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A pedestrians looks at residential properties displayed for sale in the window of an estate agents' in Windsor, west of London.

LONDON — Lower mortgage rates are sparking an uptick in the U.K. housing market, following a surge in the pace of home sales last month, data showed.

Agreed home sales rose by 25% year-on-year in the four weeks to Sept. 22, marking the fastest pace of growth since spring 2021, "as households that have held off making moving decisions over the last 2 years return to the market," according to research published Thursday by property portal Zoopla.

Home buyer inquiries also increased by 26% annually over the same period, the data shows.

Shares of U.K. homebuilders Taylor Wimpey and Barratt Developments both rose more than 2.1% following the data release.

It comes as house prices ticked up at their fastest pace in almost two years in September, according to Nationwide, rising 3.2% year-on-year from 2.4% in August, when lenders began slashing borrowing costs in response to the Bank of England's first interest rate cut in over four years.

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