Jeremy Hunt says the UK is ‘on a path to a lower tax economy’ but has pledged that his Autumn Statement will not include any inflationary cuts.

Estate agents and housing experts say would-be buyers are struggling to save for deposits and are worried about finances.

Bank of England says that this was the third consecutive month that mortgage approvals have fallen while remortgaging is at its lowest since 1999.

Latest data from the Office for National Statistics shows annual private rental prices increased by 5.4% in England, 6.5% in Wales and 6.0% in Scotland.

With this week’s rise in inflation combined with a move by the US Federal Reserve to go ahead with a 0.25% rise, the BoE had few choices.

The UK is expected to avoid a technical recession this year according to the Office for Budget Responsibility, Chancellor Jeremy Hunt told the House of Commons this afternoon.

House prices fell again in January from August's high as growth is stalled by a lack of cheap mortgage deals.

Sales dipped 3% on November but were just 1% down on the same time last year, government figures from HMRC reveal.