House prices: updated UK House Price Index online calculator shows how much prices have gone up in your area

• Purplebricks has launched an updated online calculator to help homeowners assess property value changes over the past year
• The tool incorporates the latest data from the House Price Index released by the Office for National Statistics
• UK homeowners have generally experienced an increase in property values, marking a trend of recovery after several months of declines
• The CEO of Purplebricks said market confidence has been renewed following the election of the new government and its anticipated housing policies
• There is growing demand in the housing market, influenced by potential interest rate cuts and new housing developments

A new online calculator from Purplebricks can reveal how much your property may have gained or lost in value over the last year.

The interactive tool has been updated to include the latest House Price Index data, released by the Office for National Statistics (ONS) today (17 July).

UK homeowners have experienced an average increase of £6,000 in their home values over the past year.

House prices saw a year-on-year rise for the third consecutive month in May, according to official data.

The average house price in the UK increased by 2.2% in the 12 months leading up to May, up from a 1.3% rise in April, as reported by the Office for National Statistics (ONS). This marks the third month of annual price increases, following eight months of declines.

In May, the average UK house price stood at £285,000. The typical property value in England reached £302,000, reflecting a 2.2% increase (£6,000) from the previous year.

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.”

To see how much your property may have gained or lost in value over the last year, scroll down to find Purplebricks’ online calculator.

How much has my property gained or lost in value?

To use the Purplebricks calculator, simply search for your local area and find out how house prices have changed over the last 12 months.

London

London had the lowest annual inflation at just 0.2%. Despite this, London properties gained an average of £21,496 in value in the last 12 months leading to May, bringing the average home price to £523,376.

13 boroughs in London experienced annual price increases, with Merton leading at 4.9%, equivalent to £28,811, resulting in an average property value of £587,986 in that area.

26 out of the 33 London boroughs saw month-on-month increases in house prices, with Kensington and Chelsea standing out with a remarkable 6.4% rise.

House prices in the exclusive London area increased by £78,499 from April to May, making the average property now worth £122,6545.

South West

Outside the capital, the biggest house price winners were in Bath and North East Somerset, where properties gained the most in value across the whole of the UK.

Properties in the region enjoyed an annual price rise of £44,910 in the 12 months to May this year, an equivalent 10% rise.

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

North East

The North East is another high-performing region in today’s report, with homeowners enjoying an annual 3.7% rise in the value of their properties to an average of £162,360.

Properties prices in the region have increased 1.5% over the last month, and 3.7% over the last year, adding around £4,227 onto the value of homes.

Scotland

In Scotland, the average property value was £191,000 in May, up 2.5% (£4,000) from a year earlier.

Only three Scottish regions saw house prices fall. Stirling saw the biggest annual increase in values at 13.3%, making the average property in the university city worth £259,741.

Wales

The average house price for Wales was £216,000, up 2.4% (£5,000) annually.

This comes despite nine regions suffering annual price falls. The worst-hit area was Merthyr Tydfil, where homes shed 14.5% or £18,723 of their value, making the average home £129,121.

Northern Ireland

The average house price for Northern Ireland was £178,000, up 4.0% (£4,000) annually.

We’d love to hear your thoughts! How has the recent change in property values impacted you? Share your experiences or any questions you have about the housing market in the comments section.