was outlining his country’s experience in imposing mortgage-lending rules on the banking sector there in the late 1980s.
“The main benefit that we’ve found from imposing loan-to-value restrictions on the flow of new mortgages is the way that it has helped over time strengthen the quality of the asset book in the banking system,” he said. “The measures have strengthened the resilience of our financial system to withstand a shock,” he said.
Many view interest rates as the chief driver of property prices globally. A significant Bank of England study from 2019 suggests the surge in house prices in the UK – they’ve quadrupled since the 1980s – has been driven not by a lack of supply but by low interest rates.
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