The house-price spiral is reaching alarming proportions. A further indication of just how far the cost of putting a decent roof over your head has risen is emphasised in new figures released by the Halifax which show that the average price of a house in ten market towns surveyed (including Skipton and Silsden in this area) has more than doubled since 1995. In fact the increase in Skipton has been of 147 per cent, to £127,807.

Although the figures for the rest of the Bradford district are not included in this survey, any scan through our weekly Homes and Homes Plus sections will show prices galloping ahead right across the board assisted by the "ripple effect" from booming Leeds, a city which is becoming beyond the means of many home buyers.

While that might seem excellent news for those who bought their homes in Bradford some years ago, it must be deeply depressing for people now trying to get on the housing ladder. And the chosen method for damping down the demand which is fuelling this boom, namely higher interest rates, only turns the screw for the increasing number of people who have committed themselves to the hilt to buy a home.

As uncertainty grows over just how long this boom can continue, it is hardly surprising that a growing number are playing safe by choosing to rent rather than buy.

The Bank of England needs to exercise caution and apply the brake with the lightest of touches to allow the market to stabilise rather than precipitating a sudden drop in the value of what for most people is their biggest investment.