BUILDING societies have the means to take the heat out of the housing market without resorting to calls for higher interest rates, according to a Worcester-shire law firm.

Chris Bovey, head of residential conveyancing at Morton Fisher Solicitors, said in order to "cool down" house prices, building societies should take a closer look at their lending criteria.

"Lending people up to four times, in some cases five times, their annual salary is in itself fuelling the housing market as it means people can pay more for the house they want," said Mr Bovey, a partner at the firm's Bromsgrove office.

"In order to take the heat out of the housing market, all they need to do is revert to lending criteria such as three and a half times annual salary, as they have done in the past."

He said "anecdotal evidence" was emerging that showed building society valuers were also taking a harder look at property valuations - in some cases dashing couples' dreams of buying the house they want.

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"The seller may want £150,000 and the buyer, working on four or five times salary, may be willing to pay £150,000, but if the building society valuer says the property is only worth £135,000 or £140,000, then the would-be purchaser won't get a mortgage.

"People looking to purchase need to consult a truly independent mortgage broker to get the best possible advice, as all the building societies have different lending criteria. Some use in-house valuers who tend to be more pessimistic on prices than external valuers."

Morton Fisher Solicitors has three financial services offices in Bromsgrove, Kidderminster and Bewdley, as well as offices in Worcester and Stourport.