UK House Prices Near Record High Amid Falling Interest Rates

The easing of mortgage rates and strong wage growth have boosted buyer confidence and market activity.

UK house prices increased by 4.7% year-on-year in September, reaching an average of £293,399, just below the record high set in June 2022.
Mortgage affordability has improved due to falling interest rates and strong wage growth, leading to a 40% increase in mortgage agreements over the past year.
The Bank of England's recent interest rate cut has intensified competition among lenders, resulting in reduced mortgage rates.
Despite improved affordability, housing costs remain a challenge, with first-time buyers facing higher average property prices and mortgage payments.
Property experts anticipate modest house price growth into 2025, with potential further interest rate cuts expected to support buyer activity.