Interest rates were held for a second consecutive month yesterday, giving agents renewed hopes that the cost of borrowing has reached its peak and demand may return to the market.

The Bank of England’s Monetary Policy Committee voted to keep the base rate at 5.25%, claiming there have been “signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally.”

Agents have expressed hope that this could help buyers return to the market.

Alex Lyle, director of Richmond estate agency Antony Roberts, said: “This Autumn, we’ve found that buyers relying on mortgages to fund their purchase have been waiting to see what happens with pricing, as this has such an impact on affordability.

“Another interest rate hold will be viewed as a further little pigeon step in the right direction, giving hope that longer-term stability on rates is on the way. This should fuel confidence in those who have been anxious about committing to a property purchase.”