Bedford house prices increased slightly in August
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House prices increased slightly in Bedford in August, new figures show.
The boost contributes to the longer-term trend, where property prices in the area have achieved 0.2 per cent annual growth.
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The average Bedford house price in August was £284,142, Land Registry figures show – a 0.6 per cent increase on July.
Over the month, the picture was similar to that across the East of England, where prices increased 0.8 per cent, and Bedford underperformed compared to the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Bedford rose by £450 – putting the area 33rd among the East of England’s 47 local authorities for annual growth.
The best annual growth in the region was in South Norfolk, where properties increased on average by 5.9 per cent, to £269,000. At the other end of the scale, properties in Babergh in Suffolk dropped 4.1 per cent in value, giving an average price of £279,000.
WINNERS & LOSERS
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Owners of terraced houses saw the biggest improvement in property prices in Bedford in August – they increased 0.8 per cent, to £222,315 on average. Over the last year, prices rose by 0.6 per cent.
Among other types of property:
Detached: up 0.7 per cent monthly; up 0.4 per cent annually; £461,517 average
Semi-detached: up 0.7 per cent monthly; up 1.7 per cent annually; £284,852 average
Flats: down 0.2 per cent monthly; down 4.1 per cent annually; £155,893 average
FIRST STEPS ON THE PROPERTY LADDER
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First-time buyers in Bedford spent an average of £230,070 on their property – £420 less than a year ago, and £42,680 more than in August 2015.
By comparison, former owner-occupiers paid £322,730 on average in August – 40.3 per cent more than first-time buyers.
HOW DO PROPERTY PRICES IN BEDFORD COMPARE?
Buyers paid 4.1 per cent less than the average price in the East of England (£296,000) in August for a property in Bedford. Across the East of England, property prices are higher than those across the UK, where the average cost £239,000.
The most expensive properties in the East of England were in St Albans – £522,000 on average, and 1.8 times as much as in Bedford. St Albans properties cost three times as much as homes in Great Yarmouth (£174,000 average), at the other end of the scale.