“The question is what does this mean for [Bank of England governor] Mark Carney: does he leave things as they are or seek to put some limitations on schemes such as Help to Buy in order to stop prices running away with themselves?
“The market is not functioning normally because interest rates have had to remain at 0.5% for five years. It is clear that this has been a long recovery and it is not over yet. When interest rates do start to rise, it will cause a real problem for those heavily indebted
homeowners, and will need to be handled with care.”