In July of this year, the average price of a house in London increased by 1.2 percent from the same month the previous year, reaching £536,052. The Halifax property Price Index shows that monthly property prices in the UK are up 0.8 percent, and yearly they are up 2.3 percent. The average property price in the UK increased by over £2,200 from £289,042 in June to £291,268 in July. Property experts predicted that last week's reduction in the Bank of England base rate, which went from 5.25 percent to 5 percent, would help the autumn housing market.

Property experts predicted that last week's reduction in the Bank of England base rate, which went from 5.25 percent to 5 percent, would help the autumn housing market. According to Amanda Bryden, head of mortgages at Halifax, "those looking to remortgage, purchase a first home, or move along the housing ladder will find encouragement in the Bank of England base rate cut last week, which follows recent reductions in mortgage rates."

“However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners. Against the backdrop of lower mortgage rates and potential further base rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”

Matt Thompson, head of sales at London-based estate agent Chestertons, suggested the introduction of sub-4 per cent mortgage rates by lenders has helped boost buyer confidence.

People will decide to re-enter the market if they have "a feeling that rates are going in the right direction," according to Holly Tomlinson, a financial planner at asset manager Quilter. "Those who are undecided about selling their house might also feel that this is the right time," she stated. Therefore, the autumn can turn out to be busier than expected. The head of Propertymark, an organisation for real estate professionals, Nathan Emerson, stated: "It is very positive to see further growth within the housing sector, especially after what has been a difficult time for consumers over the last few years."
Purplebricks chief executive Sam Mitchell said: “The growing confidence we’ve seen take hold of the housing market in recent weeks has been supercharged by the Bank of England’s interest rate cut.

“With lenders already slashing mortgage rates in response to last week’s decision, buyers are beginning to move ahead with purchasing decisions they have been putting off for months.”

Iain McKenzie, chief executive of the Guild of Property Professionals, said: “We’re optimistic about the market’s direction for the remainder of the year. The combination of lower mortgage rates, potential further base rate reductions, and steady price growth creates a favourable environment for both buyers and sellers.”