House prices in the UK witnessed a surge in most parts of the country with the average cost of rent increasing by nine percent in the 12 months to February this year, the latest ONS data revealed.
Average UK house prices increased by 0.5 percent or £1,410 from December to January, making the average property valued at £282,000, according to House Price Index (HPI).
Average annual property prices in both England and Wales fell, with a typical house in England falling 1.5 percent in value to £299,000, and dropping 0.8 percent to £213,000 in Wales.
The North West of England was the best performing UK region, where house prices rose one percent in the 12 months to January.
Properties in South Hams, Devon, saw the biggest increase in value, with homes rising just over £47,000 or 11 percent over 12 months.
Data analysed by online estate agent Purplebricks suggests that two UK cities are among the 10 places where house prices have increased the most.
House prices in Winchester saw an uptick of around £36,000 while properties in Edinburgh enjoyed a boost of more than £17,000.
In 2021, when house prices were surging across the UK, Winchester was named the most expensive city in Britain to buy a home with house prices a whopping 14 times higher than average earnings in the area.
Winchester is a highly desirable place to live, characterised by its historic charm, cultural attractions, good schools, and proximity to the countryside. The city’s appeal often translates into higher property prices compared to surrounding areas.
Similarly, like many urban areas, Edinburgh has experienced a general increase in house prices over the years.
Factors such as population growth, limited housing supply, and attractive amenities in the city contribute to this trend.
The Scottish capital offers a mix of housing options, including apartments, townhouses, and detached houses, each with its own price range.
