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3 Apr 2014
UK Treasury Select Committee: Britain needs more homes
FXStreet (London) - Rt Hon George Osborne MP, Chancellor of the Exchequer, Sir Nicholas Macpherson, Permanent Secretary, and James Bowler, Director, Strategy, Planning and Budget, HM Treasury are speaking before the Commons Treasury Select Committee.
George Osborne: "Britain needs more homes. That is a long-term issue. You are now beginning to see an encouraging pickup in constructions
"I want to live in a country where people who have the aspiration to do so are able to buy their own homes. And to do that we need more building.
Asked what indicators the Treasury looks to when assessing the possibility of a housing bubble:
"You would look at obviously headline house prices across the country – separating out central London house prices from that picture. You look at the sustainability of household debt and you look at housing starts.
"I have not seen any evidence to show that Help To Buy has inflated house prices."
George Osborne: "Britain needs more homes. That is a long-term issue. You are now beginning to see an encouraging pickup in constructions
"I want to live in a country where people who have the aspiration to do so are able to buy their own homes. And to do that we need more building.
Asked what indicators the Treasury looks to when assessing the possibility of a housing bubble:
"You would look at obviously headline house prices across the country – separating out central London house prices from that picture. You look at the sustainability of household debt and you look at housing starts.
"I have not seen any evidence to show that Help To Buy has inflated house prices."