UK house prices rise 4.7% year-on-year in September

UK house prices rise 4.7% year-on-year in September

Typical property price at $379,400 in UK, hitting highest level since June 2022

House prices in the UK rose by 4.7% year-on-year in September, marking the strongest annual growth since November 2022, finance firm Halifax announced Thursday.

On a monthly basis, prices increased by 0.3%, the same rate seen in August.

The average UK property price reached £293,399 ($379,400), the highest since June 2022.

Amanda Bryden, mortgage manager at Halifax, commented: “Market conditions have steadily improved over the summer and into early autumn.

“Mortgage affordability has been easing thanks to strong wage growth and falling interest rates.”