Bedford property prices increased in June - with owners of terraces houses seeing biggest boost
Average price is now £314,725
House prices increased by 2.4 per cent in Bedford in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.4 per cent annual growth.
The average Bedford house price in June was £314,725, Land Registry figures show – a 2.4 per cent increase on May.
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Over the month, the picture was less good than that across the East of England, where prices increased 4.5 per cent, and Bedford underperformed compared to the 4.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Bedford rose by £32,000 – putting the area 11th among the East of England’s 50 local authorities for annual growth.
The best annual growth in the region was in North Norfolk, where property prices increased on average by 23.9 per cent, to £304,000. At the other end of the scale, properties in Maldon gained 2.7 per cent in value, giving an average price of £349,000.
WINNERS AND LOSERS
Owners of terraced houses saw the biggest improvement in property prices in Bedford in June – they increased 2.5 per cent, to £246,019 on average. Over the last year, prices rose by 11.6 per cent.
Among other types of property:
Detached: up 2.4 per cent monthly; up 12.6 per cent annually; £517,068 average
Semi-detached: up 2.3 per cent monthly; up 11.1 per cent annually; £312,839 average
Flats: up 2.1 per cent monthly; up 9.1 per cent annually; £171,881 average
FIRST STEPS ON THE PROPERTY LADDER
First-time buyers in Bedford spent an average of £254,000 on their property – £25,000 more than a year ago, and £43,000 more than in June 2016.
By comparison, former owner-occupiers paid £358,000 on average in June – 40.9 per cent more than first-time buyers.
HOW DO PROPERTY PRICES IN BEDFORD COMPARE?
Buyers paid 3.8 per cent less than the average price in the East of England (£327,000) in June for a property in Bedford. Across the East of England, property prices are higher than those across the UK, where the average cost £266,000.
The most expensive properties in the East of England were in St Albans – £550,000 on average, and 1.7 times as much as in Bedford. St Albans properties cost 2.8 times as much as homes in Great Yarmouth (£199,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).