UK ‘not in a housing bubble’ as prices rise from historically low level

Jon Cunliffe, a civil servant who is due to join the Bank of England as deputy governor for financial stability next month, said the housing market is not in a bubble as prices are rising from historically low levels.

“It doesn’t look as if there is a bubble,” Cunliffe told politicians in testimony in London yesterday.

“The picture emerging is that prices are starting to rise, but we’re still coming back from a relatively low base, and of course it’s a patchy picture because there’s quite a dispersion across the country”