British House Prices Increase

LONDON (Reuters) – British house prices rose by a higher-than-expected 0.7% in September from August, with the annual growth rate hitting 3.2%, the fastest pace since November 2022, according to figures from Nationwide Building Society on Monday.

Economists polled by Reuters had forecast prices would rise by 0.2% on a monthly basis and stand 2.7% higher than in September 2023.

Robert Gardner, Nationwide's chief economist, stated that prices had increased after borrowing costs edged lower due to expectations of future interest rate cuts by the Bank of England.

>“These trends have helped to improve affordability for prospective buyers and underpinned a modest increase in activity and house prices, though both remain subdued by historic standards,” he said.