UK House Prices Reach Two-Year High as Interest Rates Ease
Average property prices rise 4.3% year-on-year, boosted by recent interest rate cuts from the Bank of England.
- Halifax reports the average UK house price in August was £292,505, just shy of the June 2022 record.
- The Bank of England's interest rate cut to 5% has increased buyer confidence and mortgage approvals.
- Northern Ireland saw the highest annual growth at 9.8%, while London remains the most expensive region.
- Affordability challenges persist despite falling mortgage rates, with prices still high relative to wages.
- Further modest growth in house prices is expected through the remainder of the year.
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