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“UK House Prices Surge 3.2% in September, Marking Highest Annual Growth Since 2022”

UK house prices have experienced their highest annual growth since 2022, according to Nationwide. In September, house prices rose by 3.2% compared to the same month last year, bringing the average home price to £266,094. This increase marks a significant jump from the 2.4% annual growth recorded in August and is the fastest rate since the 4.4% rise noted in November 2022. The surge in house prices is attributed to declining borrowing costs, fueled by expectations that the Bank of England will continue to lower interest rates. This trend has contributed to a more favorable environment for homebuyers, leading to increased demand in the housing market.
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Question 1: What was the annual growth rate of UK house prices in September 2024?

The annual growth rate of UK house prices in September 2024 was 3.2%.

Question 2: How does the September 2024 growth rate compare to the previous month?

The September 2024 growth rate of 3.2% is an increase from the 2.4% annual growth recorded in August 2024.

Question 3: What is the average price of a home in the UK as reported by Nationwide?

The average price of a home in the UK is £266,094.

Question 4: Why are house prices increasing according to Nationwide?

House prices are increasing due to falling borrowing costs and expectations that the Bank of England will continue to cut interest rates.

Question 5: When was the last time the annual growth rate was higher than the current rate?

The last time the annual growth rate was higher than 3.2% was in November 2022, when it was recorded at 4.4%.