UK House Price Growth Fastest Since 2022

(RTTNews) - UK house prices increased at the fastest pace in nearly two years in September, the Nationwide Building Society reported Monday.

House price growth accelerated to 3.2 percent in September from 2.4 percent in August. On a monthly basis, house prices gained 0.7 percent, in contrast to the 0.2 percent fall posted in August.

"Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters," Nationwide's Chief Economist Robert Gardner said.

"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," Gardner added.

Earlier this month, the BoE had maintained its interest rate at 5.00 percent after cutting it by a quarter point at the August meeting.