Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking, if any, to mitigate any decrease in property prices.

Recognising that this is a concerning time for mortgage borrowers, the Chancellor worked with mortgage lenders, UK Finance and the Financial Conduct Authority to agree a new Mortgage Charter to support borrowers struggling with mortgage payments. The Charter sets out the standards signatory lenders will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period. The Government has also taken measures aimed at helping people to avoid repossession.

House prices are fundamentally driven by the balance of supply and demand in the market for housing.