Bedford house prices increase by 3.2%

The average house price is now £353,319

By The Newsroom
Friday, 20th May 2022, 6:50 pm

House prices increased by 3.2% in Bedford in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 17.5% annual growth.

The average Bedford house price in March was £353,319, Land Registry figures show – a 3.2% increase on February.

Owners of detached houses saw the biggest improvement in property prices in Bedford in March – they increased 3.5%, to £596,202 on average

Over the month, the picture was better than that across the East of England, where prices decreased 0.8%, and Bedford outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Bedford rose by £53,000 – putting the area third among the East of England’s 45 local authorities with price data for annual growth.

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WINNERS AND LOSERS

Owners of detached houses saw the biggest improvement in property prices in Bedford in March – they increased 3.5%, to £596,202 on average. Over the last year, prices rose by 21.1%.

Among other types of property:

Semi-detached: up 3.4% monthly; up 17.8% annually; £352,242 average

Terraced: up 3% monthly; up 15.2% annually; £271,584 average

Flats: up 2.6% monthly; up 12.6% annually; £185,687 average

FIRST STEPS ON THE PROPERTY LADDER

First-time buyers in Bedford spent an average of £283,000 on their property – £40,000 more than a year ago, and £58,000 more than in March 2017.

By comparison, former owner-occupiers paid £405,000 on average in March – 43.2% more than first-time buyers.

HOW DO PROPERTY PRICES IN BEDFORD COMPARE?

Buyers paid 2.7% more than the average price in the East of England (£344,000) in March for a property in Bedford. Across the East of England, property prices are higher than those across the UK, where the average cost £278,000.

The most expensive properties in the East of England were in St Albans – £588,000 on average, and 1.7 times as much as more than in Bedford. St Albans properties cost 2.8 times as much as homes in Great Yarmouth (£206,000 average), at the other end of the scale.

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