Pill says the need for such caution "points to a gradual withdrawal of monetary policy restriction".

The number of tracker mortgages taken out has risen from 118,818 in 2021 to 198,044 by Q1 of 2024.

Bailey says the Bank could be a “bit more activist” if inflation continues to ease.

Over one in ten (13%) are not confident in their ability to meet their mortgage repayments over the coming months.

Many economists predict that a further rate reduction will come at the Committee's meeting in November.

Sentiment in the housing market remains low.

Markets are currently pricing in a 25% chance of another cut tomorrow.

Previously the trend of more homes coming to the market for sale was being driven by the smaller homes sector of two-bedrooms or fewer.

The Bank's Monetary Policy Committee has reduced rates for the first time since 2020.

UK CPI held steady at 2%, but the ongoing 'stickiness' of services inflation could give cause for concern at the Bank of England.