Speaking to The Mail on Sunday Spencer Dale, the bank’s executive director for financial stability strategy and risk, said house prices will be “determined by the underlying conditions of the market.
He said: “It is not our job to control house prices, nor can we control prices.”
Dale’s comments come after the BoE announced that from October, lenders must ensure that no more than 15% of new mortgages are to be given to people borrowing more than 4.5 times their income.
He said people should consider the measures taken by the bank “as insurance for the country's housing market.
Dale added: “When people come to judge the success of this policy in, say, two years' time, do not judge us on what has happened to house prices, judge on whether we have controlled the levels of household indebtedness.”
