UK House Prices Growing At Fastest Rate Since End of 2022

According to Nationwide data, the average UK house price has risen at the fastest pace in two years during September 2024. Their House Price Index shows an average property value increasing by 3.2% in September, and by 0.7% on a monthly basis, putting the average value at £266,094. This is the fastest growth that we’ve seen since November 2022, where average values increased by 4.4%.

The latest Nationwide House Price Index has now been released, showing that the average UK house price has increased by 3.2% annually in September, and 0.7% monthly – the fastest rate of growth in almost two years. Average values now sits at £266,094, showing the resilience of the property market and giving even more confidence to both buyers and sellers alike.

With the combination of mortgage rates decreasing, the interest rate cut that was introduced in August, and the positivity of more reductions to come, buyer demand is being boosted with more purchasers coming to market having held off in previous months.

The North West was by far the best performing English region in this annual house price growth, with the average across England sitting at +1.9% - and the North West boosting a staggering 5% year-on-year.

Robert Gardner, Chief Economist at Nationwide.

As the market continues to grow and house prices increase, those keen to get onto the property ladder or start or grow their investment portfolio are acting now to benefit from the future growth. If you’re looking to purchase property but have been waiting for the right time, this is your opportunity to act. Speak to one of our expert property consultants today to find out more about how you can benefit, and what Beech Holdings are able to offer.