{"id":295,"date":"2015-06-30T13:03:52","date_gmt":"2015-06-30T13:03:52","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/new-powers-to-control-housing-market\/"},"modified":"2018-02-21T10:13:54","modified_gmt":"2018-02-21T10:13:54","slug":"new-powers-to-control-housing-market","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/new-powers-to-control-housing-market\/","title":{"rendered":"New Powers to Control Housing Market"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>Following fears that the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> <a class=\"wl-entity-page-link\" title=\"Market (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/market-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/market_economics;http:\/\/dbpedia.org\/resource\/Market_(economics)\" >market<\/a> is working its way towards a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> price bubble that could threaten the UK&#8217;s economic recovery, George Osbourne has handed over sweeping new powers to the Bank of England. This change will allow the Bank of England to impose direct curbs on the property market for the first time since the deregulation of the 1980s.<\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: small;\">Previously the FPC (Financial Policy Committee) could only make recommendations to banks and <a class=\"wl-entity-page-link\" title=\"Building society\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/building-society\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/building_society;http:\/\/rdf.freebase.com\/ns\/m.01j31;http:\/\/dbpedia.org\/resource\/Building_society\" >building societies<\/a> with regards to <a class=\"wl-entity-page-link\" title=\"Mortgage loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >mortgages<\/a>, however now, with the new powers, they will be able to directly limit the size of mortgages in relation to the <a class=\"wl-entity-page-link\" title=\"Value (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/value-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/value_economics;http:\/\/rdf.freebase.com\/ns\/m.0bhr4z;http:\/\/dbpedia.org\/resource\/Value_(economics)\" >value<\/a> of the property or the potential home-buyers income. The logic behind introducing these new powers is that the Bank of England needs a full variety of alternative measures to higher interest rates as a way to control and cool down the property market. Osbourne&#8217;s <a class=\"wl-entity-page-link\" title=\"Plan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/plan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/plan;http:\/\/rdf.freebase.com\/ns\/m.018jrr;http:\/\/dbpedia.org\/resource\/Plan\" >plans<\/a> were in fact rejected by Parliament 2 years ago, but the property market&#8217;s rapid growth has forced a re-think, and Osbourne now intends to push through the plans before next years general election. <\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: small;\">While the Treasury is not worried about an imminent price bubble, it is being prudent and trying to pre-empt what could be the 4<sup>th<\/sup> boom and bust cycle in the property market since the early 1970s. With the economy just starting to get back on its feet, a house price bubble could cause havoc and undo the hard-fought gains that have so far been won.<\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: small;\"><a href=\"https:\/\/www.thehouseshop.com\/advertise-property-free\">Find out more about saving money when selling your home here<\/a><\/span><\/p>\n<p class=\"MsoNormal\">By Franki Chaffin-Edwards<\/p>\n<p><!-- [if gte mso 9]><xml>  <o:DocumentProperties>   <o:Revision>0<\/o:Revision>   <o:TotalTime>0<\/o:TotalTime>   <o:Pages>1<\/o:Pages>   <o:Words>3<\/o:Words>   <o:Characters>21<\/o:Characters>   <o:Company>Property Data MEdia <span id=\"urn:enhancement-be0b38b2-12f9-0fcd-b0e2-f4b90e688234\" class=\"textannotation\">LLP<\/o:Company><\/span>   <o:Lines>1<\/o:Lines>   <o:Paragraphs>1<\/o:Paragraphs>   <o:CharactersWithSpaces>23<\/o:CharactersWithSpaces>   <o:Version>14.0<\/o:Version>  <\/o:DocumentProperties>  <o:OfficeDocumentSettings>   <o:AllowPNG\/>  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