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| House prices close to record high, says Halifax | House prices close to record high, says Halifax |
| (32 minutes later) | |
| The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax. | |
| The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022. | |
| Prices have now risen for three months in a row, Halifax said, as market conditions improve. | Prices have now risen for three months in a row, Halifax said, as market conditions improve. |
| "Mortgage affordability has been easing thanks to strong wage growth and falling interest rates," said Amanda Bryden, head of mortgages at Halifax. | "Mortgage affordability has been easing thanks to strong wage growth and falling interest rates," said Amanda Bryden, head of mortgages at Halifax. |
| "This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022." | "This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022." |
| Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022. | Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022. |
| Northern Ireland continues to see the strongest annual house price growth for any nation or region in the UK. | Northern Ireland continues to see the strongest annual house price growth for any nation or region in the UK. |
| Guy Gittins, chief executive of Foxtons, told the BBC's Today programme: "The market is recovering. | Guy Gittins, chief executive of Foxtons, told the BBC's Today programme: "The market is recovering. |
| "It certainly won't be the best year we've ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year." | "It certainly won't be the best year we've ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year." |
| Karen Noye, mortgage expert at Quilter, said: "Currently, some lenders offer deals around the 4% mark, a stark contrast to the 5% or higher rates seen in the immediate aftermath of the 2022 mini-budget and beyond. | |
| "This reduction in rates has enabled buyers to secure larger mortgages, making previously unaffordable properties more attainable and boosting buyer confidence." | |
| However, Ms Noye added that the cost of borrowing was still out of reach for many, especially first-time buyers. |