Liberal Democrats in Business

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ODPM House Prices: Brown Must Tackle Reckless Lending - Cable

12.32.20pm BST (GMT +0100) Mon 14th Jun 2004

Commenting on the ODPM house price index out this morning, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "Rising lending by banks and building societies is recklessly fuelling the housing boom.

"Large numbers of people are gambling on the house price boom - a gamble they may regret if house prices start to fall or interest rates continue to rise.

"First time buyers are increasingly being priced out of the market, making the house price bubble even more precarious.

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

ENDS

Note

Today's ODPM house price index showed that the price of a house for a first time buyer was £135,505 in April, up 18.3% on the year.

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