For the first time in two years more first-buyers are entering the property market - a key sign of improvement.
As the Government hoped, many major lenders are now choosing to pass on some of the rate cut.
Gordon Brown says that the shortage of UK housing should influence a housing market recovery.
The base interest rate cut to 4.5% and the governments rescue package for the major banks brings hope of a lift for the property market.
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There could be good news for homebuyers as mortgage lenders continue to reduce rates in an attempt to attract more customers.
Figures just released by the Council of Mortgage Lenders show that mortgage lending remained steady in July, while remortgages increased.