The Bank of England has kept interest rates the same at 0.5%, as many experts predicted, following many rate cuts over the past few months, an effort to kickstart the economy.

Rates remain at an all-time low since last October 5%.

David Smith, senior partner, Dreweatt Neate estate agents said he thought the Bank was wise not to cut rates further: ‘The raft of rate cuts in recent months has done nothing to stimulate the property market so it is probably a good thing that interest rates are off the agenda. The focus now should switch to factors that will inject life back into the market, namely the increased availability of mortgage finance to people without substantial deposits and the current stamp duty regime, which should urgently be reviewed in the coming Budget.’

James Hyman from cluttons added: ‘It’s becoming apparent that interest rates cannot go any lower and we are already seeing mortgage lenders adjusting their fixed rate deals upwards. First time buyers or those who have come out of the market temporarily should look to jump back in sooner rather than later.

‘The bottom of the market is close to being called and the cost of borrowing is only going to rise. This could be the last really good opportunity to take advantage of the downturn both in terms of affordable borrowing and property prices.