He added that at the moment, it may take more than the yesterday's rate cut to get the market moving again.
"People will always need to move, but at this stage renting is seen as a better option by many that buying a house which is a big change in attitude from the last ten years," he explained.
Recent research by iammoving.com found that 14 per cent of people that were planning to move were thinking about dropping out of the property market in order to free up finances.
The same study found that 32 per cent would prefer to remain homeowners, but would considering renting if they could not find a suitable house.
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