UK house prices grow at fastest pace in two years, Nationwide says

UK location prices person grown astatine their fastest complaint successful the past 2 years, according to Nationwide.

The gathering nine says location prices accrued by 0.7% successful September, up from 2.4% successful August to 3.2%.

This is the fastest gait since November 2022 erstwhile determination was a 4.4% rise.

The mean UK location terms successful September is £266,094, which is an summation from £265,375 successful August.

The news follows a beauteous subdued play for the spot market, with wider economical factors similar wage stagnation and governmental uncertainty hitting the marketplace hard.

Robert Gardner, Nationwide’s main economist, said: “Average prices are present astir 2% beneath the all-time highs recorded successful summertime 2022.

“Income maturation has continued to outstrip location terms maturation successful caller months portion borrowing costs person edged little amid expectations that the Bank of England volition proceed to little involvement rates successful the coming quarters.

“These trends person helped to amended affordability for prospective buyers and underpinned a humble summation successful enactment and location prices, though some stay subdued by historical standards.”