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MNI BRIEF: BOE Cunliffe: Policy Hit On Home Ownership Minimal

LONDON (MNI)

A Bank of England-led push to toughen up mortgage affordability tests have had only minimal impact on home ownership, BOE Deputy Governor Jon Cunliffe said Thursday, referencing soon to be published research. According to Cunliffe, the research found that only 2% of renters would have been able to afford median-priced homes in their areas if it wasn't for the tougher affordability test.

Cunliffe said that the BOE is reviewing the regulatory framework for mortgage lending and that if the UK property does pick-up, as recent data have suggested, its constraints may begin to bite on the growth of indebtedness.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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