The Bank of England has decided to maintain the base rate at 4.75% - news which is likely to be welcomed by the housing market. David Bexon, chief executive of new homes website SmartNewHomes.com, commented: “The Bank has made the right decision today. The four rises last year had a rapid effect on the market and well and truly put the brake on rising house prices. “Prices are now stable across the country with some areas seeing a drop in values and a further rise could have been the catalyst to a serious downturn in the market.”