House prices increased by 2.3 per cent in Bedford in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.7 per cent annual growth.
The average Bedford house price in August was £324,370, Land Registry figures show – a 2.3 per cent increase on July.
Over the month, the picture was less good than that across the East of England, where prices increased 2.9 per cent, and Bedford underperformed compared to the 2.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Bedford rose by £42,000 – putting the area fifth among the East of England’s 50 local authorities for annual growth.
The best annual growth in the region was in Rochford, where property prices increased on average by 17.1 per cent, to £405,000. At the other end of the scale, properties in Epping Forest gained 0.2 per cent in value, giving an average price of £470,000.
WINNERS AND LOSERS
Owners of detached houses saw the biggest improvement in property prices in Bedford in August – they increased 2.8 per cent, to £535,508 on average. Over the last year, prices rose by 16.8 per cent.
Among other types of property:
Semi-detached: up 2.4 per cent monthly; up 14.9 per cent annually; £323,845 average
Terraced: up 1.7 per cent monthly; up 13.4 per cent annually; £250,924 average
Flats: up 1.8 per cent monthly; up 12.4 per cent annually; £176,565 average
FIRST STEPS ON THE PROPERTY LADDER
First-time buyers in Bedford spent an average of £261,000 on their property – £32,000 more than a year ago, and £47,000 more than in August 2016.
By comparison, former owner-occupiers paid £371,000 on average in August – 42.0 per cent more than first-time buyers.
HOW DO PROPERTY PRICES IN BEDFORD COMPARE?
Buyers paid roughly the same as the average price in the East of England (£325,000) in August for a property in Bedford. Across the East of England, property prices are high compared to those across the UK, where the average cost £264,000.
The most expensive properties in the East of England were in St Albans – £588,000 on average, and 1.8 times as much as in Bedford. St Albans properties cost 3.1 times as much as homes in Great Yarmouth (£190,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.