UK house price growth picked up to a near two-year high last month, according to mortgage lender Halifax.
Halifax’s September report showed UK house prices rose 0.3% from August and 4.7% year-on-year.
In August, house prices rose 0.3% from July and 4.3% on-year.
September’s annual climb was the strongest since November 2022, Halifax said.
“It’s essential to view these recent gains in context. While the typical property value has risen by around GBP13,000 over the past year, this increase is largely a recovery of the ground lost over the previous 12 months. Looking back two years, prices have increased by just 0.4%,”
Halifax analyst Amanda Bryden commented. “Market conditions have steadily improved over the summer and into early autumn. Mortgage affordability has been easing thanks to strong wage growth and falling interest rates. This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022.”
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