Economic Indicators

UK house prices rise 0.7% in September, Nationwide says

2024.09.30 02:42

LONDON (Reuters) -British house prices rose by a higher-than-expected 0.7% in September from August, with the annual growth rate hitting 3.2%, the fastest pace since November 2022, figures from Nationwide Building Society showed on Monday.

Economists polled by Reuters had forecast prices would rise by 0.2% on a monthly basis and stand 2.7% higher than in September 2023.

© Reuters. FILE PHOTO: A rainbow is seen over apartments in Wandsworth on the River Thames as UK house prices continue to fall, in London, Britain, August 26, 2023.   REUTERS/Kevin Coombs/File Photo

Robert Gardner, Nationwide’s chief economist, said prices had risen after borrowing costs edged lower on expectations that the Bank of England would continue to cut interest rates in the coming quarters.

“These trends have helped to improve affordability for prospective buyers and underpinned a modest increase in activity and house prices, though both remain subdued by historic standards,” he said.



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