Bank of England's Carney and Dale defend first part of Help to Buy

Bank of England governor has said he is watching the Help to Buy scheme and the housing market closely. He said it's important to see the recent developments in context - with mortgage applications still below the long term average for example.

The MPC’s Spencer Dale, executive director and chief economist at the bank, said it seems the shared equity part of the scheme is working – and not fuelling a housing boom.

There could be some controversy over Carney and Dale's defence of the scheme.

Carney and Dale didn’t make a comment on the second part of the scheme – the mortgage guarantee part – other than that details are not yet known.