A new interactive map showed UK house prices rose by an average of £3,000 in the 12 months to April.
This was shown by the data published today by the National Statistics Office The average UK house price rose by 1.1 per cent in the year to April, accelerating from 0.9 per cent year-on-year growth in the 12 months to March, according to the Office for National Statistics (ONS).
After eight months of annual declines, it was the second consecutive month of year-on-year price increases.
Research by online estate agent Purplebricks showed wide variation across the country, with prices falling in some areas while rising in others.
As a result of this increase, the average house price in the UK is £281,000, with Scotland seeing an increase of 4.5 per cent.
In Edinburgh, a rise of 6.7 per cent over a 12-month period saw houses cost an extra £22,099, pushing the value to almost £330,000.
Across England, the average house price increase in the last month was £894, with an average price of £298,229.
According to Purplebricks: “West Oxfordshire was the area of ​​England with the biggest annual price increase. Properties have gained 7.8 per cent, or £31,092, so the average property value is now £398,625.’
The situation is less positive in London, where house values ​​fell by an average of 3.9 per cent to £501,880.
According to the analysis, 27 out of 32 London boroughs saw property prices fall. Properties in Kensington and Chelsea have fallen by 17.6 per cent over the past year – representing a paper loss of £195,311.
In Westminster, the price of the average house has fallen below the £1 million mark to £969,572.
Purplebricks chief executive Sam Mitchell said: “This is testament to the strength of demand for property, which continues to grow despite the twin distractions of the general election and the euro.
“Today’s house price index gives homeowners more to celebrate, with property values ​​continuing to rise across most of the UK.
“The average UK homeowner is about £3,000 better off today, after a further 1.1% increase over the past 12 months.”
The figures were released after figures from the ONS showed consumer price index (CPI) inflation slowed to 2 per cent in May from 2.3 per cent in April.
Experts predict that despite inflation returning to target, the Bank of England is likely to hold off on interest rate cuts – which could help lower mortgage rates – until the July 4 general election.
The bank’s next decision on interest rates is on Thursday.
CPI was last recorded at 2 percent in July 2021, later reaching a 40-year high of 11.1 percent in October 2022.
ONS data published on Wednesday showed 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 an annual 4.0 per cent in the first quarter of the year.
Average private rents in the UK rose by 8.7 per cent in the 12 months to May, the ONS said, slowing from an 8.9 per cent year-on-year rise 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 in Kensington and Chelsea, London (£3,397) and the lowest in Dumfries and Galloway, Scotland (£480).