Richard Pike, Phoebus Software sales and marketing director says “These figures from the Bank of England, as encouraging as they might have been a week ago, cannot be said to be indicative of future activity. With everything that is going on, both at home and abroad, there are already signs that consumer confidence is waning. We only have to look at the queues at the petrol pumps to see that some people are already beginning to show signs of panic.

“In the next few months, we could see more volatility in the mortgage market, not just with consumer appetite, but also with funding as the banks strive to manage the quickly changing financial situation. The events in Ukraine put everything at home into perspective, but the impact of the Russian invasion will certainly be felt across the world as sanctions take a grip, especially when it comes to oil and gas prices. We are all going to feel it in our pockets.”