This week let's have a look at one popular postcode area on the West of Milton Keynes, MK4.
This postcode incorporates approximately 6 estates currently, with development land for at least 1 or 2 more in the future, so there is scope for growth and new facilities in years to come. The oldest residential part is to the east, just off Watling Street V4, called Furzton. This was built in the early 1980s, and development came to an end around 20 years later. The further west you move, the newer the area, the newest area currently inhabited is Oxley Park which was started in 2007 and is still being built as we speak. On the extreme west of MK4 there is the brand new estate called Tattenhoe Park - building in this area stalled during the credit crunch years, with the main infrastructure and even a school in place but standing in isolation, and building of residential properties came to a halt for almost 7 years, until now.
So let's look at some historical and current residential sale prices to give you an idea of how this one postcode area can differ so spectacularly by focussing on specific, middle-of-the-road (excuse the pun) streets on 3 estates.
1) Braybrooke Drive, Furzton:
2014 average house price = £161,250
2007 (pre credit crunch) average price = £160,250
2000 average price = £85,500
From the above, you can see that current prices are now back to their peak, and will now only rise slowly from here as they are currently on parity with the market for this area which is established and maturing nicely, as you can see from the 88.59% growth since 2000. The current average rental price for a 3 bed semi with garage on this road is around £850.
2) Mavoncliff Drive, Tattenhoe
2014 average house price = £233,000
2007 (pre credit crunch) average price = £230,500
2000 average price = £154,750
This is now a virtually fully developed area, with the odd sporadic development plot left over, and prices are still on the up as it offers pleasant surroundings, nicely presented properties and is on the edge of the city with great road links. Prices are now increasing from their pre-credit crunch peak, and are a good 50.56% up since 2000, with plenty of room to move upwards further. The current average rental price for a 3 bed semi with garage on this road is around £900.
3) Oberon Way, Oxley Park
2007 (pre credit crunch) average price = £281,800
Wow - on paper this looks like a bad area that is making a loss, but that's completely wrong, and a case of statistics not telling the whole truth. This area was only started in 2007, so the prices listed above are the NEW prices paid by eager, keen homemakers, many of whom would have bought off plan and paid a premium for this. Today, there is a small local centre with a range of shops, and an excellent school on the estate with an ever diminishing catchment area, and as such families literally fight to be as near as possible to try and guarantee a place there. The current average rental price for a 3 bed semi with garage on this road is around £1100.
This is most definitely a developing area, with many building sites on the fringes and a lot of new play parks and other community facilities coming online, and prices will continue to rise for the next decade at least as the 'West Flank' of Milton Keynes continues to grow and becomes a great place to live, with high demand from owner occupiers and tenants alike. In fact, just last week we were reviewing potential investment properties on this road with an investor, and they have subsequently had there offer accepted for a lovely 3 floor 3 bed semi that we mentioned on 28 July, which is exactly the sort of property which is in high demand locally at this time.
As ever, for further information, or to speak with us about what you should buy next (and where), call us on 01908 562582 for an informal chat, or come to our offices for a coffee if you are in the area.
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