The government should reconsider its Help to Buy housing scheme, according to business secretary Vince Cable, who spoke of a "raging housing boom' in London and South East England.
The Help to Buy scheme, the second phase of which was launched in October and allows first-time buyers to acquire a property using smaller deposits, should be reviewed by the government, Cable told the BBC's Andrew Marr Show.
"We certainly need to look at that [scheme] again," he said. "It was conceived in very different circumstances."
There have been concerns among stakeholders that the Help to Buy scheme has boosted house prices too quickly.
Cable warned of a danger of the Bank of England not raising interest rates, the danger being, he said: "[that] this boom that's taking place in house prices gets out of control and the only people who can afford to live in large parts of London are foreigners and bankers".
Cable also told the Andrew Marr Show the ratings agency Standard & Poor's, which gives the UK its top AAA credit rating, is "expressing worries" on the impact of Help to Buy.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created