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House prices in London an exception claims Treasury Secretary

Treasury Secretary Danny Alexander claims London's housing prices are the exception as he hit back at Vince Cable over claims the Government is in danger of stoking a new housing market bubble. Mr Alexander ruled out calls for a rethink of the second stage Government's Help to Buy scheme.

Mr Cable has warned that providing Government guarantees for low deposit mortgages risked stoking property prices - creating a dangerous new asset bubble.

However Mr Alexander said the concerns of the Business Secretary - who represents Twickenham would simply not be largely recognised.

"We are a million miles away form a housing bubble in this country," he said.

"Of course in central London, in Kensington and Chelsea, you see very high house prices but I don't think we should allow the tail of central London to wag the dog of this policy.