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BBC News - Housing boom 'needs stopping' - although brokers have claimed that Mr Cable's views are behind the times

Aaron Strutt Image

Action must be taken to stop the "housing boom" in parts of the UK getting "out of control", according to Business Secretary Vince Cable.

Mortgage brokers have claimed that Mr Cable's views are behind the times, owing to recent regulations that ensure tighter affordability checks from lenders.

"The Financial Conduct Authority has just completed the implementation of the biggest set of changes to the mortgage market in 10 years and the lenders are relying very heavily on mortgage affordability," said Aaron Strutt, of Trinity Financial.

"Until house prices come down buyers will need more generous income multiples otherwise they will be forced to rent for longer or rely on the Bank of Mum and Dad."

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