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Brown issues warning to mortgage holders

Date: Fri, 12 Nov 04 Analysis

Chancellor Gordon Brown has described how the housing market is losing some steam.

Announcing that his pre-Budget report will be made to the house on December 2nd, Mr Brown fielded questions from across parliament.

Amidst ruling out any move toward the eurozone any time soon, he rounded on LibDem treasury spokesman Vincent Cable.

"For months he has been standing up at Treasury question time telling us that house prices are rising too fast and now he is coming to complain that house prices are moderating," said the chancellor.

Indications from across the sector in recent months have been that the historic boom in house prices was beginning to cool, with values even falling in the south-east.

Commentators are not overly worried, however, pointing out a growing demand for houses which is yet to be met by supply, thereby guaranteeing a healthy, if not runaway, market.

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