Bank boss: London 'housing bubble' a cause for concern

The gap between house prices in London and the rest of the UK, according to Nationwide figures.
The gap between house prices in London and the rest of the UK, according to Nationwide figures.

A "significant housing bubble" in London is a cause for concern, a British bank boss has warned.

In a wide-ranging interview with ITV News' Business Editor Joel Hills, Aldermore CEO Phillip Monks adds, however, that there's not a lot that can be done about spiralling prices in the capital.

"You can go to the ports and close the borders but I don't think that's going to help," he said.

"I don't think it is possible to dampen housing demand in London without wrecking the rest of the UK housing market."

Read: Bank boss says big players have 'stranglehold' on the current accounts market

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Record level gap between house prices in London & rest of UK

London house prices have leapt by 18.2% annually, widening the gap between property values in the capital and those in the rest of the UK to the largest levels on record, building society Nationwide has reported.