Also, there has been a noticeable decline in investor credit growth and an easing in owneroccupier credit growth. The cycles in the growth of overall housing prices and investor credit have moved together quite closely over the past few years (Graph 1).
1 / 16  BIS central bankers' speeches  Underpinning these changes, there have been shifts in the demand for, and supply of housing, as well as in the demand for, and supply of, housing credit.