Yousefi said: “There has been some speculation about a cut in interest rates, however we have witnessed another month with interest rates unchanged.

“While this may be disappointing news against a backdrop of lower consumer confidence, it does mean there is still an excellent opportunity for brokers to offer better refinancing fixed rate mortgages in the light of falling swap rates.

“The domestic economy has clearly slowed down since the election and I remain convinced that it is only a matter of time before the MPC reduces base rates and thereby injects fresh confidence into the UK economy and the housing market respectively.”