Eight MPC members voted in favour of maintaining the current base rate, while just one voted for cutting it to 0.25%.

Mark Harris, Chief Executive of SPF Private Clients, said a rate cut was widely expected, but despite it not occurring on this occasion he felt it was highly likely it would come in August.

“Lenders have also been reducing fixed rates on the back of falling swap rates. 

“The message from lenders is that it is business as usual. 

“They wish to improve their volumes, which are lower than they want them to be because of uncertainty around the referendum. 

“This is good news for first-time buyers, home movers and those remortgaging as the mortgage market is set to become even more competitive.”

Miles Gibson, Head of UK Research at CBRE, said that it was likely the Bank of England wanted to wait for more hard data on how the economy was performing before taking action.

“From a commercial property perspective, if and when a base rate cut does come, it will not have any big impact on pricing, which is driven by long-term rates, although pricing might be boosted by a confidence effect. 

“With sterling priced assets still looking attractive to overseas investors, whose cost of capital is not driven by UK debt markets, London and the UK most definitely remain a strong investment opportunity.”

Jonathan Sealey, CEO of Hope Capital, felt that the rate remaining unchanged could only be a good thing.

“A base rate drop at this time would have indicated that the Bank of England thought that we were headed for recession, which would have given out further negative messages to the markets at a time when things have been rallying.  

“While there is no certainty that there will not be a base rate drop in August, it is a sensible decision to let the new cabinet form and allow the new Chancellor to decide what his policy will be before making any change to interest rates, with the powerful messages that gives off all around the world.”

Calum Bennie, Savings Expert at Scottish Friendly, said the announcement came as scant relief for cash savers.

“Savers have been waiting patiently for rates to go up and as the UK economy improved all [the] signs were that [Mark] Carney [Governor of the Bank of England] and co were creeping towards an increase in the not too distant future. 

“However, with the economic uncertainty unleashed around Brexit, all such bets are now off. 

“The UK is on a rollercoaster of a ride for the foreseeable future.” 

Russell Quirk, CEO of eMoov, added: “This confirmation should remind us that the cost of money, especially for homebuyers, is at a record low. 

“The UK economy and the property market, in particular, are now awakening from the apparent Brexit limbo it has been stuck in over the last few weeks.

“The UK property market is still fighting fit, despite the negative sentiment it has been plastered with by Brexit doomsayers and, with mortgage rates also certain to remain low, now is the perfect environment for UK property, if there ever was one.”

Jeremy Leaf, north London estate agent and former RICS chairman, said the decision may send a signal that activity was more robust behind the scenes than first hoped.

“We are certainly finding there is a genuine attempt by buyers and sellers to [add] a touch of realism to their negotiations and get on with moving where they can. 

“There are many first-time buyers already taking advantage of very low mortgage rates.  

“If a rate cut comes next month, it will give an additional boost to those who may have been thinking twice about jumping on to the property ladder at the present time.”

Kevin Caley, Founder and Chairman of ThinCats, added that a rate cut to stimulate the economy and free up money for lending was inevitable. 

“When this happens, it will be miserable news for Britain’s hard-pressed savers, who have been earning dismal returns on their money since the financial crisis.

“In such uncertain economic times, the prospect of interest rates returning to pre-crisis levels any time soon is highly unlikely and anyone with money in the bank should be rethinking their savings plans.”