Have house prices risen or fallen in YOUR area? (2024)

UK homeowners saw the price of their properties increase in value by an average of £6,000 last year, data suggests.

OneLondonborough registered a hike of almost £30,000, according to the Office for National Statistics.

Online estate agent Purplebricks has developed an interactive calculator that allows MailOnline readers to look up their area and see the strength of the housing market locally.

Across the UK, houses increased in value by 2.2 per cent in the 12 months up to May, compared with 1.3 per cent in the twelve months to April.

Now, the average home costs £285,000across the UK but breaches the £300,000 barrier in England.

Properties in Bath and Somerset have seen their price increase by around 10 per cent over the past 12 months, averaging at £449,000

Regionally, the biggest increase was reported in Yorkshire and the Humber (3.9 per cent).

Across London, average prices have increased by 0.2 per cent over the previous 12 months, although there are significant variations across the capital.

The City of Westminster itself saw prices fallthe most nationwide, plunging 22.7 per cent to £933,000.

Prices fell by a similar amount in Hammersmith and Fulham (down 22.6 per cent to £727,000).

Yet prices rocketed by 4,9 per cent in Merton, a borough in the south of the capital that includes Wimbledon. The average property in the area is now worth £587,986.

Outside of London, Merthyr Tydfil in Wales saw home prices drop by 14.5 per cent.

Scotland, meanwhile, logged the highest percentage increases, with a rise of 13.3 per cent in Stirling.

In England alone, Bath and North East Somerset saw properties gain the most value.

Properties in the region enjoyed an annual price rise of £44,910 in the 12 months to May, marking a 10 per cent rise.

Vale of White Horse homeowners were also big winners. Homes in the Oxfordshire district shot up £41,633 or 9.8 per cent over the last year.

Across the entirety of the UK, average house prices increased in value by £4,000 in Northern Ireland and Scotland (up 4 per cent and 2.5 per cent, respectively).

Prices jumped by £5,000 in Wales (up 2.4 per cent).

Across England, the 12-month increase registered in May was 2.2 per cent – double the 1.1 per cent annual jump logged the previous month. Average prices now stand at £302,000.

Purplebricks CEO Sam Mitchell said: 'Homeowners appear reassured by the arrival of the new government, and the stability that brings to the market.

'Things will only get more positive if Labour makes early progress on their pledge to build 1.5million new homes.

'That influx of new properties will help first-time buyers get their first foot on the ladder, in turn creating movement across the entire market.

'Early indications already suggest demand is returning to market after a period of hesitancy while the general election and Euros were on. Interest rates are also being cut in anticipation of a Bank of England rate cut in August or September.'

Meanwhile, rental prices slowed. Average private rents across the UK increased by 8.6% in the 12 months to June, edging down from 8.7 per cent in the 12 months to May.

In June, the average private rent in Britain was £1,271 per month. This was £101 higher than 12 months earlier.

ONS figures also indicated on Wednesday that UK inflation held steady in June. The rate of Consumer Prices Index (CPI) inflation remained unchanged at 2 per cent.

This means that prices are still rising but at a rate that the Bank of England is comfortable with, after nearly three years of above-target inflation.

Richard Harrison, head of mortgages at Atom bank said: 'The fact that the ONS has now reported three months of straight house price increases is a good indication of the growing confidence in the market.'

He added: 'Eyes will now turn to the Bank of England, and when it will look to start reducing bank base rate, as reduced rates will also serve to boost buyer confidence. With inflation continuing to move in the right direction, it's simply a question of when, not if.'

East Cambridgeshire homes have jumped by 10.1 per cent to an average of £358,000

The Vale of White Horse has seen properties increase by 9.8 per cent to an average of £425,000

David Hollingworth, associate director at broker L&C Mortgages, said: 'The rate of inflation held steady at the Bank of England's target rate of 2% in June.

'That is positive news and another month's reading at the Bank's target rate will buoy the hopes of those wanting a base rate cut sooner rather than later.

'However, many anticipated a further, even if slight, decline in inflation this month and the likelihood of (a Bank of England Monetary Policy Committee) decision to cut in August will remain in the balance.

'Although borrowers can still expect to see base rate fall this year, they should also be prepared for rates to be held a little longer.

'On the upside, mortgage rates have been improving in recent weeks.

'A flurry of price changes is gradually helping to drag fixed rates down, albeit slowly. As long as today's figures don't disappoint markets, we should see that trend continue.

'Competition is fierce in the market which has seen lenders regularly edging rates back down, unwinding increases in recent months.

'Lenders often have little margin to play with, so any move in market rates can have an impact on fixed rate pricing in either direction.

'Today's figures are not likely to add any additional boost to the recent cuts in mortgage rates but nor should they disturb the current level.'

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Have house prices risen or fallen in YOUR area? (2024)
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