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"The Bank of England has been urged by the OECD to dampen the booming UK property market by watering down the Government’s mortgage subsidies.
"In its latest report, the multilateral organisation noted yesterday that British house prices look overvalued relative to average earnings and rents and said the time has come for the regulator to take corrective action.
" 'Monetary policy tightening should be accompanied by timely prudential measures to address the risks of excessive house price inflation,' it said."
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