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Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise from the government's Help to Buy scheme.

It said that the government needs to develop a clear exit strategy from the scheme to avoid seeing the property market become distorted.

The government implemented Help to Buy as a means to encourage movement in the property market by offering an equity stake on mortgages for new houses worth up to £600,000.

But because the price limit for houses eligible for the scheme is so high, many have raised concerns that it will simply serve to drive up house prices and lock first time buyers in particular out of the market.

Indeed, recent statistics have shown that house prices have risen since the first phase of the scheme was implemented back in April.

Outgoing governor of the Bank of England, Sir Meryn King, said that the scheme should not go on indefinitely. At present it is due to end in 2014.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801601214-ADNFCR



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