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Government may scale back Help to Buy
His comments come just days after the Bank of England governor Mark Carney gave his first public warning of the risks that the housing market poses to the UK’s economic recovery.
Cameron told Radio 4’s Today programme on Tuesday that the maximum value of a home that can be bought through the Help to Buy mortgage guarantee scheme could be reduced from its current limit of £600,000.
The prime minister also defended the scheme saying it was small and well-targeted. He said he agreed with everything Carney said about the dangers of an overheating housing market.
On Sunday Carney said in an interview that he could be closely monitoring the market and advise the government but that ultimately the bank couldn’t build homes.
Cameron hit back at Carney’s comments saying that the bank had "all the powers it needed" to prevent a housing bubble.
Carney said in his interview on Sunday: “With respect to Help to Buy, we will provide advice to the government, we will do so publicly if we provide it, we’ll provide advice to the government if we think there should be changes to that.
“The ultimate decision will be the decision of the government. I would emphasise though that we do talk to the Treasury, I do talk to the chancellor.”
House prices have been soaring in recent months, primarily in London and the south-east, but other parts of the UK are not catching up. The pace of growth outside London is not however the same as in the capital where average annual house prices have risen as much as 18 percent.
The primary drivers in house prices rises are a lack of supply over demand, growing confidence among consumers thanks to a recovering economy.
In his March Budget speech chancellor George Osborne praised the success of Help to Buy for kick starting a lagging housing market and helping individuals who could afford a mortgage but not a large deposit to buy their own home.
Osborne also announced an extension of the scheme, which offers government-backed loans of up to 20 percent for buyers of newly built homes, until 2020.
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