UK Housing Market Sees Price Increase Following BoE Rate Cut
The UK housing market experienced a 0.8% increase in average asking prices in September, following the Bank of England's first interest rate cut in over three years. The number of sales agreed also rose significantly, indicating improved buyer demand amid lower borrowing costs.
| Score | Value |
|---|---|
Scale | 5 |
Novelty | 6 |
Positivity | 7 |
Reliability | 8 |
Actionability | 6 |
Society | 4 |
Journalism | 3 |
Highlights
- The Bank of England cut interest rates for the first time in over three years.
- Average asking prices for homes in the UK increased by 0.8% in September.
- The number of sales agreed between buyers and sellers rose 27% from a year ago.
- The average five-year fixed mortgage rate decreased from 6.11% in July 2023 to 4.67% last week.
- The number of homes for sale per agent is at its highest since 2014.