Adam Oldfield, chief revenue officer at Phoebus, says:

“The figures from the Bank of England this morning make grim reading as far as the housing market is concerned. Although, it’s no surprise it is disappointing to say the least. The only light at the end of the tunnel is that, especially given the latest unemployment figures, the MPC may decide to hold interest rates again this week.

“The last two months of the year will be interesting in terms of mortgage interest rates and activity. Lower rates over the last couple of months may have given people the impetus to push forward with plans that had been stalled earlier in the year. However, the amount of money being invested in National Savings and Investments is a big indicator that households are trying to make the most of rising savings rates, which may mean that a large number of people have decided to sit tight for now.”