The Bank Base Rate has been maintained at 4.75%, following a 0.25% increase in August.

However, strong house price figures and healthy transaction levels could point to another increase later this year.

The Bank’s Monetary Policy Committee (MPC) was widely expected to keep rates on hold this time, but opinion is divided as to whether it will need to increase rates again in November to keep inflation on track.

Philip Shaw, an economist at Investec, said: “Base rates remain likely to rise again. It would take some very poor news on the economy, very good news on inflation or both to stave off another increase.”