UK house prices show strongest monthly rise since 2007

House prices registered the strongest monthly rise for 14 years in September, pushing the average cost of a home to a record high and reversing a three-month decline in annual growth.

Halifax, one of the country’s biggest mortgage lenders, said last month the average cost of a home rose by 1.7%, or £4,425, to £267,587. The previous peak was £263,162 recorded in August.

“The average house price is now as expensive as it ever has been,” said Russell Galley, the managing director of Halifax.

The annual rate of house price inflation rose to 7.4% from 7.2% in August, reversing a downward trend since hitting a peak of 9.6% in May. Prices are up by more than £18,000 since last September and close to £28,000 higher than last June when the housing market reopened after the first Covid lockdown.

Share this post