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| Bank of England raises fears of a housing bubble after mortgage values explode |
| London, 03.05.2014 |
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| The Bank of England’s Financial Policy Committee has warned that the size of mortgages required to buy houses today are dangerously large
The dramatic rise in the value of houses mean that people have to take out bigger and bigger mortgages which the Bank of England considers to be dangerous.
UK house prices increased by 6.8% in January 2014 compared with a year earlier, up from 5.5% in December 2013.
In London house prices have increased by a massive 13.2% in the 12 months running up to January 2014.
The Bank of England considers any mortgage that is worth more than 3.5x a single person’s income or 2.75x a joint income is a “high income multiple”.
One in five buyers are now taking out mortgages that qualify for this description.
And in London, the price–income ratio for first-time buyers has already reached the pre-crisis peak.by Conrad Quilty-Harper(Sources: The Times, WSJ
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