Bedford house prices dropped more than East of England average
House prices dropped by 3.5% – more than the average for the East of England – in Bedford in December, new figures show.
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Hide AdThe drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.8% annual decline. The average Bedford house price in December was £343,755, Land Registry figures show – a 3.5% decrease on November.
Prices across the East of England region dropped by 0.5% – but rose by 0.1% on average across the UK as a whole.
Over the last year, the average sale price of property in Bedford fell by £10,000 – putting the area 19th among the East of England’s 45 local authorities with price data for annual growth.
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Hide AdThe highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 3.8%, to £357,000. At the other end of the scale, properties in Welwyn Hatfield lost 9.5% of their value, giving an average price of £400,000.
First steps on the property ladder
First-time buyers in Bedford spent an average of £276,600 on their property – £7,600 less than a year ago, but £39,700 more than in December 2018.
By comparison, former owner-occupiers paid £392,200 on average in December – 41.8% more than first-time buyers.
Property types
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Hide AdOwners of detached houses saw the biggest fall in property prices in Bedford in December – they dropped 3.8% in price, to £572,254 on average. Over the last year, prices dropped by 2.5%.
Among other types of property:
Semi-detached: down 3% monthly; down 1.6% annually; £349,764 averageTerraced: down 3.5% monthly; down 3.7% annually; £267,232 averageFlats: down 3.7% monthly; down 4.8% annually; £174,746 average
How do property prices in Bedford compare?
Buyers paid roughly the same as the average price in the East of England (£342,000) in December 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.
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Hide AdThe most expensive properties in the East of England were in Three Rivers – £583,000 on average, and 1.7 times the price as in Bedford. Three Rivers properties cost 2.8 times the price as homes in Great Yarmouth (£212,000 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 December
Bedford: £343,755The East of England: £342,489UK: £284,691Annual change to December
Bedford: -2.8%The East of England: -3.8%UK: -1.4%Highest and lowest annual growth in the East of England
East Cambridgeshire: +3.8%Welwyn Hatfield: -9.5%