The Bank of England has opted to maintain its current interest rates at 5.25 percent, despite a decline in inflation. In February, inflation dipped to 3.4 percent from January's 4 percent, marking the lowest rate since September 2021 when it stood at 3.1 percent.

They anticipate inflation will return to its two percent target between by June this year, nearly 18 months earlier than previously projected.

Those in the property sector will particularly welcome the news as there have been fears of a market crash.