It may finally be time to rejoice as it emerges that house prices in the UK are again on the rise and low interest rates are helping to steady the ship. House prices in Britain in the three months to the end of August were some 0.1% than the previous quarter, the first time they have increased over a quarter since March. The figures showed that prices across the quarter were 2.7% higher than in July, however, this measure of price growth is still an awful lot lower than the peak of 10% in March last year.It was also found that month on month, prices increased by as much as 1.1%, rising to an average of £222,293, whilst year on year, prices were 2.6% higher with lack of supply and low interest rates offering strong support.It’s plausible that buoyancy is returning, with strong recent employment growth a likely factor, even more so with the unemployment rate falling to a 42 year low. That said, wage growth is still lagging whilst consumer prices rise, thus, this is likely to add pressure on household finances and increase a number of affordability challenges for buyers. Low mortgage rates should continue to support house prices, as should a continuing shortage of properties for sale over the next quarter.It has been highlighted that it is the first month this year whereby average price growth has exceeded 1%, hence the housing market should be set up up nicely for a strong end to the year. Admittedly, price growth may have taken a slight hit in July and August given the fact the summer months are generally quieter regarding mortgage approvals, however, this still takes nothing away from the fact that house prices responded in a positive manner following months of political uncertainty stemming from the election and its outcome of a hung parliament.The UK is entering a critical time for the market and September could be the make or break as property supply remains critically low and whilst this has helped to prop up house prices, long term, it is not good news. It’s important that this renewed optimism is translated into sales which means more properties needs to be listed. This is a huge indication that resilience is needed from the property market.Landlords have experienced numerous obstacles but that said, the marketplace is continuing to deliver very healthy returns, likely due to lack of supply and a very high tenant demand. Towards the end of the year, further growth is very much likely. However, whilst clear optimism is definitely present, it has been suggested that price rises are down to equilibrium rather than energy.It is proposed by some that the lasting shortage of supply has offered unwavering support for prices whilst demand is underpinned by a combination of harmless interest rates and a strong employment market. In many areas of the market, buyer sentiment remains positive, many home buyers will not hesitate to walk away from a property if they feel the price is not right and the result of this is down to a gradual softening of prices, rather than a correction.