A new interactive map has shown that house prices in Britain rose by an average of £3,000 in the 12 months to April.
This is according to data released today by the Office of National Statistics According to the Office for National Statistics (ONS), the average UK house price rose by 1.1 per cent in the year to April, with annual growth accelerating from 0.9 per cent in the 12 months to March.
It was the second month in a row with an annual price increase, after eight months of annual declines.
Research from online estate agent Purplebricks showed big differences across the country, with prices falling in some areas while others rose.
As a result of the increase, the average price of a house in Britain is £281,000, with Scotland recording a 4.5 percent increase.
In Edinburgh, a 6.7 per cent increase over the twelve month period has resulted in homes costing an extra £22,099, taking their value to almost £330,000.
Across England, the average price increase for a house last month was £894, with an average price of £298,229.
According to Purplebricks: ‘West Oxfordshire was the English area with the largest annual price rise. Property rose by 7.8 per cent or £31,092, making the average property now worth £398,625.”
In London the situation is less positive: houses have fallen in value by an average of 3.9 percent, to £501,880.
According to the analysis, 27 of London’s 32 boroughs have recorded a fall in house prices. Properties in Kensington and Chelsea have fallen by 17.6 per cent in the past year, equating to a paper loss of £195,311.
In Westminster, the price of the average house has fallen below £1 million, to £969,572.
Purplebricks CEO Sam Mitchell said: “It is testament to the strength of property demand, which continues to grow despite the twin distractions of the general election and the euro.
‘The current house price index gives homeowners more to celebrate, with property values continuing to rise across most of Britain.
‘The average British homeowner is around £3,000 better off today, after a further 1.1 per cent increase in the last 12 months.’
The figures were released after ONS data showed consumer price 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 unlikely to implement interest rate cuts – which could help lower mortgage rates – until after the general election on July 4.
The Bank’s next interest rate decision is Thursday.
The CPI last registered at 2 percent in July 2021, and later hit a 40-year high of 11.1 percent 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 4.5 per cent in Scotland in the 12 months to April.
In Northern Ireland, property values rose by 4.0 percent per year in the first quarter of the year.
Average private rents in Britain rose by 8.7 percent in the 12 months to May, the ONS said. This is a slowdown from an annual increase of 8.9 percent in April and below a record high of 9.2 percent in March.
In May, the average private rent in Britain was £1,262 per month, with the highest in Kensington and Chelsea in London (£3,397), and the lowest in Dumfries and Galloway in Scotland (£480).