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King repeats warning of falling house prices

Bank of England governor Mervyn King repeated his warning to first time buyers over potential house price falls.

Speaking to the Treasury Select Committee, he said it would be unfortunate if people were encouraged to make decisions on a risky assumption that house prices could only ever go upwards.

However, he said he did not expect to see a return to the negative equity situation of the early 1990s as lending rules imposed by banks are much tighter than in the past and employment levels are high.

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