Much of the news around property prices of late has focussed upon sale values and, generally, only on a national basis. When we hear news of ‘the property market’ it tends to be a generic ‘house prices are up by x%’ and so on – a broad brush across the nation.
However, this approach misses two important aspects. First, the local picture (Milton Keynes folk aren’t particularly concerned about what’s happening in Llandudno) and secondly, rental prices. Around 40% of UK householders rent their home and therefore property news should surely encompass rent values too.
The average monthly rent for a home in the UK is £1,059. Locally, Milton Keynes rents as an area average are almost at parity at £1,132 – just £73 difference.
However, Lion Estates’ researchers have crunched a combination of data sources including statistics from the government and drilled down to discover the local areas that represent the best prices for renters across the district. Plus, we can reveal the places that are the best value in comparison to local sale prices.
In top spot for best rental prices is MK12 and which covers Greenleys and Wolverton. Monthly rents are on average £1,039.
Next in the pecking order is MK7 – Kents Hill, Walnut Tree and Brownswood at £1,054 per month. Followed by MK14 and then MK6 then MK15.
At the other end of the scale, the most expensive neighbourhood in which to rent is MK4 – Emerson Valley, Kingsmead, Tattenhoe and Westcroft at £1,268 per month, some 22% more expensive than the cheapest area.
Interestingly, the highest rents do not necessarily correspond with the highest house prices. The area with the highest house price is MK17 at £482, 217 and which sits in the middle ground where rent costs are concerned at £1,112. In other words, you can rent in one of Milton Keynes’ most expensive enclaves, Woburn Sands, The Brickhills, Stoke Hammond and Newton Longville, for just 2.7% annually versus the cost of actually buying that home.
Dominic Marcel, local expert estate agent at Lion Estates, says: “Not only are Milton Keynes rental values bang on the average for the UK, but this is despite the fact that average house sale prices are £27,000 higher than the UK average. This means that local rental values are a relative bargain and especially versus certain areas of the town such as Greenleys and Wolverton”.
“That said, our data also shows that rental values have risen quite sharply in the last 12 months, by 11.7% against a national average rise of 8.7%, and therefore this comparative value may not stay so for long as demand from tenants wanting to live locally continues to increase” he adds.