House prices have rocketed past their 2007 peak to stand at an average of £188,903 across the UK in June, a new all-time high, Nationwide has reported.
The Bank of England will be given greater powers to restrict mortgage loans in plans set out by Chancellor George Osborne to fix Britain's housing market.
Now is still the time to get a mortgage if you want to fix, it has been claimed, despite the Bank of England insisting the base rate is unlikely to rise any time soon.
House prices rose at their fastest rate for almost three years in June, as Government stimulus schemes improved confidence in the market and a property shortage fuelled rising prices.