Nick Leeming, Chairman of Jackson-Stops, comments in response to the interest rates increase to 4% by the Bank of England:

“For those households already navigating higher living costs and stretched budgets, the increase in the base rate is another factor influencing when and whether they decide to move. Of course, many people are compelled to enter the market by changing household needs and significant life events. These drivers won’t change, so prospective buyers may scrutinise pricing even more closely in the coming weeks and months. With caution in the air, our advice for sellers to price realistically from the outset to ensure a swift and successful sale is increasingly important.

"Ultimately, the market would benefit from greater certainty and a more supportive environment for people looking to take their next step on the property ladder. It remains to be seen whether today’s increase marks the start of a pattern of higher borrowing costs.

"While the Bank of England's priority is to bring inflation under control, the Government also has an important role to play in addressing the wider costs of moving. Targeted stamp duty reform would be a positive step to help ease some of that pressure, giving households greater confidence to make their next move and helping unlock activity across the property market.”