The Bank of England has promised to ‘closely monitor’ the housing market and intervene if it feels there is danger of a house price bubble.
A statement released after a meeting of the Financial Policy Committee said mortgage approvals were rising but transaction levels and loan-to-value ratios on mortgage lending were still below average.
The statement said: “The Committee judged that it should closely monitor developments in the housing market and banks’ underwriting standards.
“The Committee would be vigilant to potential emerging vulnerabilities.
“The Committee noted that if risks to the stability of the financial system were to emerge from the housing market, both it and the micro-prudential regulators had a range of tools available to address those risks.”
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Comments
This is clear evidence of how badly the housing market is currently 'set-up' to work!
Many families have lost their savings in house price falls since 2007, especially those living north of Watford!
Change is undoubtedly needed and any government or governing body worth its salt should see this and do something to reduce the chances of anything like it being repeated again, as the market turns.
The worst of it is that gazumping is now said to be coming back in parts of the south-east!
Forget offering more stimulus the market.
If gazumping is back, introducing my scheme of making agents sign up with 'moving contracts' instead of using the present 'selling contracts', would negate the possibility of gazumping happening. I call upon those in positions of authority to act now. Change is needed. For more: http://t.co/65EXJlC
What bubble!!!
Bloody media talking crap again and the govt. falling for it.
Double the tax on buying a home in London if your foreign and relax end stamp duty in rest of the country to help the other 99% of the population.