UK house buyers urged to act now as market chaos could change rates in a heartbeat

And Dariusz Karpowicz, director at Albion Financial Advice said: "Today's inflation bump has put that expected rate cut firmly on the back burner. "Don't hold your breath for August relief. Here's the reality: mortgage rates are currently at their most competitive levels in months, but this could flip overnight if swap rates surge on inflation fears.

"My advice? Lock in now whilst the going's good.

"Most lenders honour your reserved rate if markets move against you, but crucially allow switches to better deals if rates fall. It's a no-brainer - you're protected from nasty surprises but can still benefit from any pleasant ones. In this game of musical chairs, hesitation costs money."