Looking ahead, this supports our view that, despite the apparent rebound in retail sales over the Christmas period, broader consumer spending will remain soft.

A May rate cut is more likely than not, but the Bank is likely to need to see ongoing signs of lower-than-expected targeted inflation as well as weaker than expected Q1 GDP growth.

Although further short-term support to the national figures from buoyant markets in London and the south-east is likely.

The actual size of the fall in February is fairly significant. Obviously if the trend does soften in the next few months then the housing market could be losing some momentum.

It is hard to argue that it will have a significant impact on monetary policy, given that Mr Lambert had voted with the majority throughout his time on the Committee and that the rate decisions over the next few months do not look like being close-calls.

Our pessimism reflects a view that signs of strength in the consumer sector could soon start to peter out.