The Office for National Statistics reports today that the house price index “surpassed its previous peak” in July by 0.3 per cent. Boom, boom, bubble, bubble Britain appears to be the right description.
Yet Sir Jon Cunliffe, the incoming deputy governor for financial stability of the Bank of England said yesterday that the housing market was “patchy” and he dismissed bubble fears.
Sir Jon is far from stupid, so why does he see the market differently to Britain’s national statisticians? Read more