The Bank of England’s Monetary Policy Committee is maintaining the official bank rate paid on commercial bank reserves at 5.75%.

Warren Bright, chief executive of Propertyfinder.com, said: “The Bank of England did the right thing to keep rates on hold. House price growth has slowed to more sustainable levels and housing transactions and mortgage approvals are cooler. Household budgets have been stretched though, and will remain under pressure in coming months as previous rate rises continue to take effect.”