“The Bank’s decision to stick to its knitting and hold rates was largely expected by the market, but is still welcome news. While bringing interest rates down does encourage greater borrowing which in turn stimulates greater activity, it is important that the Bank of England does whatever is necessary to avoid fuelling inflation.

“The upside of Bank of England’s inaction today provides stability to the market, allowing buyer and seller confidence to build after a subdued year of activity. Across the Jackson-Stops network we are already seeing a positive uptick in the number of prospective buyers and new properties coming onto the market in January, which will hopefully pave the way for a busy spring. Though the market will remain cautious in its optimism; only as the year progresses will we be able to determine more clearly how buyers behaviour will respond.

“The prospect of a General Election, and interest rates staying high, by relative standards, is likely to play on the minds of those considering how best to time their next move. But the property market must take some comfort in its own resilience, having navigated far higher interest rates than we see today, and are well placed to do the same again.”