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Bank of England warns of property crash

Bank of England governor Mervyn King has warned Britons buying a home to be wary of a possible housing market crash.

Speaking to the Scottish CBI King said the rise in house prices over the past five years had taken the ratio of house prices to earnings to new record levels, unsustainable in the long-term.

King said: “After the hectic pace of price rises over the past year, it is clear the chances of falls in house prices are greater than they were. So anyone entering or moving within the housing market should consider carefully the possible future paths of house prices and interest rates.”

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