LONDON, Aug 19 Reuters British estate agents have seen a pickup in demand from buyers since the Bank of England39;s decision on Aug. 1 to begin cutting interest rates from a 16year high, property website Rightmove said on Monday.

Rightmove, which says it advertises property for more than nine of every 10 estate agents in the United Kingdom, said buyer enquiries in August were 19 higher than a year earlier, compared with an 11 annual increase in July.

While mortgage rates aren39;t yet substantially lower since the rate cut, the fact that the longhopedfor first cut has finally arrived, and mortgage rates are heading downwards, is positive for homemover sentiment, Rightmove director Tim Bannister said.

BoE Governor Andrew Bailey said after the rate cut that mortgage rates had fallen in anticipation of the move, and that the central bank would be careful not to cut rates too quickly.

Financial markets on Friday priced in at least one, and probably two, further quarterpoint rate cuts this year.

The average interest rate on a fiveyear fixedrate mortgage was now 4.80, Rightmove said, down from 5.82 a year ago when the BoE had just raised rates to their peak of 5.25.

The average asking price for newly advertised property on Rightmove between July 7 and Aug. 10 was 1.5 lower than a month earlier at 367,785 pounds 474,663, which Rightmove said was typical for August when there is usually a lull in activity.

Asking prices were 0.8 higher than a year earlier, compared with…