Volatility has affected the UK housing market for four decades. The JRF Housing Market Taskforce identified ways to create a more sustainable housing market. This paper presents progress and highlights key priorities for the Government.
Some of the recommendations are:
- Conduct a revaluation of property for Council Tax, to gradually transform 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 so they do not 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 housing subsidies away from a reliance on Housing Benefit towards housing supply, as part of a new model for financing new affordable housing.