One of the delightful eccentricities of rural Norfolk is the occasional road sign “slow you down”.  I suspect the Bank of England Governor, Mark Carney, may well have Norfolk origins since this is his maxim for our property market.

Using his influence with the Financial Conduct Authority, too, the Governor is ensuring the heat is turned down in the residential market through forcing lenders to scrutinize applicants’ income and expenditure.  As usual, some lenders have really gone to town asking how much you spend on haircuts, gym membership and pet food!

Of course, the flow of domestic mortgages is not the only fuel for the property booster; buy to let landlords across the country and foreign cash buyers in London will keep the momentum going albeit probably at a reduced rate.

What may not be so obvious are the knock-ons to the commercial market.  First, lenders have, for some time, been stress testing loans at up to 5% above today’s pay rates: so for example on investment property for every £1,000 per month of rent received one lender will advance £74,000 while another lends nearly twice as much.

Secondly many would-be entrepreneurs sell their houses to raise the capital to buy a business , pubs, restaurants, small shops , bed and breakfasts and the like being the usual targets.  The recent upturn in the housing market has seen increased sales of this type of business: if the housing market dips so will these sales and without the  enthusiasm and energy of new owners, some of these businesses will simply disappear.