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Former Chancellor Lamont warns on buy-to-let bubble

Former Chancellor Lamont warns on buy-to-let bubble

Former Tory Chancellor Lord Lamont has warned that the current buy-to-let boom could end in tears once interest rates rise.

He said that the rapid boom in the market should not be a cause for unqualified celebration.

Buy-to-let lending to landlords hit £5bn in the past three months, but Lamont said he is concerned that the buy-to-let market had rebounded so quickly.

He warned that George Osborne should closely monitor developments.

Lamont, who was Chancellor under John Major, said: “The Bank and the Government need to keep a careful eye on the buy-to-let market. This is expanding very rapidly at the moment and it was an over-rapid expansion of it before that caused the demise of Bradford & Bingley.”

Lamont believes the Government and Bank of England risk creating a new property bubble.