He said: “Until the last couple of weeks, an interest rate rise felt almost inevitable.

“So much so, that many mortgage lenders have already priced in such a rise.

“This means that even if the bank pulls the trigger, and regardless of what Omicron does to the MPC’s festive plans, mortgage rates on the whole should be effectively protected, for now.”

Broadley added that for many people this is their first experience of rate changes, and with inflation a growing possibility, concerns are rising that rock-bottom interest rates and homeownership could become targets.

Whilst many of these homeowners are on fixed-rate mortgages, and so will not feel an immediate hit, Broadley is expecting to see significant market change.

He said: “The sucker punch could come later as inflation pressures normalise.

“Only time will tell what impact this has on house prices. However, a lack of housing stock, rising lockdown savings and a continued appetite for homes outside of cities mean this year’s market could stubbornly roll on regardless.”