The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022. Prices have now risen for three months

LONDON (Reuters) -British house prices rose in September at the fastest annual pace since November 2022, according to data from mortgage lender Halifax, as expectations of further reductions in borrowing costs added to momentum in the property sector.

UK house prices climbed for a third consecutive month in September as cheaper mortgages and increased incomes spurred more buyers into the market, data from Halifax showed.

House prices rose 4.7% year-on-year, the strongest rate of annual growth recorded since November 2022, according to Halifax.

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The average UK house price was just over £100 away from a record high last month, according to Halifax's recent index. The typical property value in September hit £293,399, just £108 below a record high of £293,507 set in June 2022, Halifax said.

House prices have increased for the third month in a row according to Halifax which has reported annual growth in property values of 4.7%.

Rolling coverage of the latest economic and financial news, as average UK house price rises to just £100 away from a record high

Average UK house price ‘just shy of record high’ in September - The typical property value has risen by around £13,000 over the past year, Halifax said.