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UK house prices rise 0.7% in September, Nationwide says
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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
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.
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.
(Reporting by Kate Holton; editing by Sarah Young)
A house price index measures the relative changes in the price of residential properties over time. It helps track market trends and assess property value fluctuations.
Interest rates are the cost of borrowing money, expressed as a percentage of the loan amount. They influence economic activity by affecting consumer spending and investment.
Affordability in real estate refers to the ability of potential buyers to purchase homes within their financial means, considering factors like income, expenses, and mortgage rates.
The annual growth rate is the percentage increase in a value, such as house prices, over a year. It indicates how fast the value is rising or falling.
Borrowing cost refers to the total expenses incurred when taking out a loan, including interest payments and any associated fees. It affects how much individuals and businesses can afford to borrow.
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