Vladimir Putin's intervention in the gas market and a short-term deal on the US debt ceiling look to have calmed the nerves of traders after yesterday's wild session.

The FTSE 100 index rallied 1%, helped by natural gas futures easing to 227p a therm from the 400p seen yesterday when investors were spooked by inflationary fears and the prospect of earlier-than-expected rises in interest rates.

House prices, meanwhile, remain on an upward path after Halifax reported a new record monthly average figure of £267,587as the race for space continues.