Since the mortgage measures were initially flagged in late 2014, there has been a sharp moderation in expectations for annual gains in house prices, since it is widely understood that persistently-high rates of increase in house prices are not likely in a system in which measures place ceilings on LTI and LTV ratios.
Moreover, our macroprudential regulations can be tightened if there is emerging evidence of elevated risks in the mortgage market. Finally, it is important to appreciate that many factors influence the dynamics of house prices.