- Average UK property saw seventh month-on-month price rise to £288K average
- Yorkshire and Humber homeowners enjoyed biggest annual increase at 4.7%
- Scottish homeowners have plenty to celebrate with an annual 4.3% price rise
House prices in the UK rose by an average of £8,000 last year, analysis reveals.
The Shetland Islands saw the biggest increase, shooting up 25 per cent to just north of £220,000.
Meanwhile, prices plunged most dramatically in central London. Westminster saw a 22 per cent drop, with the average value dipping to £955,000.
MailOnline readers can view the full analysis, by online estate agent Purplebricks, in the interactive map below.
Average prices now sit at £288,000 across the UK, according to today’s House Price Index (HPI).
This is up 0.5 per cent on the previous month, but 2.7 per cent up on last year.
Shetland Islanders have the most to celebrate today with the average homeowner seeing the value of their property increase by a quarter (25 per cent) or £55,239 over the year.
Average properties on the remote Scottish islands are worth £220,959 according to today’s report – up from £165,720 in June last year.
The historic city of Oxford saw the second biggest increase in house prices over the year, with a 10 per cent rise worth £48,405, making the average home worth £496,953.
Two other English locations steeped in history were also big winners in today’s report.
Oxford, Oxfordshire saw one of the highest rises in the past year of 10%, or around £48,000
Stratford-upon-Avon, Warwickshire saw price rises of 11% in a year or nearly £44,000
Homes in Shakespeare’s birthplace, Stratford-upon-Avon, increased by 11 per cent or £43,758 over the 12-month period, making the average property worth around £394,000.
And, the ancient city of Winchester saw its house prices increase by 8 per cent or £41,524 over the year, making the average property worth around £507,000.
The upward trend continued in London too, with average property prices increasing 1.2 per cent in the last month – a slow down from the 3.9 per cent recorded from April to May.
Properties in the capital gained 0.6 per cent in value over the last year, making the average home worth £523,000.
Winchester, Hampshire saw house price rises of 8% in a year, or more than £41,000
Purplebricks CEO Sam Mitchell said: ‘This is more great news for homeowners and shows the market is growing ever stronger after the house price declines – fuelled by inflation and rate hikes – over the last three years.
‘Lenders were already offering lower mortgage rates at the start of August, and the continued month-on-month house price rises were both hugely encouraging signs for the market.
‘But the Bank of England’s decision to cut interest rates has effectively strapped rocket boosters onto its recovery.
‘And, with more rate cuts on the horizon, the market is set to take off – meaning homeowners can be ever-more confident that an investment in bricks and mortar will really pay off.’