By The Telegraph (World News) | Created at 2024-10-07 06:15:30 | Updated at 2024-10-07 08:19:22
2 hours ago
The average UK house price has come within a whisker away from a new record high as mortgage rates have become more affordable.
Property values rose by 4.7pc in September compared to the same month last year, according to the Halifax house price index, which was the fastest pace of growth since November 2022.
It showed that prices rose by 0.3pc compared to August, leaving the average home worth £293,399, just shy of the record high of £293,507 set in June 2022.
Amanda Bryden, head of mortgages at Halifax, said: “While the typical property value has risen by around £13,000 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 0.4pc (£1,202).
“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 40pc in the last year and now at their highest level since July 2022.
“While improved mortgage affordability should continue to support buyer activity – boosted by anticipated further cuts to interest rates – housing costs remain a challenge for many.
“As a result we expect property price growth over the rest of this year and into next to remain modest.”
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