Bank of England

Research published today by the National Housing Federation (NHF) claims that the average house price in England will rise to over £300,000 within five years.

Ratings agency Fitch claims that UK house prices could be as much as 20% overvalued compared with their long-term average.

House prices will begin to fall in August as interest rates give homebuyers the upper hand in the negotiating process, according to Your Move.

Minutes from the Monetary Policy Committee's monthly meeting, released today, show that Bank of England policymakers voted 6-3 to increase interest rates.

The pound hit its highest level for 26 years earlier today after concerns surrounding the US sub-prime housing market saw the dollar plummet to a 12-year low.

Interest rates have been maintained at 5.5% following the monthly meeting by the Bank of England's Monetary Policy Committee.

The number of mortgage approvals has fallen for the third month in a row down to just 107,000, leading parts of the industry to suggest the housing market is about to turn.

The Bank of England dropped a broad hint yesterday interest rates would be raised for a fifth time within a year over the coming months, reports The Guardian.

The Bank of England has raised interest rates by a quarter of a percentage point to 5.5% because of concerns about inflation.

A trio of economic reports suggests an increased rate rise from the Bank of England next week is more likely, according to analysts.