UK House Prices Surge to Record High in September
House prices in the UK have surged, with the annual growth rate climbing to 2.2% in September. This outpaced economists' predictions and was driven by robust economic indicators.
The average UK home price reached £271,995 after a 0.5% monthly increase. Regional disparities were evident, with Northern Ireland leading the way at 9.6% growth. London and the south west lagged behind with the weakest growth.
Property price growth varied by type. Semi-detached homes saw a 3.4% rise, while detached properties increased by 2.5%. Flats, however, experienced a 0.3% decrease over the three months to September.
Low unemployment at 4.7%, rising wages, and expectations of further interest rate cuts fuelled the home price growth. Mortgage approvals remained steady, and quoted rates continued to fall, reflecting the overall positive outlook in the UK property market.
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