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​.

The average Bedford house price in August was £284,142, Land Registry figures show​ – a 0.6 per cent increase on July.

House prices increased slightly in AugustHouse prices increased slightly in August
House prices increased slightly in August

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

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

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.

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