UK House Prices Surge as Mortgage Rates Fall

Average asking prices rise by nearly £3,000 in September, driven by increased market activity and lower mortgage rates.

Rightmove reports a 0.8% increase in average asking prices, reaching £370,759, double the long-term average for September.
The market is seeing a rebound in activity, with sales up 27% compared to a subdued 2023.
Mortgage rates have decreased, with average five-year fixed rates now at 5.15%, down from 6.11% during the Truss premiership.
Despite increased activity, it takes an average of 60 days to find a buyer, suggesting buyers are being cautious and selective.
The Bank of England's upcoming rate decisions and the October Budget announcements are key uncertainties impacting future market trends.