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GOOD NEWS ON HOUSE PRICES: "Mark Carney says UK housing market is in widespread recovery"

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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