House price growth at near two-year high, says Nationwide

Published On Sep 30, 2024, 2:24 AM

UK house prices have seen a 3.2% increase in September compared to the previous year, marking the highest growth rate since November 2022. This rising trend is attributed to higher incomes and anticipated reductions in interest rates, improving affordability for buyers. The average house price is reported at £266,094. The increased competition among mortgage lenders has led to better mortgage deals for homebuyers. However, challenges such as high deposit costs and monthly repayments continue to hinder first-time buyers. Analysts expect that falling interest rates could boost buyer demand.