Lucy Harley-McKeown
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FTSE 100 LIVE: Markets rise as UK house prices reach close to all-time highs
How major markets are performing on Monday
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The FTSE 100 and European markets ticked up in early trade on Monday after fresh house price data revealed property prices are close to all-time highs.
The FTSE 100 (^FTSE) was 0.3% higher in early trade, while Germany's DAX (^GDAXI) hovered above the flat line and the CAC 40 (^FCHI) in Paris rose 0.3%.
The pan-European STOXX 600 (^STOXX) was also 0.3% higher.
Year-on-year, prices have surged by 4.7%, marking the strongest growth rate since November 2022, according to Halifax.
The typical property price now stands at £293,399, slightly up from £292,540 in August, and represents the highest level since June 2022. This left the average price only a little short of the record high of £293,507 set in June 2022. Refreshed demand reflects gradually decreasing interest rates set by the Bank of England.
"While rates are improving, they remain significantly elevated compared to pre-pandemic levels, making the cost of borrowing still out of reach for many, especially for first-time buyers," said Karen Noye, mortgage expert at Quilter.
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