Luton house prices increased in June by 2.7%

House prices increased by 2.7% in Luton in June, new figures show.

Wednesday, 18th August 2021, 5:14 pm
Updated Wednesday, 18th August 2021, 5:16 pm
House prices increased 2.7% in Luton in June

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.1% annual growth.

The average Luton house price in June was £251,940.6235, Land Registry figures show – a 2.7% increase on May.

Over the month, the picture was less good than that across the East of England, where prices increased 4.5227586%, and Luton underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Luton rose by £21,000 – putting the area 19th 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%, to £304,000. At the other end of the scale, properties in Maldon gained 2.7% in value, giving an average price of £349,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Luton in June – they increased 2.9%, to £237,099.2956 on average. Over the last year, prices rose by 10.1%.

Among other types of property:

Detached: up 2.8% monthly; up 10% annually; £433,917.3201 average

Semi-detached: up 2.7% monthly; up 9.1% annually; £291,963.3482 average

Flats: up 2.2% monthly; up 7.5% annually; £145,542.8734 average

First steps on the property ladder

First-time buyers in Luton spent an average of £222,000 on their property – £18,000 more than a year ago, and £30,000 more than in June 2016.

By comparison, former owner-occupiers paid £288,000 on average in June – 29.7% more than first-time buyers.

How do property prices in Luton compare?

Buyers paid 23% less than the average price in the East of England (£327,000) in June for a property in Luton. Across the East of England, property prices are lower 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 2.2 times as much as in Luton. 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).

Factfile

Average property price in June

Luton: £251,940.6235

The East of England: £327,016.5045

UK: £265,668.1787

Annual growth to June

Luton: +9.1%

The East of England: +12.1%

UK: +13.2%

Best and worst annual growth in the East of England

North Norfolk: +23.9%

Maldon: +2.7%