With today’s announcement that interest rates will be held for the eighth month at 0.5% the cost of borrowing remains low and it is expected that this will help to further stimulate the UKs housing market.

British Bankers’ Association report that interest rates are at an all time low and mortgage approvals at a 17 month high.

UK house prices rose for the fourth month in a row during August, the Nationwide has said, climbing 1.6%.