George Osborne has flatly denied that a housing bubble is
forming, only to be contradicted hours later by one of his Tory predecessors.
The current chancellor promised that any big rises in house prices would be
curbed, and the UK would have a "responsible recovery". He said there
is "not a housing bubble at the moment". However, Lord Lamont, a
chancellor under Sir John Major, promptly offered the opposite view, suggesting
there is a danger that the housing market is overheated – a situation that
could be worsened by the Treasury's Help to Buy scheme. "There's been a
huge fall-off in mortgage applications and turnover in the housing market and
at the same time, in the south, you have a much faster rise in prices, while in
the north some areas prices have fallen 40%. So it's a very, very difficult
judgment to make.” Read more on the Guardian website.
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