UK house prices rose by 3.2% in September compared to a year ago, marking the fastest growth in nearly two years, according to Nationwide’s latest report.
This is the highest annual growth rate since November 2022, with terraced homes leading the price surge.
Nationwide attributed the rise to increasing incomes and falling mortgage rates, which have improved affordability for potential buyers.
The average UK house price in September reached £266,094, with a 0.7% increase compared to August, reversing a slight dip seen in the previous month.
Nationwide’s Chief Economist, Robert Gardner, noted that income growth has outpaced house price increases in recent months, while borrowing costs have edged lower, driven by expectations that the Bank of England may lower interest rates in the coming quarters.
“These trends have helped to improve affordability for prospective buyers,” Gardner said. However, despite the recent uptick, the housing market remains subdued compared to historical standards.
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