Homeowners Need Protection Against House-Price Boom and Bust - Cable

12.00.00am GMT Thu 29th Jan 2004

Commenting on this morning's figures on lending to individuals showing the number of approvals for house purchase up 16% on the year Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "Credit card lending may be cooling down, but lending for housing continues to be high."

"Large numbers of people are gambling on the house price boom, a gamble they may regret if interest rates cause house prices to fall."

"It is time for the Government to take action to protect ordinary homeowners against irresponsible lending."

Ends

Notes to editors

1. Today's Bank of England 'Lending to individuals' figures showed the number of approvals for house purchase in December 2003 up 16% on 2002 and the value up 24%.

2. Total lending in December was the fourth highest figure on record, only beaten by September - November 2003.

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[Previous news story]: Bank Lending Continues To Fuel House Price Bubble - Cable (Wed 28th Jan 2004).
[Next news story]: £48m Enterprise Strategy For Deprived Areas Is Failing - Cotter (Thu 29th Jan 2004).

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