A new interactive map has shown that house prices in the UK have increased on average by £3,000 over the 12 months to April.
Data released today by the Office of National Statistics has shown average UK house price increased by 1.1 per cent in the year to April, accelerating from 0.9 per cent annual growth in the 12 months to March, according to the Office for National Statistics (ONS).
It was the second month in a row with an annual increase in prices, following eight months of annual falls.
Research from online estate agency Purplebricks showed wide variations across the country, with prices in some areas declining while others are surging ahead.
As a result of the increase, the average price of a house in the UK is £281,000, with Scotland recording a 4.5 per cent increase.
In Edinburgh, a 6.7 per cent rise over the 12-month period has resulted in houses costing an extra £22,099, pushing the value to almost £330,000.
Across England, the average increase in the price of a house has been £894 over the past month, with an average price of £298,229.
According to Purplebricks: ‘West Oxfordshire was the English area to see the biggest annual price increase. Properties gained 7.8 per cent or £31,092, making the average property now worth £398,625.’
In London, the situation is less positive, with houses decreasing in value by an average of 3.9 per cent, reducing to £501,880.
According to the analysis, 27 out of 32 London boroughs have recorded a drop in house prices. Properties in Kensington and Chelsea have recorded 17.6 per cent declines over the past year – representing a paper loss of £195,311.
In West Oxfordshire property prices have gained 7.8 per cent increasing the average property by £31,092. Pictured a four bed detatched house in Witney
In Scotland, houses have increased in value by 4.5 per cent representing an average of £190,345. Pictured a one bed ground floor apartment in Inverness
In the North West, property prices have risen by an average of 3.8 per cent. Pictured: A two bedroom terraced house in Clitheroe, Lancashire
In Westminster, the price of an average house has dropped below the £1m mark, sitting at £969,572.
Purplebricks CEO Sam Mitchell said: ‘It is testament to the strength of property demand which continues to grow despite the dual distractions of a general election and the Euros.
‘Today’s House Price Index gives homeowners more to celebrate, with property values continuing to climb across most of the UK.
‘The average UK homeowner is around £3,000 better off today, after another 1.1 per cent increase over the last 12 months.’
In Westminster, the average price of a house has fallen below £1m after sharp declines. Pictured: A two bedroom flat in Page St, Westminster
The figures were released as data from the ONS showed that Consumer Prices Index (CPI) inflation slowed to 2 per cent in May, down from 2.3 per cent in April.
Experts predict that, despite inflation returning to target, the Bank of England is still likely to hold fire on any interest rate cuts – which could help to ease mortgage rates – until after the General Election on July 4.
The Bank’s next interest rate decision is on Thursday.
CPI was last recorded at 2 per cent in July 2021, later hitting a 40-year high of 11.1 per cent in October 2022.
ONS figures released on Wednesday show house prices rose by 0.6 per cent in England, 0.4 per cent in Wales and by 4.5 per cent in Scotland in the 12 months to April.
In Northern Ireland, property values increased by 4.0 per cent annually in the first quarter of the year.
Average UK private rents increased by 8.7 per cent in the 12 months to May, the ONS said, slowing from an 8.9 per cent annual increase in April and below a record high annual rise of 9.2 per cent in March.
In May, the average private rent in Britain was £1,262 per month, with the highest being in Kensington and Chelsea in London (£3,397), and lowest in Dumfries and Galloway in Scotland (£480).