House Prices Close To Record High, Says UK’s Mortgage Lender

The average UK house price nearly reached a record high last month as falling mortgage rates boosted buyer confidence, according to Halifax, the UK's largest mortgage lender, Charlotte Edwards reported for BBC News.

The value of a typical property has increased by about £13,000 over the past year, rebounding from the declining values of the previous 12 months.

Halifax stated that the average price in September hit £293,399, just shy of the record £293,507 set in June 2022. Prices have now risen for three consecutive months as market conditions improve.

"Mortgage affordability has been easing due to strong wage growth and declining interest rates," said Amanda Bryden, head of mortgages at Halifax.

"This has increased confidence among potential buyers, with the number of mortgages agreed upon rising over 40% in the past year, now reaching their highest level since July 2022."

Compared with a year ago, Halifax reported that house prices had risen by 4.7% — the fastest growth rate since November 2022, partially reflecting last year's market weakness.

The value of a typical property has increased by about £13,000 over the past year, rebounding from the declining values of the previous 12 months.

However, over the past two years, prices have only grown by 0.4%, equivalent to £1,202. Guy Gittins, chief executive of Foxtons estate agents, told the BBC's Today program: "The market is recovering."