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.
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.
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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