The average price of a home increased by £2,587 (0.7%) month-on-month in September, according to the property website Rightmove. It says that the average asking price of a property coming to market in the UK is £367,760 and that the price increase is in line with the average September rise of 0.6% over the past 10 years.
It added that price growth this month is being driven predominantly by the middle and high-end market sectors.
On Thursday last week, the Bank of England base rate was increased from 1.75% to 2.25%, pushing up costs for some mortgage borrowers on variable rates. Taking into account all of the recent Bank of England base rate hikes, a tracker mortgage is now about £210 per month more expensive on average than it was before the rate increases started last December, according to the UK Finance figures.
