Commenting on the Bank of England's stability report, Duncan Stott, director of the affordable house price campaign PricedOut, said:
"Mark Carney has today made it clear that that the Bank of England does not see it as their job to keep house prices under control. These light touch regulations mean we must look to the government to bring painfully high house prices back in line with what ordinary workers can afford.
"The prospects of a further 20% rise in house prices through to 2017, as predicted by the Bank of England, are deeply worrying. With wages rising at just 0.7% per year, we are calling on the government to actively target an end to house price inflation so that earnings have a chance to catch up.
"The housing market has far wider economic and social implications than the Bank of England's narrow focus on financial stability. While mortgage lending controls are a vital restraint on house prices, we also need the government get to grips with the dearth of housebuilding and the perverse incentives created by UK property taxes."