Tackling Housing Market Volatility in the UK: a Progress Report

Mark Stephens, Peter Williams

    Research output: Book/ReportCommissioned report

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    Abstract

    Volatility has plagued the UK housing market for four decades. The
    JRF Housing Market Taskforce identified ways to create a more
    sustainable housing market. This paper presents a progress report,
    and highlights key priorities for the Government.
    Key points
    The Government should:
    • Conduct a revaluation of property for Council Tax purposes with a view to gradually transforming it into a national land and property value tax, following full modelling to identify difficulties and to inform its design.
    • Ensure the Financial Policy Committee has the power to introduce mortgage credit controls, and that the housing market as a whole is monitored as a threat to wider economic stability.
    • Monitor the FSA’s new mortgage rules to ensure they do not unnecessarily exclude low risk borrowers from the housing market, collecting the necessary data to do this and formally reviewing the rules after three years.
    • Introduce a more effective safety net for home-owners that shares responsibility fairly between home-owners, lenders and government.
    • Switch the emphasis of housing subsidies away from a reliance on Housing Benefit towards housing supply, as part of a new model for financing new affordable housing.
    Original languageEnglish
    Place of PublicationYork
    PublisherJoseph Rowntree Foundation
    Commissioning bodyJoseph Rowntree Foundation
    Number of pages16
    ISBN (Print)9781859359396
    Publication statusPublished - 2012

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