The report from the Nationwide Building Society showed that the house prices in the UK rose 5.0 percent y-o-y in September after gaining 3.7 percent y-o-y in August. That was the biggest growth since September 2016 and exceeded economist forecast of 4.5 percent y-o-y advance.

On monthly basis, the house prices rose 0.9 percent  in September, following a 2 percent jump in August.

“Housing market activity has recovered strongly in recent months. Mortgage approvals for house purchase rose from c66,000 in July to almost 85,000 in August - the highest since 2007, well above the monthly average of 66,000 prevailing in 2019,” noted Robert Gardner, Nationwide's Chief Economist. “The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is adding to momentum by bringing purchases forward. Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown”.