LONDON (Reuters) - The problem of rapidly rising house prices is not isolated to London, a top Bank of England policymaker said on Thursday.
London house prices soared 26 percent over the past year in the biggest annual jump since 1987, figures from Nationwide showed on Wednesday.
"There are specific issues about London, but this is not just a London problem, this is not just a London issue.
In the country as a whole over the last year house prices have gone up by more than 10 percent," Jon Cunliffe, the BoE's deputy governor for financial stability told the BBC.
"We can't control the housing market and, in the housing market in Britain, we don't build as many houses as we need to for the people who want homes. And the Bank of England can't do anything about that."
yahoo.com
London house prices soared 26 percent over the past year in the biggest annual jump since 1987, figures from Nationwide showed on Wednesday.
"There are specific issues about London, but this is not just a London problem, this is not just a London issue.
In the country as a whole over the last year house prices have gone up by more than 10 percent," Jon Cunliffe, the BoE's deputy governor for financial stability told the BBC.
"We can't control the housing market and, in the housing market in Britain, we don't build as many houses as we need to for the people who want homes. And the Bank of England can't do anything about that."
yahoo.com
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