House prices in UK experience notable increase of 4.7 percent
Date
10/7/2024 7:26:47 AM
(MENAFN) House prices in the United Kingdom experienced a notable increase of 4.7 percent year-on-year in September, marking the highest annual growth rate since November 2022, according to a report released by finance firm Halifax on Monday. The monthly data revealed a more modest rise of 0.3 percent, bringing the average property price to EUR293,399 (approximately USD384,500). This figure represents an increase from August's average of EUR292,540 and is the highest recorded average price since June 2022.
Halifax highlighted that Northern Ireland continues to lead the United Kingdom in terms of annual house price growth. The firm attributed the market's positive momentum over the summer and into early autumn to enhanced mortgage affordability. This improvement has been driven by robust wage growth and a decrease in interest rates, factors that have collectively contributed to making housing more accessible for potential buyers.
As the United Kingdom housing market continues to show signs of recovery, these developments reflect a broader trend of improving economic conditions, with many observers hopeful that the upward trajectory in house prices will sustain as financial factors remain favorable.
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