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Housing Market Still Bubbling Dangerously

8.34.25pm BST (GMT +0100) Fri 20th Aug 2004

Commenting on the figures released today by the British Bankers Association and the Council of Mortgage Lenders, Liberal Democrat Shadow Chancellor, Dr Vince Cable MP, said: "The rise in mortgage lending by banks and building societies is continuing to recklessly fuel the housing boom."

"The recent interest rate rises do not appear to have deterred large numbers of people gambling on the house price boom. It is absolutely imperative that Gordon Brown takes action to protect ordinary homeowners against such irresponsible lending. Further increases in interest rates or a fall in house prices will lead many into real financial difficulty."

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