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Milton Keynes Buy-to-Let Guide

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    The Lowdown on Milton Keynes Buy-to-Let

    Milton Keynes offers advantageous transport links to London and the rest of England. It is the largest city in Buckinghamshire. It may also represent a savvy buy-to-let investment opportunity.

    This buying guide covers everything you should know about Milton Keynes property investment. We’ll look at rental yields and property prices. We will also cover the advantages of different areas in Milton Keynes. Finally, the guide will also compare Milton Keynes with the rest of the UK.

    Read on for more information surrounding UK buy-to-let.

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      Buy-to-Let Property Prices in Milton Keynes

      The UK House Price Index puts the average Milton Keynes property price at £322,121. This marks a 5.3% 12-month increase.

      Detached houses cost £556,045 on average. Semi-detached houses cost £326,531. Terraced properties cost £267,035. Flats and maisonettes cost £171,097.

      So, how does this compare to the national property market?

      According to the same index, UK house prices are £287,546 on average. This means properties are 11.34% more expensive in Milton Keynes on average.

      To compare, investment properties in Stoke-on-Trent see an average of around £156,787 – a price difference of around £130,759.

      In addition, UK house prices grew by 1.7% over 12 months. As such, Milton Keynes property prices are growing 3.7% faster than the rest of the country.

      While Milton Keynes is more expensive, buy-to-let investors may enjoy greater capital appreciation.

      Learn more about how to invest in property with RWinvest, with our guides covering everything from stamp duty for second homes to the latest buy-to-let rules.

       

       

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      Buy-to-Let Rental Market in Milton Keynes

      So, is Milton Keynes one of the best places to invest in UK property?

      According to Houses for Sale to Rent, Milton Keynes’s average rental price is 1,311 PCM. The prices range from £410 to £8,000 PCM.

      The same database puts average UK rental prices at £1,375 PCM. This makes Milton Keynes’s Average rental income 4.8% less than the rest of the country.

      These stats also put Milton Keynes property prices at £403,478. This gives the city a rental yield of 3.9%.

      The average UK rental yield is 5.19%.

      To conclude, Milton Keynes is more expensive. However, it offers a worse rental yield than the national average.

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        Investment Properties for Sale in Milton Keynes

        Various property types are available within the Milton Keynes rental market, including detached and semi-detached houses, as well as terraced properties. However, as mentioned, prices in the area exceed the UK average, meaning that investors are likely to find more affordability elsewhere.

        According to Rightmove, properties in Milton Keynes boasted an average price of £347,404 over the past year. During this time, the most prevalent property type was semi-detached properties, commanding an average price of £334,198. Meanwhile, detached properties fetched an average of £535,799, while terraced properties achieved £284,076 on average.

        Despite experiencing a 4% decrease compared to the previous year, overall sold prices in Milton Keynes remained steady, echoing the 2021 peak of £347,162.

         

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        Buy-to-Let Investment in Milton Keynes: Area Breakdown

        Many areas make up the Milton Keynes region. Let’s look at some of them in greater detail.

        Bletchley and Fenny Stratford

        This area is south of central Milton Keynes. It includes:

        • Denbigh North
        • Denbigh East
        • Denbigh West
        • Central Bletchley
        • Eaton Manor
        • Water Eaton
        • Brickfields
        • Mount Farm
        • Fenny Stratford

        According to the 2011 census, Bletchley and Fenny Stratford has a population of over 15,000.

        Average Property Prices in Bletchley and Fenny Stratford

        Zoopla puts average property prices at £289,500 in MK1.

        Property prices in MK2 are similar. They have an average sold price of £287,737.

        Average Rental Yields in Bletchley and Fenny Stratford

        According to Houses for Sale to Rent, MK1 offers an average rental yield of 14%. However, the rent price stats are quite limited.

        MK2 has an average rental yield of 4.9%.

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          Bradwell

          This area centres around the traditional village of Bradwell. It includes the following localities:

          • Heelands
          • Rooksley
          • Bradwell Abbey
          • New Bradwell
          • Bradwell Common
          • Wymbush
          • Hodge Lea
          • Kilb Farm
          • Two Mile Ash

          Average Property Prices in Bradwell

          MK13 has an average sold property price of £305,438.

          Figures courtesy of Zoopla.

          Average Rental Yields in Bradwell

          Property investors can expect rental yields of 4.4% in MK13.

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          Milton Keynes Village, Broughton and Surrounding Areas

          Broughton offers lots of green space. Locals can also easily access Milton Keynes amenities such as the Coachway station. The surrounding area also includes:

          • Pineham
          • Brinklow
          • Kingston
          • Monkston

          Milton Keynes Village is an old settlement. This is a residential area – not the city itself. Localities here include:

          • Northfield
          • Middleton
          • Atterbury
          • Brook Furlong
          • Fox Milne
          • Oakgrove

          Average Property Prices in Broughton and Surrounding Areas

          The MK10 postcode has an average property price of £432,102, according to Zoopla.

          Average Rental Yields in Broughton and Surrounding Areas

          The MK10 postcode offers yields of 4% on average.

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            Woughton, Old Woughton and Simpson

            The Old Woughton area includes:

            • Passmore
            • Woughton-on-the-Green
            • Woughton Park

            Simpson is one of the more historical parts of Milton Keynes. It includes:

            • Ashland
            • West Ashland

            Property Investors can also find the following localities in this Woughton:

            • Beanhill
            • Bleak Hall
            • Coffee Hall
            • Eaglestone
            • Fishermead
            • Leadenhall
            • Netherfield
            • Oldbrook
            • Peartree Bridge
            • Redmoor
            • Springfield
            • Tinkers Bridge
            • Winterhill

            Average Property Prices in Old Woughton and Simpson

            Zoopla puts MK6 average property prices at £258,755.

            Average Rental Yields in Old Woughton and Simpson

            MK6 buy-to-let investment opportunities could offer rental yields of around 6.5%.

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            Stony Stratford

            Stony Stratford has cultural significance in the Milton Keynes area. It is the town from which the settlement was formed. Stony Stratford includes traditional and new residential areas.

            Average Property Prices in Stony Stratford

            Properties cost an average of £363,638 in MK11.

            Average Rental Yields in Stony Stratford

            Expect rental yields around 5.4% in Stony Stratford.

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              The Shenleys

              The Shenley’s is a cluster of villages and parishes to the west of the city. These areas feature good access to the town centre. They are also close to shopping districts and good schools. The Shenleys include:

              • Shenley Brook End
              • Shenley Church End
              • Shenley Lodge
              • Furzton
              • Elfield Park
              • Emerson Valley
              • Tattenhoe
              • Kingsmead
              • Snelshall
              • Tattenhoe Park and Westcroft
              • Crownhill
              • Grange Farm
              • Hazeley
              • Medbourne
              • Oxley
              • Woodhill

              Average Property Prices in The Shenleys

              Zoopla states average prices in MK5 are £463,634.

              Average Rental Yields in The Shenleys

              Average rental yields are 3.7% in The Shenleys.

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                Why You Should Consider a Buy-to-Let Investment in Milton Keynes

                People often say there is nothing in Milton Keynes except concrete cows and roundabouts. This is not exactly true. Buy-to-let investors may be drawn to the area for numerous reasons. These include:

                Population

                Milton Keynes’ population currently exceeds 230,000 and is rapidly growing.

                This number has risen by 15% in less than two decades, with some estimates predicting around 500,000 people will call Milton Keynes home within 30 years.

                This is excellent news for buy-to-let investors looking for a ready-made tenant pool.

                Economy

                Milton Keynes offers numerous business opportunities with well-paying jobs. These opportunities attract potential tenants to the area. The main industries are logistics and services. The area is perfectly located between London, Birmingham, Oxford and Cambridge. This is known as the country’s “brain belt”. Milton Keynes attracts people looking for access to these cities for work.

                Some of the big business names in the area include:

                • Open University
                • Deloitte
                • PwC
                • Santander
                • Network Rail
                • Volkswagen UK HQ
                • John Lewis

                Amenities

                Milton Keynes offers an unusual town layout. The area is made of grid squares. These squares include their own amenities, like shops and schools. However, the area also has lots of open and green spaces in between those grids. The local woodland attracts people looking for a slice of nature.

                Central Milton Keynes is home to the following amenities:

                • Centre: MK Mall
                • Supermarkets
                • Intu Milton Keynes
                • The Theatre District
                • Public services

                The area also has fantastic transport links. For instance, commuters are right next to the M1 and A5. The area also has many railway stations. Milton Keynes Central connects to London in roughly 45 minutes.

                Milton Keynes will also be in the middle of the East-West Rail railway line. This new route will connect Oxford, Cambridge, Bedford and Bicester. In addition, the Oxford-Cambridge Expressway road is set to pass through Milton Keynes as well.

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                  Milton Keynes New-Builds

                  Newly constructed properties are often lauded as top choices for investors. Their allure lies in the fact that they generally require minimal maintenance before hitting the market, thus becoming highly desirable for tenants seeking a faster move-in process.

                  As a result, landlords can promptly see returns on their investments compared to older properties, which usually require considerable renovation and upkeep before being ready for market.

                  Milton Keynes has a number of new-build projects underway to address the national undersupply of housing, hitting their housebuilding targets for the fifth year in a row in 2023.

                  As mentioned, however, property prices in Milton Keynes are generally higher than most areas in the UK. Investors may find more affordability in cities like Liverpool and Manchester without having to sacrifice strong capital appreciation.

                  Read More: Discover more about this investment trend with our recent buy-to-let guides, covering everything from new-builds in Colchester to the latest UK hotspots!

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                  Off-Plan Property in Milton Keynes

                  Newly developed properties can capture the interest of tenants and landlords alike but often see higher costs for investors than traditional residential units. A strategy to enhance affordability is engaging in off-plan property investment, which involves acquiring a property before construction completion. By entering the process early, investors can typically secure units at discounted rates compared to standard market values.

                  Engaging in off-plan investment presents the potential for substantial appreciation in property value as construction progresses. As the property nears completion, the likelihood of capital growth tends to increase. Like any newly built property, off-plan properties generally experience strong rental demand, potentially resulting in significant rental yields in the future.

                  Successful off-plan investors often target emerging areas with robust infrastructure and expanding job markets. Locations undergoing substantial regeneration are particularly attractive, as many private developers focus on such areas for future construction projects.

                  While there is potential for off-plan investment in the Milton Keynes rental market, investors may find more lucrative opportunities in UK regions with a broader range of new-build developments, such as the North West.

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                  How Does Milton Keynes Compare to Other UK Regions When It Comes to Buy-to-Let?

                  Milton Keynes has an advantageous geographical location. However, property prices and rental yields leave a lot to be desired. As stated earlier, houses in the area cost 11.34% more than the national average. Rental yields are also below the national average.

                  If you’re looking to invest in buy-to-let investment properties, you’ll need to be aware of rental yields and capital growth. Therefore, we recommend looking further north for the best deals and yields.

                  For instance, the North West has similar rental costs to Milton Keynes. However, houses are much cheaper on average, according to the UK House Price Index.

                  Liverpool houses cost £177,628 on average and boast a rental yield of 7.77%. Buy-to-let in Manchester is more expensive, with the average property price costing around £233,243. However, they offer 9.12% rental yields. Manchester also offers a more substantial price growth rate of 6.10%

                  What is a Good Rental Yield? Find Out in Our FREE Guide

                  How to calculate rental yields, plus which UK hotspots offer the strongest rental returns.

                  Want to Invest in Milton Keynes in 2024?

                  If you are thinking about investing in a new property, it might be worth getting in touch with a property investment company. When choosing the best location for a buy-to-let investment, there are so many factors to take into consideration that both beginner and seasoned investors can benefit from expert advice.

                  Alternatively, you can learn more about the UK’s different buy-to-let hotspots from our area guides:

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                  Author

                  Dale Barham

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                  Dale is a property news and onsite content writer at RWinvest.

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