'The fourth hold in rates in as many meetings of the MPC will come as further relief for buyers and sellers'

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.