BoE warning knocks sterling to $1.50 for first time since April

* BoE (Shenzhen: 000725.SZ - news) 's Vlieghe sees huge tightening from exchange rate

* Data suggests housing market accelerating again

* Eyes on Thursday ECB meet when more stimulus expected

By Jemima Kelly

LONDON, Nov 30 (Reuters) - Sterling fell against a broadly stronger dollar on Monday, hitting $1.50 for the first time in seven months, after a Bank of England policymaker warned about the impact of a strong pound on inflation.

Gertjan Vlieghe, the newest member of the BoE's monetary policy committee (MPC (KOSDAQ: 050540.KQ - news) ), said in a newspaper interview over the weekend the tightening effect of a strong pound was "huge" and that he wanted to see growth stabilise or pick up before interest rates started to rise.

Although sterling is trading at a seven-month low against the dollar, down 0.2 percent on Monday, on a trade-weighted basis it is close to eight-year highs.

That is mostly because the currency of Britain's biggest trading partner, the euro, has been driven sharply lower by a huge stimulus programme from the European Central Bank. It (Other OTC: ITGL - news) meets on Thursday and is expected to ease policy further, which is likely to drive the single currency down lower still.

On Monday sterling was flat against the euro at 70.485 pence , but that was less than a cent away from an eight-year high of 69.35 pence hit earlier this year.

Bank of Tokyo-Mitsubishi UFJ currency economist Lee Hardman said sterling on Monday was mostly being driven by a move higher in the dollar in the run-up to Thursday's ECB meeting, and that the $1.50 level was a key support for sterling.

"The Bank of England have placed greater emphasis on the impact of a stronger pound as a dampener on the inflation outlook (than the Fed) and that's allowing them to be more gradual in terms of tightening policy," Hardman said.

Data released on Monday from Britain's housing sector showed the value of mortgage lending rose by 3.629 billion pounds in October, marking the biggest increase since April (LSE: 0N69.L - news) 2008 and outstripping forecasts for a 3.45 billion pound rise.

The figures suggest Britain's housing market is starting to accelerate again after a dip last year when tighter rules on mortgage lending took effect.

The Bank of England has signalled that it may move as soon as Tuesday to introduce new, higher capital requirements for banks after a two-year recovery in Britain's economy, but the changes are unlikely to have a big, immediate impact on lending.

"Beware any measures from the FPC (Financial Policy Committee) to cool credit growth using 'macro prudential' measures," wrote Societe Generale (Swiss: 519928.SW - news) macro strategist Kit Juckes. "Anything that reduces the need for MPC rate hikes reinforces a bearish sterling bias." (Editing by Alison Williams)