Richard Pike, Phoebus Software Chief Sales and Marketing Officer, says “There is no doubt that things are getting tougher and, as the slowing of the housing market is starting to show, things are only likely to get tougher. The Bank of England figures this morning also reports the almost inevitable rise in lending on credit cards as household finances are stretched ever thinner.

“The latest ONS report reveals that income to house price ratios are at their highest since 1999. However, the fact that house prices continue to rise, along with the number of properties going for above their asking price, reveals a sustained appetite for purchase. We just have to hope that whatever happens, both at the Bank of England and in Downing Street, in the coming months will be for the better. In the meantime, it’s not all doom and gloom as some would have us believe.”