House prices in UK experience 4.7 percent yearly increase, highest since November 2022
Date
10/8/2024 5:12:21 AM
(MENAFN) According to finance firm Halifax, house prices in the UK experienced a notable year-on-year increase of 4.7 percent in September, representing the highest annual growth rate since November 2022. This upward trend in the housing market signals a recovery as it gains momentum after a challenging period. The data, released on Monday, highlights a positive shift in property values that reflects broader economic conditions and consumer sentiment.
On a monthly basis, house prices edged up by 0.3 percent in September, bringing the average property price to £293,399 (USD384,500). This increase follows an average price of £292,540 in August and marks the highest average level recorded since June 2022. The consistent rise in property prices over recent months indicates a strengthening market, with buyers increasingly willing to invest in real estate despite previous uncertainties.
Halifax's report also pointed out that Northern Ireland continues to lead the UK in terms of annual house price growth. This regional trend illustrates the varying dynamics within the UK housing market, where certain areas are experiencing stronger demand and appreciation in property values. The disparities in growth rates among different regions suggest that localized factors may be influencing buyer behavior and market conditions.
The finance firm attributed the steady improvement in the housing market over the summer and into early autumn to increased mortgage affordability. This positive trend has been supported by strong wage growth and declining interest rates, making homeownership more accessible for many potential buyers. As affordability improves, more individuals are entering the market, contributing to the upward pressure on house prices and further fueling the ongoing recovery in the UK housing sector.
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