“Mark Carney told MPs on the Treasury select committee that the threat of a property bubble was the ‘biggest risk’ to economic recovery over the medium term, as official figures showed house prices rose by 10.5% in the year to May – and more than 20% in London. Outlining in detail why the Bank’s financial policy committee made the decision last month to limit the proportion of high loan to income mortgages granted by lenders, he said that a proliferation of highly indebted households could tip the economy back into recession.  Prices have risen more quickly for first-time buyers than for those moving home, going up by 11.3% over the year to an average of £202,000.”

http://www.theguardian.com/money/2014/jul/15/ons-uk-house-prices-may-london

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