What progress has been made on creating a more sustainable housing market since JRF published its Housing Market Taskforce report?
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.
Some of the recommendations are:
- Conduct a revaluation of property for Council Tax purposes with a view to gradually transforming it into a national land and property value tax.
- Ensure the Financial Policy Committee has the power to introduce mortgage credit controls.
- Monitor the Financial Services Authority’s new mortgage rules to ensure they do not unnecessarily exclude low-risk borrowers from the housing market.
- 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.