Paresh Raja, CEO at MFS:

“The BoE continues to walk a tightrope, sticky inflation is making them hesitant to cut rates, but a rise in company insolvencies and the general impact of a higher cost of borrowing on the UK economy is piling on pressure to drop the base rate.

“Either way, we now know the base rate has almost certainly peaked, and it is just a matter of time before it comes back down, this shift has already started to have an impact on lenders and the property market in recent months.

“Mortgage, bridging and BTL rates all have started to fall, and there are the green shoots of recovery emerging after two challenging years, with early signs suggesting buyer demand and house prices are picking up.

“The Bank might hold again – perhaps multiple times – before the cuts come, but the market is benefitting as that seemingly inevitable decision draws closer.”

Andrew Gething, managing director at MorganAsh: 

“The decision to hold rates is as much a response to sticky inflation, wage growth and macro-challenges, as it is a way to tell businesses and economists to hold its horses. 

“There’s no doubt that the overall sentiment has improved massively, with a positive outlook for the second half of the year.

“However, the bank has to carefully balance an improving picture with a re-acceleration in spending and any potential external shocks.”

Jason Tebb, President of OnTheMarket:

“The fourth hold in rates in as many meetings of the MPC will come as further relief for buyers and sellers, it strengthens expectations that rates have peaked and the next move will be downwards, as the BoE continues to bring inflation under control.

 “Numerous rate rises and the high cost of living have inevitably impacted activity as they have heightened borrower concerns around affordability, that said, the housing market has proved remarkably resilient, with transaction numbers softening rather than falling off a cliff.