Both existing and new homeowners will not have appreciated the move by the Bank of England's Monetary Policy Committee to increase interest rates from 4.5% to 4.75%.
Many estate agents believe that the increase will make buyers cautious, especially if they are stretching themselves to afford a property.
Conversely, existing borrowers will be looking at their mortgages to see if the rate rise will add more onto their monthly payments.
Our view
Now is the time for everyone on a Standard Variable Rate mortgage to review their position. There is absolutely no need for anyone to be paying such a high rate, with deals as low as 4.99% to lock into.
For those borrowers with fixed, discounted or capped rates, they need to review when their rate ends and ensure they move onto a new rate before their existing lender moves them onto Standard Variable.