Related topic: Inflation

Industry experts have cautioned that today's hold is 'not a signal that rate cuts are back on the table', instead not ruling out a base rate rise before the end of 2026.

The Bank of England is expected to maintain its 'wait and see' approach at next week's meeting.

The UK economy is showing signs of resilience despite an uncertain geopolitical environment. 

Average two-year remortgage rates have trebled in ten years, while the average five-year rate has doubled.

An extended hold to interest rates is "very much the correct and appropriately measured policy response", Taylor said.

More than two thirds of those questioned expect the economy to slow, while just 3% anticipate growth.

The surprise inflation figures "could trigger a mortgage price war", industry experts predict.

As a result, many expect the Bank of England to adopt a 'wait and see' approach to interest rates at its meeting next week.

Greene has hinted at future rate rises, arguing for a 'proactive approach' to growing inflation.

Savills has revised down its UK house price forecast as higher mortgage costs weigh on demand.