UK house prices saw their fastest annual increase since November 2022, rising by 4.3% in August to an average of £292,505. The uptick, supported by lower mortgage rates, and exceeded economists' forecasts. Mortgage approvals are at their highest since late 2022, following the Bank of England’s interest rate cut, which brought some relief to the market. Northern Ireland led with a 9.8% rise, while London saw the weakest growth at 1.5%. While this boosts homeowner equity, affordability remains a concern for new buyers.