What is it like buying a house in Milton Keynes?

by | Nov 15, 2022

Home $ House for sale in the UK $ What is it like buying a house in Milton Keynes?

Milton Keynes might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of Buckinghamshire.
Before looking for a house for sale in the city of Milton Keynes we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.

In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in Milton Keynes.

What is the final sale price of a house in Milton Keynes?

As well as looking at the asking price for house for sale in Milton Keynes, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Milton Keynes.

Houses for sale, are sold on average in Milton Keynes, after the influence of these factors, at £299,937 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 10% over the last 10 years.

Housing category Total final sale price
Aerage sold price (detached) £425,923
Aerage sold price (semi-detached) £287,014
Aerage sold price (terraced) £261,318
Aerage sold price (flat) £168,352

This table above shows the average sale price for each variation of houses for sale in Milton Keynes.

Housing category Sale price per square foot
Aerage sold price/sqft £3,172
Aerage sold price/sqft (new build) £3,146
Aerage sold price/sqft (old stock) £3,098

This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Milton Keynes is £3,199.

This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.

Are there any important statistics about the population of Milton Keynes?

Milton Keynes within Buckinghamshire is notable for the type of people that live there. The statistics below show how this is the case.

As you read on, Milton Keynes will be looked at by comparing it to the local region, as well as comparing it to the wider region too (South East). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.

This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Milton Keynes.

How much do people in Milton Keynes earn?

Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.

For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.

To see if this phenomenon occurs in Milton Keynes. Compare the area’s average household income of £51,125 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 27% for more conclusive data on the affluence of the area.

Have the people of Milton Keynes grown in numbers?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Milton Keynes if 238,814 and in the below heading how this population has changed will be broken down.

Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Milton Keynes such as rental yield or house appreciation.

How has the population size of Milton Keynes adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Milton Keynes by 3%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here

To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 3% change has historically occurred before. Click here to know more on the UK population trends.

Over the last 10 years, how has the population size adjusted in Milton Keynes?

In the last decade, the population of Milton Keynes has been adjusted by 10%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.

A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.

In Milton Keynes, what is the social grade score?

In the city of Milton Keynes, the social grade score of the area is 27%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Milton Keynes.

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

In Milton Keynes, what are the deprivation levels like?

The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Milton Keynes, in particular, the deprivation levels are 21%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

Do the people of Milton Keynes get to enjoy green space?

In the city of Milton Keynes, there are 27.8 acres of green space per 1000 residents.

The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Milton Keynes is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

In general, do people commit a lot of crime in Milton Keynes?

For every one thousand people living in Milton Keynes, 153 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 153 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

For the city of Milton Keynes, what is the education level?

In the city of Milton Keynes, 28% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.

Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Milton Keynes is £51,125.

This should correspond with the average percentage of people in the UK who have degrees at 22.6%.

In Milton Keynes, what is the asking price in general for a house for sale?

Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Milton Keynes determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £367,057.

Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Milton Keynes.

Table showing the asking prices for houses for sale in Milton Keynes

Average asking price (1 bed) £210,619
Average asking price (2 bed) £258,706
Average asking price (3 bed) £360,294
Average asking price (4 bed) £515,397
Average asking price (5 bed) £833,500

The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £258. Telling you what type of house is most in demand relative to the price of the area.

This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Milton Keynes has a lack of supply of housing in certain categories.

What’s the rental yield in general for the city of Milton Keynes?

What is the growth in the housing market of Milton Keynes?

Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.

Below are the forecasted growth rates for the city of Milton Keynes at 1 year, 3 year and 5 year intervals:

1 year 3 years 5 years
Milton Keynes growth rate -1% 10% 13%

Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Milton Keynes gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Milton Keynes.

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Milton Keynes, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; South East. As well as Buckinghamshire, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Milton Keynes 4.2% £1,218 140% 18.6%
Buckinghamshire 3.56% £1,345 122.24% 16.67%
South East 3.58% £1,301 127.50% 16.69%

Assuming that in the future you want to re-sell the house you will eventually purchased in Milton Keynes you might be interested in the number of sales per month (172) that happen in the local housing market. Comparing this figure for Milton Keynes with the above table gives you a good understanding of the profitability of the area.

Who can help you buy a house for sale in Milton Keynes?

Thinking about other cities with houses for sale?

Below are a list of towns with a similar location to Milton Keynes.
Reading these analysis will help you evaluate the different houses for sale currently listed in South East:

If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.

Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.

Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.

Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:

  • Lender – This practitioner can lend you money to finalise a house purchase
  • Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
  • Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
  • Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
  • Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
  • Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase

Choose the right house for sale that suits your needs

When browsing houses for sale in Milton Keynes you should think about lots of different criteria:

  • House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)

  • Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.

  • House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.

  • Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future

  • energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.

  • Internet speed in the area of the house for sale – is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale

  • Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?

  • Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.

  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.