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.

Nick Clegg, Britain’s deputy prime minister, has said that the UK is nowhere near a house-price bubble and the Bank of England has tools to prevent it, amid growing concerns that government support for home-buying is stoking another boom.

London: London house prices rose to a record in March, led by gains in some of the city’s most expensive districts, research group Acadametrics Ltd said.