The pressure may be piling up on the Bank of England's Monetary Policy Committee to cut rates follow...
The pressure may be piling up on the Bank of England's Monetary Policy Committee to cut rates following the Confederation of British Industry's report warning of stuttering manufacturing output, but evidence from the British Bankers' Association and the Royal Institute of Chartered Surveyors instead suggests the economy, and the housing market in particular, is continuing to hum along.
Earlier this week the MPC released minutes of its last meeting held two weeks ago, which some have interpreted as leaving the door open to further interest rate cuts.
The bank says consumption and house price growth are both slowing, which if coupled with continued poor performance in the eurozone and the US could force a "pre-emptive" move on rates.
Lower base rates would translate into better affordability in the housing market, but there are other pressures acting against a rate cut, including the fact that employment has grown, indicating wage price inflation could rise.
Still, the market is betting on lower interest rates by pricing cuts into long-term interest rate swaps.
However, this view that house prices growth is set to fall contradicts the picture from people at the coal face, members of the Royal Institute of Chartered Surveyors (RISC), who say that as far as housing goes there are simply not enough units available in the market to see any real sustainable falls in house price growth.
Continuing house price rises would put the MPC in an increasingly difficult situation because it cannot use interest rates to undo the sorts of inequalities between supply and demand for housing indicated by RISC.
Last year alone there was a deficit of 20,000 houses built as compared to the government's stated target for new housing, according to RISC figures.
The problem is most acute in the Southeast, RISC says, because of the lack of incentives for erecting new housing on brownfield sites - it is simply more expensive to have to clean up the ground before starting construction.
And it is not just a problem affecting first-time buyers because the house-building deficit is felt across the entire market range, from two up/two downs to multi-million pound mansions.
The problem is being compounded by fewer house owners being willing to put their homes on the market: owners of houses in the million-pound-plus market are renovating rather than selling at present, while the rush to acquire buy-to-let properties has resulted in a reduction of properties available for first-time buyers.
And despite some reports of rents cooling off in London, there is still plenty of money going into the buy-to-let market because equities are underperforming, making bricks and mortar investments more attractive.
Then there is the fact that because more people are living single, there are more people than ever looking to buy their own property, RISC adds.
The logjam is set to get worse over the next 10-15 years, RISC says, because of the need to find additional plots to build on, because of the antiquated planning system and because of the need to balance new construction against the NIMBY syndrome (not in my back yard).
RISC is predicting a chronic shortage of housing over the next 20 years because Britain's housing stock is the oldest in Europe and even if builders wanted to construct more houses they face a deficit of skilled labour to get the job done.
The effect of house prices can of course be excluded from the inflation indices used by the MPC - as in the RPIX index put out by the Office for National Statistics, which excludes mortgage interest payments - but given that housing is the biggest cost in most people's budgets, it would be difficult to completely exclude house price inflation from meetings called to set interest rates.
The British Bankers' Association puts its own spin on the matter, saying in its latest report on lending for August that UK consumers are doing anything but let up on their mortgage borrowing or credit card usage.
In line with seasonal changes, Britons added £361m to their credit card bills, £100m above the average of the previous six months as holiday spending increased.
Mortgage lending meanwhile increased by £4.9bn - higher than July's figure, but lower than May's.
The association says that the housing market is "still active", and that companies are also increasing their borrowings.
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