Britain's booming housing market could be heading for a
fresh crash, the Bank of England said in its toughest warning yet about the
dangers of the return of rapidly rising property prices. As it emerged that one in 15 London homes are
now selling for £1m or more, Sir Jon Cunliffe, Threadneedle Street's deputy
governor for financial stability, said Britain had a history of booms turning
to bust. "This is a movie that has been seen more than once in the
UK." The Bank's deputy governor said that there were always risks to
financial stability "blinking on the dashboard" but made clear his
concern about the possibility that borrowers taking on large mortgages could
find themselves in trouble when interest rates inevitably rose. Read more on the Guardian website.
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