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.

House prices rose for the third month in a row in September, according to the latest figures from Halifax, bringing the average home within £108 of the 2022 peak. Property values surged 4.7 per cent annually, according to one of Britain's biggest lenders, marking the biggest rise since November 2022.

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.

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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.