The Bank of England has decided to hold the base rate at 5.75 per cent for the coming month.

In July, the Bank increased the rate to its current level but some analysts had hoped that after the recent credit crunch and indications that the housing market is slowing down, the Bank would decide to cut it.

Peter Bolton King, the chief executive of the National Association of Estate Agents, said that "relaxation of interest rates" would help restore confidence in the market and argued that it "should feel confident enough".

However, Trevor Williams, chief economist at Lloyds TSB Corporate Markets, said that while economic growth is slowing, "there is still some way to go" before the Bank would need to consider cutting the rate.

"The next move will almost certainly be down, but it''s safe to say there won''t be any change until February at the earliest," he added.

According to David Kuo, head of personal finance at Fool.co.uk, people should not wait for a rate cut.

He advised consumers to try and overpay their mortgage, commenting: "By showing a willingness to boost the equity in our homes, we put ourselves in a better position to access better-value products."