House prices in Bedford have risen more than the East of England average Bedford News

House prices rose 3% – more than the East of England average – in Bedford in February, according to new figures.

This momentum is contributing to the longer-term trend, which has seen house prices in the region reach annual growth of 13.9%.

The average house price in Bedford in February was £338,877, according to Land Registry figures, a 3% increase on January.

During the month, the situation was better than in the East of England, where prices rose by 1.3%, and Bedford outperformed the increase of 0.5% for the whole of the United Kingdom .

Over the past year the average selling price of a property in Bedford has risen by £41,000, putting the area 11th out of 45 local authorities in the east of England with price data for annual growth.

Apartment owners saw the biggest improvement in property prices in Bedford in February – they rose 3.1% to an average of £179,188. Over the past year, prices have increased by 9.7%.

Among other types of goods:

Individual: up 3.1% per month; up 17.3% per year; £569,930 on average

Paired: increase of 2.9% monthly; up 14.1% per year; £337,687 on average

Semi-detached: + 2.8% per month; up 11.9% per year; £261,220 on average

FIRST STEPS ON THE OWNERSHIP LADDER

First-time buyers in Bedford spent an average of £271,000 on their property, £31,000 more than a year ago and £50,000 more than February 2017.

By comparison, former homeowners paid £389,000 on average in February, 43.2% more than first-time buyers.

HOW DO PROPERTY PRICES COMPARE?

Buyers paid 2% less than the average price in the East of England (£346,000) in February for a property in Bedford. Property prices in the east of England are about the same as in the UK, where the average cost is £277,000.

The most expensive properties in the east of England were in Three Rivers – £579,000 on average, and 1.7 times more than in Bedford. Properties in Three Rivers cost 2.7 times more than houses in Great Yarmouth (£213,000 on average), at the other end of the scale.

The highest house prices in the UK were in Kensington and Chelsea.