House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK’s largest mortgage lender has said.
Halifax said prices last month were up 4.3% compared to last year, taking the average cost of a UK property to £292,505.
The lender, which is owned by Lloyds Banking Group, said that buyers have been boosted after the Bank of England reduced interest rates at the beginning of August, in the first cut for four years.
House prices are now “just shy” of the record reached in June 2022 when they hit £293,507.
