One size doesn't fit all
Our last piece looked at the Canadian experience to see what clues it might give as to the role the Bank of England might take in avoiding future house price bubbles. Just as Mark Carney was preparing for his new role with the Old Lady the outgoing incumbent had a swipe at politicians for meddling with house prices. Mervyn King it appears is no fan of taxpayer support for those struggling to save a deposit for a house. Carney may well be cut from the same cloth given that his political colleague at the Canadian Finance Ministry has repeatedly used regulatory rules to damp down signs of over exuberant mortgage lending as prices soared in fashionable Vancouver and Toronto. The question is will George Osborne and the new Governor be singing from the same hymn sheet? Only time will tell. Meanwhile as posh parts of London see prices already in bubble territory do the policy makers based there care about the other Regions and if London has more in common with Vancouver than with Wolverhampton what impact will centralised policy making have on the local market?
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