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Those interested in investing in property may have wondered in recent months when the Bank of England was going to cut interest rates, with the slowdown in the market becoming increasingly evident and yet the monetary policy committee (MPC)  voting consistently to hold on and wait until the smoke cleared on the credit crunch.

What is certain is that nobody was predicting a unanimous vote for a cut in December.

In successive months in August and September the MPC opted unanimously to hold rates. Just as single vote - that of David Blanchflower - was cast in favour of a cut in October. A seven-to-two vote in November did little to suggest at the time that the situation was moving towards a December cut, although growing concerns of an economic slowdown which went well beyond the housing market suggested one might be needed.

It was for this reason that many commentators felt, despite indications of a possible inflation risk, that the MPC might finally hold its nose and move in December. Ian Kernoghan of London Asset Management predicted: "On balance, I'm still looking for a cut, but it's a very close call." Just the other side of the fence, Howard Archer, chief UK and European economist at Global Insight, said: "We are going for no change, but we wouldn't be surprised if they do. It's right on the margin." 

Given that both those tipping a hold and those forecasting a cut believed the decision was a borderline one, it may have surprised few if the decision had been a split one. After all, twice in 2007 already the vote had been five to four. In such circumstances, more than a few eyebrows may have been raised when news emerged today that all nine members decided a lowering of the base rate from 5.75 per cent to 5.5 per cent was required.

Indeed, the minutes published today went further still, indicating that the committee considered a "substantial loosening in policy", a hint that a greater cut than 0.25 per cent might be required.

While this move was rejected on the grounds of inflationary risk, the unanimous nature of the decision has been greeted in some quarters as clear evidence that the next cut cannot be far away. Bear Stearns economist David Brown told the BBC: "With the MPC voting unanimously in favour of easing, a back-to-back cut should be on the cards at the January MPC meeting."

Vicky Redwood of Capital economics was more cautious, suggesting that "lingering inflation concerns might still prompt it [the MPC] to hold off from cutting again until February", but if even a cautious view is one that expects a February cut, the synopsis is indeed one of optimism for those hoping to see another move and more help to potentially reignite the housing market.