The interest base rate has been maintained at its current level of 5.75 per cent, it has been announced.
Commenting on the decision by the Bank’s monetary policy committee, chief executive of the National Association of Estate Agents (NAEA) Peter Bolton King stated that the association was hoping for a slight reduction in rates.
"The last 12 months has been an extremely busy period for the housing market and consumers are crying out for reassurance … The market needs a period of stability and the Bank of England should feel confident enough to loosen up the rates," he added.
He stated that many reports indicate that the housing market is slowing down month by month and estate agents have voiced concerns on reduced activity.
Mr Bolton King concluded that a reduction in rates would serve as an "ultimate enhancer" to restore confidence in the property market.
The last change in interest rates was an increase of 0.25 percentage points on July 5th.