UK house prices rise by 0.7% in September ’24

UK house prices rose by 0.7 per cent in September compared to August, surpassing economists’ expectations of a 0.2 per cent increase, according to Nationwide Building Society data released on Monday. On an annual basis, prices climbed 3.2 per cent, marking the fastest growth since November 2022.

The rise comes as borrowing costs eased slightly, driven by market expectations that the Bank of England may cut interest rates in the near future.

Nationwide’s Chief Economist Robert Gardner noted that lower borrowing costs have improved affordability for buyers, leading to a modest uptick in housing activity, though both remain below historical levels.