Adam Oldfield, chief revenue officer at Phoebus, says:

“As ever we waited with baited-breath for the latest inflation figures, any news that may mean the Bank of England takes its foot off the interest rate accelerator would be good for the housing market.  So, the news today, coupled with the fact that GDP is still not in decline, could well be the catalyst we have all been hoping for.

“The country is holding its head above water and confidence appears to be returning.  Despite the lull at the beginning of the year the housing market has been picking up in recent weeks with the usual springtime boost, and more lenders are revising rates every day.  There is no doubt that affordability is a worry for many households and lenders will be working around the age old of dilemma of continuing to meet lending targets versus more defaults down the line.  Being prepared for both scenarios is a juggling act, but one that every lender needs to have systems and people in place to deal with.”