House costs rise at quickest tempo in almost two years – newest updates
House prices have risen at their fastest pace in nearly two years, industry figures show, in a sign that optimism about interest rate cuts is filtering through to the property market.
The average home’s value increased by 4.3pc in August when compared to the same month last year, according to the Halifax house price index, which is the sharpest jump since November 2022.
It follows an increase in prices of 0.3pc in August, following a 0.9pc rise in July, making the typical home worth £292,505, the highest level in two years.
The average house price is now just £1,000 shy of the record high set in June 2022.
Amanda Bryden, head of mortgages at Halifax, said: “Recent price rises build on a largely positive summer for the UK housing market.
“Prospective homebuyers are feeling more confident thanks to easing interest rates.
“That optimism is reflected in the latest mortgage approval figures, now at their highest level in almost two years.
Separate figures from Nationwide last week indicated that house prices rose at their fastest pace since December 2022 during the year to August.
Read the latest updates below.
