{"id":8759,"date":"2014-07-07T11:00:19","date_gmt":"2014-07-07T10:00:19","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759"},"modified":"2014-07-08T10:35:10","modified_gmt":"2014-07-08T09:35:10","slug":"new-proposals-made-by-the-bank-of-england-aim-to-prevent-housing-boom","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759","title":{"rendered":"New proposals made by the Bank of England aim to prevent housing boom."},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">New plans have been outlined by the Bank of England to prevent an unstable new housing boom as Mark Carney warns that the property market may be a threat to the UK&#8217;s economy.\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Recommendations have been made by the Bank&#8217;s Financial Policy Committee which include a cap of 15% on the number of mortgages which lenders can give to people who want to borrow more than 4.5 times their income.\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-8728\" src=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg\" alt=\"Could the property market boom undermine the strong growth figures?\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg 300w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-1024x768.jpg 1024w\" sizes=\"auto, (max-width: 300px) 85vw, 300px\" \/>Another key recommendation includes a tougher affordability check, ensuring that mortgage applicants are checked by their lenders for their ability to cope with a three percentage point rise in interest rates. This in turn has resulted in a separate Treasury pledge banning anyone that is applying for a loan under the Help to Buy scheme from borrowing more than 4.5 times their income.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Mark Carney, Governor of the Bank of England has explained that:\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em>&#8220;These actions will have a minimal impact in the future if, and it is an important if, if the housing market evolves in line with the bank&#8217;s central view&#8221;<\/em>\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">He goes on to suggest that:\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-4510\" src=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/London1-216x300.jpg\" alt=\"Palace of Westminster\" width=\"216\" height=\"300\" srcset=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/London1-216x300.jpg 216w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/London1.jpg 395w\" sizes=\"auto, (max-width: 216px) 85vw, 216px\" \/>&#8220;The 15% cap&#8230; could quickly become relevant if house prices grow more than we expect, if incomes grow less rapidly than we expect, or if underwriting standards slip&#8221;<\/em><em>\u00c2\u00a0<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Despite most lenders believing that the cap would only primarily affect London, with Paul Smee, Director of the Council of Mortgage Lenders stating <em>&#8220;Nationally, 9% of new loans are at 4.5 times income or more, but the figure is 19% in London,&#8221; <\/em>Mr Carney said that the 15% could be reached nationally within a year.\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The proposals which are set to come into force on 1st October, have been welcomed by George Osborne, the Chancellor of the Exchequer who explains:\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em>&#8220;I fully support this action by the Bank of England&#8217;s new financial policy committee to use the new powers we have given them. It will help protect our hard-won economic security by better insuring us against any risks that might emerge in our housing market.&#8221;<\/em><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">&#8212;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Where many policies seem to be targeted to affect the national property market, this action by Mr Carney at last seems to be directed towards curbing London\u00e2\u20ac\u2122s rapidly growing marketplace, where the level of high loan-to income lending is greatest. Such a move could be invaluable to Britain\u00e2\u20ac\u2122s long term, sustainable growth.\u00c2\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><a title=\"PropertySurveying UK\" href=\"http:\/\/www.propertysurveying.co.uk\">www.PropertySurveying.co.uk<\/a><\/p>\n<p>BT\/ SRJ \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a001.07.2014<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New plans have been outlined by the Bank of England to prevent an unstable new housing boom as Mark Carney warns that the property market may be a threat to the UK&#8217;s economy.\u00c2\u00a0 Recommendations have been made by the Bank&#8217;s Financial Policy Committee which include a cap of 15% on the number of mortgages which &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;New proposals made by the Bank of England aim to prevent housing boom.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-8759","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"New plans have been outlined by the Bank of England to prevent an unstable new housing boom as Mark Carney warns that the property market may be a threat to the UK&#8217;s economy.\u00c2\u00a0 Recommendations have been made by the Bank&#8217;s Financial Policy Committee which include a cap of 15% on the number of mortgages which &hellip; Continue reading &quot;New proposals made by the Bank of England aim to prevent housing boom.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759\" \/>\n<meta property=\"og:site_name\" content=\"Property Surveying NEWSLETTER\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PropertySurveying\" \/>\n<meta property=\"article:modified_time\" content=\"2014-07-08T09:35:10+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759\",\"url\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759\",\"name\":\"New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/wp-content\\\/uploads\\\/Luton-Bedfordshire-300x225.jpg\",\"datePublished\":\"2014-07-07T10:00:19+00:00\",\"dateModified\":\"2014-07-08T09:35:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759#primaryimage\",\"url\":\"http:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/wp-content\\\/uploads\\\/Luton-Bedfordshire-300x225.jpg\",\"contentUrl\":\"http:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/wp-content\\\/uploads\\\/Luton-Bedfordshire-300x225.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=8759#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New proposals made by the Bank of England aim to prevent housing boom.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#website\",\"url\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/\",\"name\":\"Property Surveying NEWSLETTER\",\"description\":\"The NEWSLETTER\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#organization\",\"name\":\"Property Surveying NEWSLETTER\",\"url\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/wp-content\\\/uploads\\\/cropped-property-surveying-logo-for-newsletter-body-1.png\",\"contentUrl\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/wp-content\\\/uploads\\\/cropped-property-surveying-logo-for-newsletter-body-1.png\",\"width\":240,\"height\":50,\"caption\":\"Property Surveying NEWSLETTER\"},\"image\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/PropertySurveying\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759","og_locale":"en_GB","og_type":"article","og_title":"New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER","og_description":"New plans have been outlined by the Bank of England to prevent an unstable new housing boom as Mark Carney warns that the property market may be a threat to the UK&#8217;s economy.\u00c2\u00a0 Recommendations have been made by the Bank&#8217;s Financial Policy Committee which include a cap of 15% on the number of mortgages which &hellip; Continue reading \"New proposals made by the Bank of England aim to prevent housing boom.\"","og_url":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759","og_site_name":"Property Surveying NEWSLETTER","article_publisher":"https:\/\/www.facebook.com\/PropertySurveying","article_modified_time":"2014-07-08T09:35:10+00:00","og_image":[{"url":"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg","type":"","width":"","height":""}],"twitter_misc":{"Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759","url":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759","name":"New proposals made by the Bank of England aim to prevent housing boom. - Property Surveying NEWSLETTER","isPartOf":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759#primaryimage"},"image":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759#primaryimage"},"thumbnailUrl":"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg","datePublished":"2014-07-07T10:00:19+00:00","dateModified":"2014-07-08T09:35:10+00:00","breadcrumb":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759#primaryimage","url":"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg","contentUrl":"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Luton-Bedfordshire-300x225.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8759#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.propertysurveying.co.uk\/newsletter\/"},{"@type":"ListItem","position":2,"name":"New proposals made by the Bank of England aim to prevent housing boom."}]},{"@type":"WebSite","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#website","url":"https:\/\/www.propertysurveying.co.uk\/newsletter\/","name":"Property Surveying NEWSLETTER","description":"The NEWSLETTER","publisher":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#organization","name":"Property Surveying NEWSLETTER","url":"https:\/\/www.propertysurveying.co.uk\/newsletter\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#\/schema\/logo\/image\/","url":"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/cropped-property-surveying-logo-for-newsletter-body-1.png","contentUrl":"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/cropped-property-surveying-logo-for-newsletter-body-1.png","width":240,"height":50,"caption":"Property Surveying NEWSLETTER"},"image":{"@id":"https:\/\/www.propertysurveying.co.uk\/newsletter\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/PropertySurveying"]}]}},"_links":{"self":[{"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=\/wp\/v2\/pages\/8759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8759"}],"version-history":[{"count":0,"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=\/wp\/v2\/pages\/8759\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8759"}],"wp:term":[{"taxonomy":"folder","embeddable":true,"href":"https:\/\/www.propertysurveying.co.uk\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Ffolder&post=8759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}