Chartered surveyors have called for a cap on house price rises to, as they put it, "take the froth out" of the housing boom.
They want the Bank of England to use its powers to limit the amount people can borrow relative to their income.
ITV News Economics Editor Richard Edgar looks at whether such a scheme could work.
A new warning has been issued saying that house prices are growing so fast in some areas, it could lead to a property bubble. The Royal Institution of Chartered Surveyors wants the Bank of England to cap house price rises at five per cent year.
It says the current rate nationally far exceeds that.
ITV News Consumer Editor Chris Choi reports:
According to the Office of National Statistics, in the year to June 2013, house prices increased across the UK as follows:
- Nationally, the increase across the country was 3.1%
- Prices in London increased faster than the UK average at 8.1%
- Prices were up 3.1% in the West Midlands
- In Wales, prices were up 4.3%
- The South East saw increases of 2.9%
- There were falls of 0.9% in Scotland and 0.4% in Northern Ireland
Capping house prices to prevent a further bubble from overheating the economy would be "very difficult to monitor and implement", a property expert told Daybreak.
Louisa Fletcher said she could not imagine "all the chartered surveyors in the country" working out the value of each property in the country and if it was valued correctly.
The Royal Institution of Chartered Surveyors (Rics) is calling for the Bank of England to step in to prevent a possible housing bubble. Rics senior economist Joshua Miller, who compiled the research in the report out today said:
Financial expert Ros Altman said stricter mortgage lending and more incentives for house-building to increase the supply of homes would help reduce the upward pressure on house prices.
Asking prices in London are up by 10% year-on-year, according to property search website Rightmove.