Related topic: Interest rates

Housing market confidence remains fragile as global uncertainty weighs on buyer sentiment.

There is growing market speculation that the Bank of England could increase rates as a direct consequence of the ongoing Iran-related conflict.

Some mortgage lenders cancelled planned rate cuts earlier in the week while others have increased rates.

GDP is expected to grow more slowly this year but faster in 2027 and 2028, the latest OBR forecasts show.

Lower inflation and interest rate cuts will help unlock money so it can be spent in the economy, Martins said.

Inflation has fallen from 3.4% in December to 3% in January.

Economists are now predicting further Bank Rate reductions 'sooner rather than later'.

Four members voted to reduce Bank Rate to 3.5%.

Wider market uncertainty is starting to impact mortgage rate setting.

A December dip is mortgage approvals is likely to be short lived, industry experts say.