The National Association of Estate Agents (NAEA) today warned that a rise in interest rates could be the "straw that breaks the camel's back" for the housing market.

With the Bank of England's monetary policy committee (MPC) due to make its bi-monthly announcement this week, Peter Bolton King, the NAEA Chief Executive commented: "The MPC hold the life of the housing market in their hands this week. If they choose to increase interest rates it is likely that the market in many parts of the country could grind to a halt."

Most economists believe a rate rise is unlikely this month although recent remarks from MPC members Paul Tucker, Rachel Lomax and Kate Barker indicate that they believe rates may have to rise in the near future.

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