In annual terms, house prices grew by 3.2% year-on-year and that’s the fastest growth in two years. The average price of a typical dwelling in the UK is at £266,094 as of the month. Nationwide notes that:
“Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters. 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.”
