UK house prices hit two-year high

Published On Sep 6, 2024, 2:41 AM

House prices in the UK have reached a two-year high, increasing by 4.3% year-on-year, with the average price now at £292,505. This rise has been attributed to improved buyer confidence following a recent interest rate cut by the Bank of England. Despite this increase, some potential buyers still face affordability challenges due to relatively high mortgage costs, although average fixed-rate mortgage interest has decreased slightly. Experts anticipate modest growth in house prices through the end of the year, contingent on future interest rate changes and market activity.