"Lower mortgage rates are delivering a much-needed confidence boost to homeowners, many of whom have sat on the sidelines over the past two years," said Richard Donnell, executive director at Zoopla.
According to research published Thursday by property portal Zoopla, agreed home sales rose by 25% year-on-year in the four weeks to Sept. 22.
Housing market activity saw a surge as households that have held off making moving decisions over the last two years return to the market, with buyer inquiries increasing by 26% annually.
House prices ticked up at their fastest pace in almost two years in September, rising 3.2% year-on-year from 2.4% in August, reflecting the changes in mortgage rates.
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