As the cost of living rises at its fastest rate in 30 years and the Bank of England warns that inflation may hit 8 per cent, possibly higher, it’s unsurprising that interest rates are also edging upwards.

The Bank of England expects interest rates to climb to around 2.5% by mid-2023.

Prime property markets are relatively insulated from mortgage rate hikes, says Knight Frank - but transaction numbers are still likely to drop-off in the coming years as the wider housing market cools.