Stop boom and bust, say Rowntree
THE housing market needs urgent reform in order to avoid the boom and bust cycles that have plagued it for the last 40 years, according to the Joseph Rowntree Foundation.
Its new report, Housing Market Taskforce, calls for housing supply to be boosted, in order to limit volatility; caps to be placed on mortgage lending; reforms to stamp duty; council tax to be replaced by a national property tax; and developing other alternatives to home ownership.
It also suggests a further clampdown on lending and a restriction of maximum loan to value ratios.
The report also says the private rented sector doesn’t offer security for families.