The credit crunch and crashing house prices have put a stop to delusional thinking (except vendors and estate agents). Now many people are emerging with their ideas on how to stop the next housing bubble.

The first of the "new thinkers" is Polly Toynbee. Well respected by the Labour and Tory party even, she is now suggesting that we need to be weaned off  the house price drug.

In her article (http://www.guardian.co.uk/commentisfree/2009/feb/24/house-prices-taxes) she says:

"Now is the time to tell people that house prices will not be allowed to go mad again. Announce a tax to be imposed on future gains (not retrospectively). "

She doesn't recall Brown's promise from 1997 on our front page (http://www.bbc.co.uk/politics97/budget97/live/housing.shtml).

Another person to raise new ideas is the outgoing deputy at the Bank of England, John Geive. In this article http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4700256/Mortgage-deals-should-be-capped-says-Sir-John-Gieve.html he indicates that the authorities must consider imposing more direct controls on the amount banks can lend to their customers. This might include caps on the loan-to-income and loan-to-value ratios - the key metrics banks use to work out whether to lend to prospective buyers.
 
He said: "In theory, a ceiling on these ratios could have provided an effective brake on the excesses of the last boom.

Great ideas, bit will anything be done? If you get the chance, try writing to your MP, or the media telling them your views. Little changes without some pressure from the public, especially old vote winning tactics.