I personally think they will peak at 5.75 / 6 % then start to come down again after a while. It takes about a year for any change to take effect, and i think they've put them up more than perhaps they wanted to in order to send a strong message but also because they can bring them down again just as easily. I think if they stay at 6% then inflation will drop back down below their target of 2% in the medium term, so they will drop rates back down to strike a fine balance.

I think main problem is interest rate is too blunt a tool to control housing. A change has implications nationwide but house prices rise at different rates depending on area you live. My personal feeling is interest rates will come back down after a 6% peak but housing will continue to rise, but we will see more modest increases in value over the next few years.

but who really knows...