The Treasury Select Committee has asked the Bank of England to clarify its Help to Buy role as property prices rise.
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The Council of Mortgage Lenders has warned the government’s Help to Buy scheme could become another US mortgage crisis.
Latest data from the Land Registry shows property prices are rising in all regions in England by a 3.4% average.
Figures from the Council of Mortgage Lenders (CML) show that mortgage loans were up 17% on the previous three months.
UK house prices have risen to their highest levels according to the Office of National Statistics (ONS).
There has been an increase in demand for homes with more loans especially from first time buyers in August.
The second phase of the Help to Buy scheme launched by the government is likely to see mortgage costs at 5%.
According to the UK’s largest lender the Halifax annual growth is at 6% after eight months of rising property prices.
The CEBR expects house prices to rise as Bank of England reveals mortgage approvals are higher.
The Bank of England has confirmed the number of mortgages approved is at the highest level for the past five-and-a-half years.