LONDON (Reuters) - The risks in the housing market are rising but remain smaller than in 2014, Bank of England Deputy Governor Jon Cunliffe said on Wednesday.
He also said the growth of the rapidly growing so-called “buy-to-let” rental property sector potentially poses a financial stability risk.
The Bank of England has asked the government for the power to intervene in the sector, which is likely to be approved. A public consultation on the matter will continue until March 11.
“The risks are a bit less now than they were in 2014 but you can see the market starting to move back again,” Cunliffe told a parliamentary committee.
“The market is now coming back again so maybe some of those risks are becoming a little bit more prominent.”
Reporting by Andy Bruce and Ana Nicolaci da Costa