Action must be taken to stop the "housing boom" in parts of the UK getting "out of control", according to Business Secretary Vince Cable.
He said he was "appalled" that some banks had been lending five times a mortgage applicant's income, suggesting a "stable level" was up to 3.5 times.
The desires of potential homeowners should be balanced against the stability of the economy, he added.
His comments come ahead of a major speech from the chancellor.
George Osborne, in his Mansion House speech, is expected to say how the Bank of England could tackle any financial instability caused by house price rises.
Price expectationsVarious surveys have suggested that house prices have been rising in most parts of the country, but particularly in London.
The latest figures from the Office for National Statistics (ONS) found prices rising at an annual rate of 17% in the city.
Mr Cable told the BBC: "In the short-run, the immediate problem is to stop this boom getting out of control."
However, last week the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate".
And the Royal Institution of Chartered Surveyors (Rics) said that the momentum was starting to slow in the housing market, as "a lack of supply, higher prices, and more prudent lending measures" was making buyers and sellers more cautious.
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