BoE to take \\\'action\\\' on UK housing market

LONDON, May 3 (Reuters): The Bank of England's (BoE) starkest warning so far about Britain's booming house prices is likely to be followed by cautious measures, possibly as soon as next month, as policymakers test out their new powers.
Deputy Governor Jon Cunliffe told bankers late on Thursday that it would be "dangerous" to ignore the rapid rise in house prices, which are up nearly 11 per cent over the past year - the kind of increase last seen on the eve of the financial crisis.
Two other senior BoE officials expressed similar worries when quizzed on Wednesday by lawmakers.
The focus is squarely on the June 17 meeting of the central bank's Financial Policy Committee, which was set up to prevent a repeat of the kind of recklessness in the banking sector that helped push Britain into a damaging recession.
A year ago, the FPC gained sweeping but largely untried powers to curb excesses in the financial sector.