Recent pressure on Chancellor Philip Hammond to provide an impetus for housebuilding in the UK was rewarded in some respects, although perhaps Milton Keynes is not in need of too much of a helping hand. A recent report by Zoopla revealed the locations that featured the highest concentration of new builds, and Milton Keynes came out on top of the pile.
33% of new sales in the region were made up of new homes, which placed it 4% higher than any other area of the UK. The former new town has been experiencing something of a pricing boom over the past decade, and this is reflected in the ongoing house building during that period. Leighton Buzzard, Bletchley and Oakridge are particularly popular, aided by the Government’s interest free purchaser loans.
New property developments in Milton Keynes
Housing association, Grand Union Housing Group, are currently bidding to build a further 377 homes near to Newport Pagnell, 81 of which would be built immediately if the bid is successful. This will fall into the affordable housing bracket, helping to ease some of the homeless issues. Similarly, Mears Group will be creating 70 modular homes for the council who then lease these out to local residents.
Newton Leys has seen more than 800 homes built in new developments over the past few years, with a target of 2,250 new homes hoping to be in place by 2022. Part of this ongoing development includes a recently completed retail centre that includes a supermarket, local shops and a much needed day nursery for working families.
A £90million mixed-use development in Campbell Park to be built by Crest Nicholson was also recently approved by Milton Keynes council. The canalside development will be made up of 383 homes in total, 332 of which will be apartments, with the remaining 51 comprised of houses, along with a host of new shops and nursey facilities. A 117-berth marina also forms part of the plan which will make up part of a new canal link between Bedford and Milton Keynes.
Prices continue to rise in the area
House prices in Milton Keynes continue to rise, with the Office of National Statistics revealing that in September of this year, the average house price was £263,994. This is a rise of about 5-6% compared to 2016 (£263,994) and seen over the past 20 years, when the average price was £56,191, it is leap just short of 400%.
The average time it takes a property to go under offer can be as short as 29 days. Although the area the continues to expand it remains a popular destination for first time buyers due to the amount of new builds, and there is a need to be quick off the mark to stand a chance of getting the home you want.
Another clear indication of how far Milton Keynes has come over the past decade is seen through the council’s readiness to submit a bid to become the 2023 European Capital of Culture. Previously, only Glasgow and Liverpool are the only two UK cities to hold the title, but should the ‘Different by Design’ bid from Milton Keynes council prove successful, it will underline the transformation that is continuing right across the region.