City View: Soon the Pool of New-Rich House Buyers Will Dry Up

Birmingham Post › May 28, 2004

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Summary

Michael Coogan says he was quoted out of context the other day when he was reported saying that the Bank of England will have to double interest rates if it wants to tame house prices.

Still, in whatever context, he gave the thought an airing. As director general of the Council of Mortgage Lenders, he certainly wasn't talking his members' book. If the banks and building societies thought there was remotest prospect of such punitive treatment, they wouldn't be lending money the way they are and there wouldn't be any housing boom.

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City View: Soon the Pool of New-Rich House Buyers Will Dry Up

He wasn't talking the Bank's book either. It insists staunchly that it doesn't 'target' house prices.

Evidently Mr Cooga...

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