Pill says the quarterly pace of 0.25% Bank Rate cuts seen since last summer is too rapid given the inflation outlook.

Mortgage lenders predict strong growth could mean a 'further base rate cut next month has all but disappeared'.

The MPC vote was split three ways, with 5 members preferring to reduce Bank Rate by 0.25%.

However, industry experts believe mortgage rates may remain stubbornly high.

A hold was widely expected today due to rising inflation and strong private sector wage growth.

Specialist lending faces market uncertainty but also signals growth opportunities, the survey found.

Just 14% think that three more cuts before the end of 2025 is still realistic.

Inflation has now almost doubled since September, when it was 1.7%.

Mortgage and rental spending grows 2.0%, but consumer confidence remains unchanged.

Economists were upbeat about the better-than-forecast GDP figures for Q4, but warned that the UK economy is not out of the woods yet.