Bank Of England Governor Warns Over Housing Plans

Sir Mervyn King, the outgoing governor of the Bank of England warns that a government plan to boost the housing market should not become permanent, saying there “was no place in the long run” for Chancellor George Osborne’s Help to Buy scheme.

The scheme whereby the government will guarantee up to 15% of a mortgage on properties worth up to £600,000 is due to run from Jan 2014 for three years. The idea is that it will provide help for buyers that cannot afford a big deposit in order to get a mortgage.

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