According to the BBC, board members were split on the decision, with 8 choosing to hold interest rates at 5% and 1 deciding to lower them to 4.75%.
The BBC believes the BOE are likely to cut rates again, most likely this year, but now is just not the right time.
Andrew Bailey, Bank of England Governor, stated that cooling inflation pressure means that the Bank should be able to cut interest rates gradually over the upcoming months.
He added: “It’s vital that inflation stays low, so we need to be careful not to cut too fast or by too much.”
Sam Mitchell, CEO of Purplebricks, commented: “Despite the Bank of England’s decision to hold interest rates today, we’ve seen strong momentum build in the housing market in the last month: mortgage rates are at 18-month lows, listings are at multi-year highs and relative political stability has encouraged buyers to forge ahead with their purchasing decisions.”
The Bank of England’s committee will meet next on 7th November, after the Budget is announced.