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| Link to BBC web site |
"Bank of England governor Mark Carney says the UK housing market is generally recovering.
"... Prices in London are rising by about 10% a year, but Mr Carney said a change in interest rate policy - not on the cards in any case until the recovery is well established - would not cool the market. as a significant number of properties were bought without a mortgage.
"Asked if he was concerned about the very fast-spiralling London property market, Mr Carney said:
"Much of what's driven in London, of course, is not mortgage-driven, but is cash-driven.
It's driven, in many cases, by foreign buyers. We, as a central bank, can't influence that.
We change underwriting standards - it doesn't matter, there's not a mortgage. We change interest rates - it doesn't matter, there's not a mortgage, etc.
"But we watch it, and we watch the knock-on effect."
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