Professor Philip Lane:

Yes. People are under pressure because they fear the ongoing increase in house prices. On the other hand, as supply picks up and more and more houses are built, we will have downward pressure on house prices in the coming years. While there will be downward pressure on house prices in the coming years, it is not there right now. The reason we have mortgage rules is to avoid the risk of excessive debt being taken on at exactly the wrong time. Mortgages are often for 30 or 35 years and only those who are financially prepared can take on a mortgage at the moment. This is not, therefore, solving the problem of affordability.