Likely rise in mortgage rates in the medium term fails to worry agents as market continue to motor despite rise of Omicron virus variant.

Bank of England says homeowners borrowed nearly £12 billion via mortgages during March, up from £6.2 billion the month before.

Bank's national network of agents reports faltering economy in recent months but housing market that has continued regardless.

Estate agency and new homes are among the few areas of the economy untroubled by the Covid lockdown and social distancing, says Bank of England.

Quarterly report from the bank covering April, May and June says many agents are worried that current mini-boom may not continue.

Claim is made to Bank of England which says agents and developers also report sales coming to a halt as buyers and sellers get the message on 'contagion'.

The rate cut of half a percentage point by the Bank of England as a monetary stimulus has been welcomed by property experts.

The industry will be hoping that the latest report by the bank's agents around the country will be the last of its kind for a while ahead of a post-election bounce.