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King reins in market

Are the comments of Bank of England Governor Mervyn King equal to a 25-basis-point rise in interest rates?

Several commentators suggest that two rises of 0.25 per cent over a period of months have had much less psychological impact than one of 0.5 per cent. One says the property boom requires a much bigger rise to deliver a shock. It is unlikely many lenders or brokers would agree. The housing market can be talked down and if anyone can do it, it may be the Governor. Let&#39s just hope whatever the reason – rates, comments or fundamentals such as first-time buyer affordability – that the landing when it comes is soft and not a hard one.

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