Analysis by online estate agents Purplebricks can reveal the places where property values have increased both month-on-month and year-on-year, according to the latest House Price Index
Homeowners across the UK have seen the value of their properties increase by £12,328 or 4.6% in the 12 months from December 2023 to December 2024.
This rise came despite a miniscule 0.1% decrease from November to December last year, according to today’s report from the Office for National Statistics (ONS).
Whilst the average house price in Nottingham has increased, property has also recorded a year-on-year rise of three per cent equating to more than five thousand pounds.
Homeowners in the land of Robin Hood will see £5,053 as their return thanks to the small rise compared to last year.
Property in the wider Midlands area is as strong as ever with Derby recording a year-on-year rise of over £10,000 according to the latest stats from the House Price Index.
The report sanctioned by the Office for National Statistics showed that homes in the city are now selling for an average price of £211,599. This figure indicates that properties have risen five per cent over the last year, a rise worth £10,580.
Homes in plush St Albans saw an eight per cent year-on-year rise equating to around £52,768, meaning that the average home in the upmarket commuter town is worth £651,451.
South Oxfordshire was among the biggest price rises, with a nine per cent increase since December 2023, worth over £45,000 and making the average property price stand at £484,364.
Greenwich homes saw a similar rise at nine per cent, adding £42,748 to values and meaning the average property in the south-east London borough is around £485,772.
But it was more bad news for central London homeowners in the City of Westminster and Kensington and Chelsea after both areas recorded huge annual losses, according to the ONS data.
Homes in the exclusive borough of Kensington and Chelsea saw prices drop 13% for the month - equivalent to £143,424 - and fall 23% for the year, worth an eye-watering loss of £245,105.
Properties in the star-studded borough, famed for its reality TV show Made in Chelsea, are still worth seven figures though, with the average home costing £1.07 million.
Westminster has witnessed a severe 22% drop in the property prices since December 2023 equating to £192,780 coming off the values.
The average home is now worth £868,377 in the UK’s political heartland and properties in the capital - the UK’s most populated city - kept a stalemate last year, losing nothing over the course of the year.
London properties now stand at around £548,939 with many boroughs seeing a rise in their respective house prices.
In total, homes in 22 of London’s boroughs saw price increases while 11 lost value, according to today’s HPI report.
Homeowners across the entirety of the UK have seen their properties fall by nearly £17,000 since the festive period in 2023, the analysis revealed.
In the last 12 months from December 2023, the average home increased by 4.6% and included a small drop of 0.1% from November this year, data indicated.
House prices in England saw an annual change of 4.3%, making the average property worth £290,564.
Regionally, homeowners in the north of England have plenty to celebrate. Homes in the North-East are worth an average of £161,389 after a 6.7% rise, while homes in the North-West are worth £211,030 after a 5.4% rise.
Yorkshire and Humber properties increased by 5.9%, according to the ONS report, making the average home worth around £203,983.
Welsh homes also witnessed an increase in their prices with the average home now worth £208,197.
Homes north of the border in Scotland saw an annual increase of 6.9% with plush Stirling the biggest winner gaining almost £25,000 over the last year with homes now costing on average £237,088.
Scottish homes are worth an average of £188,807, according to the report published today by the ONS. .
Jo Pocklington, managing director of Purplebricks Mortgages said: “With house prices rising, it may appear very much a sellers’ market at the moment but first-time buyers should not be perturbed.
“We are still seeing mortgage rates reducing and lenders enhancing their criteria to help get more first-time buyers onto the ladder.
“And, with a further Bank of England base rate cut on the horizon, it looks like 2025 could be a great time for Brits hoping to secure their first home.”
Tom Evans, sales director at Purplebricks Estate Agency said: “Excellent news for UK homeowners with another year-on-year price rise in today’s report.
“While the Bank of England’s base rate cut to 4.5% - its lowest for 18 months - offers more comfort to buyers and homeowners, we will have to wait to see what the full impact of the change in stamp duty does to the property market.
“However, assuming demand remains as strong, the likelihood is that buyers will be prepared to swallow those extra stamp duty fees in pursuit of their next home.”