As the nights draw in, if there is nothing on TV, a lot of families like to huddle around and play the board game Monopoly, my family included. The buying and renting of property is like a busman’s holiday for me! Interestingly, the game was originally invented at the turn of the 20th Century (in 1903) and the game was initially called ‘The Landlord’s Game’! Anyway, after a few years in the wilderness, the current owners of the game renamed it in 1935 and so began Monopoly as we know it today.
Regardless if you are a homeowner or landlord in Milton Keynes, what would a Monopoly board look like today in the town? Property prices over the last 80 years have certainly increased beyond all recognition (not to mention the physical landscape which has of course changed beyond all recognition from the arable farmland that used to be seen for many miles around), so looking at the original board I have substituted some of the original streets with the most expensive and least expensive locations in Milton Keynes today.
Initially, I have focused on the MK2 postcode only, looking at the Brown Squares on the board, the ‘new’ Old Kent Road in Milton Keynes today would be Serpentine Court, with an average value £71,020 (per property) and Whitechapel Road would be Garrowmore Grove, which would be worth £113,200. What about the posh dark blue squares of Park Lane and Mayfair? Again, looking at MK2, Park Lane would be Manor Road at £309,200 and Mayfair would be Mill Road at £324,900. However, look a little further afield from the MK2 postcode, and such roads as Woodside in Aspley Guise would claim the Mayfair card at £1,130,000! Also, I can’t forget the train stations (my favourite squares), and over the last 12 months, the average price that property within a quarter mile of Central Milton Keynes station was £264,800 or 6% higher than those located in the next game square.
So that got me thinking what you would have had to have paid for a property in Milton Keynes back in 1935, when the game originally came out?
- The average Milton Keynes detached house today is worth £453,900 would have set you back 760 Pounds 8 shillings and 7 old pence.
- The average Milton Keynes semi-detached house today is worth £248,600 would have set you back 416 Pounds 9 shillings and 3 old pence.
- The average Milton Keynes terraced / town house today is worth £217,300 would have set you back 364 Pounds and 2 shillings.
- The average Milton Keynes apartment today is worth £165,300 would have set you back 276 Pounds 18 shillings and 3 old pence.
If that sounds like another currency, you must be in your 20’s or 30’s, because it was back in February 1971, that Britain went decimal and hundreds of years of everyday currency was turned into history overnight. On 14th of February of that year, there were 12 pennies to the shilling and 20 shillings to the pound. The following day all that was history and the pound was made up of 100 new pence.
I hope you enjoyed this bit of fun, but underlying all this is one important fact. Property investing is a long game, which has seen impressive rises over the last 80 years. In my previous articles, I have talked about what is happening on a month by month or year by year basis and if you are going to invest in the Milton Keynes property market, you should consider the property you buy a medium to long term investment, because Buy-To-Let is pretty much what it says on the label – you buy a property in order to let it out to tenants.
When you become a landlord, you are in essence running a small business – one with important legal responsibilities. On that note, I want to remind landlords of the recent and future changes in legislation and taxation when it comes to buy to let. Failure to adhere to them will mean a minimum of heavy fines in the thousands or in some cases, prison ... it’s a mine field! That’s why I write the Milton Keynes Property Blog, where it has an extensive library of articles like this one, where I talk about what is happening in the Milton Keynes property market, what to buy (and sometimes not) in the local area and everything else that is important to know as a landlord.
If you are thinking of getting into the buy to let property rental market as a new investor and don't know where to start, or you would like some impartial advice and guidance to get the best return on your investment, call me now on 01908 373580 or pop along and speak to me in person at our new offices in Central Bletchley, Milton Keynes.
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