Bedford house prices increased in November, new figures show

First-time buyers spent an average of £295,400 on their property
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House prices increased by 2.1% in Bedford in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.4% over the last year.

The average Bedford house price in November was £367,779, Land Registry figures show – a 2.1% increase on October.

House prices increased by 2.1% in Bedford in NovemberHouse prices increased by 2.1% in Bedford in November
House prices increased by 2.1% in Bedford in November

Over the month, the picture was different to that across the East of England, where prices decreased 0.2%, and Bedford was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Bedford rose by £8,700 – putting the area fourth among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in Maldon, where property prices increased on average by 6.1%, to £442,000. At the other end of the scale, properties in Stevenage lost 9% of their value, giving an average price of £322,000.

FIRST STEPS ON THE PROPERTYLADDER

First-time buyers in Bedford spent an average of £295,400 on their property – £7,100 more than a year ago, and £60,000 more than in November 2018.

By comparison, former owner-occupiers paid £420,700 on average in November – 42.4% more than first-time buyers.

PROPERTY TYPES

Owners of flats saw the biggest rise in property prices in Bedford in November – they increased 2.5%, to £187,221 on average. Over the last year, prices rose by 0.6%.

Among other types of property:

Detached: up 2.2% monthly; up 3.1% annually; £615,467 average

Semi-detached: up 2.1% monthly; up 3.2% annually; £372,024 average

Terraced: up 1.9% monthly; up 1.7% annually; £286,013 average

HOW DO PROPERTY PRICES IN BEDFORD COMPARE?

Buyers paid 6.1% more than the average price in the East of England (£347,000) in November for a property in Bedford. Across the East of England, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the East of England were in St Albans – £577,000 on average, and 1.6 times the price as in Bedford. St Albans properties cost 2.7 times the price as homes in Great Yarmouth (£213,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.