502 average

Semi-detached: down 0.7 per cent monthly; down 0.1 per cent annually; £282,449 average

Flats: down 0.9 per cent monthly; down 2.9 per cent annually; £159,273 average

First steps on the property ladder

First-time buyers in Bedford spent an average of £​230,100 on their property – ​£2,500 less than a year ago, ​and ​£47,900 more than in March 2015.

By comparison, former owner-occupiers paid £​321,700 on average in March​ – 39.8 per cent more than first-time buyers.

How do property prices in Bedford compare?

Buyers paid 2.6 per cent less than the average price in the East of England (£291,000) in March for a property in Bedford. Across the East of England, property prices are high compared to those across the UK, where the average cost £232,000.

The most expensive properties in the East of England were in Three Rivers – £512,000 on average, and 1.8 times as much as in Bedford. Three Rivers properties cost three times as much as homes in Great Yarmouth (£169,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).