According to data released by Halifax on Monday, UK house prices are up 4.7% in a year as lower mortgage rates help boost the market.
House prices were up 0.3% in September, the same level of growth seen in August.
“We are continuing to see a consistent month-on-month rise in house prices, which signals a potential upward trend for the remainder of the year. The market is showing strong signs of resilience, even amid broader uncertainties,” said Daniel Austin, CEO and co-founder at ASK Partners.
Lower mortgage rates are behind the housing market’s momentum, with lower interest rates making mortgages more affordable.
“It is very welcome news to see yet further growth in the housing market and taking a wide-angle view of the year, there is no doubt consumers are now able to approach the buying and selling process with a far greater degree of confidence compared to the very start of the year,” said Nathan Emerson CEO at Propertymark.
“There is still further progress to be made, but with strong hints we may see further dips in the base rate before the year is out, we are seeing some lenders already confident enough to switch up their mortgage offerings which is proving very welcome news for borrows.”