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Bank of England warns of risk of house prices falling

Bank of England governor Mervyn King last night warned housebuyers of a growing risk that house prices could fall.

Speaking in Glasgow to CBI Scotland, King told delegates: “Anyone entering or moving within the housing market should consider carefully the possible future paths of house prices and interest rates.”

He went on to say that houses may be overvalued: “After the hectic pace of price rises over the past year it is clear that the chances of falls in house prices are greater than they were… How far interest rates will need to rise to keep inflation on track to meet our 2% target for consumer price inflation is impossible to say with any degree of confidence.”

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