The National Association of Estate Agents (NAEA) has welcomed the Monetary Policy Committee (MPC) decision to maintain interest rates at 5.25%.

Peter Bolton King, Chief Executive of the NAEA said: “I am pleased to see that the MPC have chosen to err on the side of caution in this month’s interest rate vote. I would urge them to continue along this line, if we are to avoid the danger of pushing some regional housing markets into a recession.

There are currently vast differences in the residential housing market across the UK. Some areas continue to perform well, whilst others have steadied in reaction to the rate rises seen in the last six months.

I hope this is the start of a period of stability regarding rates, which will be significant in maintaining a stable housing market. Given the unwelcome news that property repossession has increased we would hope that the next rate movement would be in a downward direction.”