House prices drop slightly in Bedford

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House prices dropped by 0.3% in Bedford in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.5% over the last year.

The average Bedford house price in April was £346,232. Land Registry figures show a 0.3% decrease on March.

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Over the month, the picture was similar to that across the East of England, where prices decreased 0.7%, but Bedford was lower than the 0.3% rise for the UK as a whole.

The average Bedford house price in April was £346,232. Land Registry figures show a 0.3% decrease on March (Picture: Shutterstock)The average Bedford house price in April was £346,232. Land Registry figures show a 0.3% decrease on March (Picture: Shutterstock)
The average Bedford house price in April was £346,232. Land Registry figures show a 0.3% decrease on March (Picture: Shutterstock)

Over the last year, the average sale price of property in Bedford rose by £5,200 – putting the area 11th among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 7.8%, to £351,000. At the other end of the scale, properties in Watford lost 8.6% of their value, giving an average price of £376,000.

FIRST STEPS ON THE LADDER

First-time buyers in Bedford spent an average of £281,100 on their property – £5,400 more than a year ago, and £46,200 more than in April 2019.

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By comparison, former owner-occupiers paid £392,000 on average in April – 39.5% more than first-time buyers.

PROPERTY TYPES

Owners of detached houses saw the biggest fall in property prices in Bedford in April – they dropped 0.5% in price, to £559,931 on average. But over the last year, prices rose by 1%.

Among other types of property:

Semi-detached: down 0.1% monthly; up 2.5% annually; £351,021 average

Terraced: down 0.3% monthly; up 1.8% annually; £273,009 average

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Flats: down 0.1% monthly; up 0.1% annually; £183,763 average

HOW DO PROPERTY PRICES IN BEDFORD COMPARE?

Buyers paid 3.2% more than the average price in the East of England (£335,000) in April for a property in Bedford. Across the East of England, property prices are higher than those across the UK, where the average cost is £281,000.

The most expensive properties in the East of England were in St Albans – £578,000 on average, and 1.7 times the price as in Bedford. St Albans properties cost 2.7 times the price as homes in Great Yarmouth (£218,000 average), at the other end of the scale.

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

FACTFILE

Average property price in April

Bedford: £346,232

The East of England: £335,448

UK: £281,373

Annual growth to April

Bedford: +1.5%

The East of England: +0.4%

UK: +1.1%

Highest and lowest annual growth in the East of England

East Cambridgeshire: +7.8%

Watford: -8.6%

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