http://www.economist.com/news/britain/21600728-property-prices-are-rising-swiftly-bank-england-may-intervene-cool-it
Since the financial crisis, Great Britain has been recovering well. Housing prices are on the rise, especially in London. However, since last year prices have risen 6.8% and up to 13.% in London. This is nothing surprising since the demand for new housing has risen due extremely low interest rates and mortgages up to 5.5x income are available. Seeing the potential for another bubble and collapse, England's Financial Policy Committee is considering making borrowers meet more strict qualifications. One way to do this is to make banks ensure that applicants have enough to cope if the Bank of England raises interest rates as expected. Hopefully, they committee makes smart decisions so that England doesn't have another crisis in a few years.
Hopefully, they cool down the market in order to not let this quick growth come back to hurt them. While the growth is good, it can quickly turn around and come back to bite them. By increasing the interest rate, the England Financial Policy Committee can create a stronger, more stable, economy. Right now, it is in a fragile position, but by making borrowing a little more difficult and increasing interest rates, the economy should balance out well.
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