UK Housing Market Sees Surge in Demand After Interest Rate Cut

Bank of England's first rate cut in four years drives increased buyer activity and optimism for autumn market.

Estate agents report a 19% rise in property enquiries since the rate cut on August 1.
Average asking prices fell 1.5% in August, a seasonal trend observed for 18 years.
Rightmove revises 2024 house price forecast from a 1% drop to a 1% rise.
Current five-year fixed mortgage rates have decreased to 4.8%, down from 5.82% last year.
Further interest rate cuts are anticipated, potentially boosting the market further.