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Robert Gardner, Nationwide's chief economist, said the situation for many potential homebuyers remained "supportive".

Louise Murphy, an economist at the Resolution Foundation, points out that approval rates for both face-to-face and remote assessments are largely unchanged since the pandemic.

As firms have a harder time finding workers, it will limit their ability to grow, slowing the economy, warns economist Giovanni Peri of University of California, Davis.

“Inflation and lower availability of some food items continue to keep prices stubbornly high for America’s families,” said Samantha Ayoub, associate economist at the American Farm Bureau Federation.

Until now, China is still achieving its official growth target of around 5%, and economists say the country could account for almost 30% of global growth this year.