The UK's base rate of interest is unlikely to be raised further, according to the Centre for Economics and Business Research.
Jonathan Said, the organisation's senior economist, told BBC Two's Working Lunch programme that the US Federal Reserve's decision to cut rates could ease pressure on banks.
The Bank of England may also feel pressure to take similar action here, Mr Said told the programme.
"I think we were expecting interest rates to have peaked a month ago, so interest rates we were forecasting to come down next February," Mr Said commented.
With recent developments in the credit market, the Bank may choose to cut rates as early as November, he added.
Last month, Moneyextra reported that the recent interest rate increases having begun to impact upon the housing market, with the average property value falling by 4.65 per cent compared with the previous month.
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