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Today's quotes from the bank on Sky ("We could limit amounts of certain types of mortgages that banks could undertake, we could provide advice. The chancellor has asked us if we would provide advice on changing the terms of Help to Buy.") and the government on the BBC ("I think if he says that we need to pare back on some of the government schemes like Help to Buy, then I think we should do so.") suggest conscious signalling that some kind of intervention is afoot . If scaling back support for the market is announced, I see two things as inevitable: (1) rapid retreat by the smart money as the market is spooked that this is just the start of it and (2) a MIRAS-style last hurrah as the not-so-smart money rushes to borrow to the hilt before the restrictions come in. Suddenly demand falls off a cliff and we know what comes after that. What's the alternative that I can't see, that following meteoric rises engineers a miraculous soft landing with, happily ever after, house prices ambling along in step with wages? Wouldn't the people in charge better serve their own interests by sitting back, letting the bubble become even bigger before bursting and then blaming everyone else?