Commenting on the Bank of England's stability report, Duncan Stott, director of the affordable house price campaign PricedOut, said:
"Mark Carney has today made it clear that that the Bank of England does not see it as their job to keep house prices under control. These light touch regulations mean we must look to the government to bring painfully high house prices back in line with what ordinary workers can afford.
"The prospects of a further 20% rise in house prices through to 2017, as predicted by the Bank of England, are deeply worrying. With wages rising at just 0.7% per year, we are calling on the government to actively target an end to house price inflation so that earnings have a chance to catch up.
"The housing market has far wider economic and social implications than the Bank of England's narrow focus on financial stability. While mortgage lending controls are a vital restraint on house prices, we also need the government get to grips with the dearth of housebuilding and the perverse incentives created by UK property taxes."
The ONS figures released today show that first-time buyers are paying nearly £200,000 for their first home. This is simply unaffordable for ordinary people, and will leave most younger adults with no choice but stay put in unsuitable rented accommodation or depend on their relatives for shelter.Read more
Most of the priced out generation are stuck in the poorly regulated private rental market. There will soon be 10 million of us dependent on private landlords for our home. So today the government has decided to publish a guide on "How To Rent" in England. In a hypothetical world where homes were abundant and the rental market was functioning properly, maybe his guide would be enough. But the reality is that the rental market across much of the nation is broken by a chronic shortage of homes and short-termism that leads to tenants looking for shelter out of desperation rather than out of carefully-planned choice.
Let's go through this guide and see how it fails to deal with reality:Read more
The Houses of Parliament are not inviting buildings. That is changing with the People’s Parliament. Formed with the goal of bringing tricky political issues back into the fold, all are welcomed to discuss the nature of the problems we face and what solutions might be acceptable.Read more
When George Osborne unveiled the misguided Help To Buy scheme to his fellow cabinet ministers, he reportedly told them, "hopefully we will get a little housing boom and everyone will be happy as property values go up", but what the Chancellor doesn't seem to realise is what the public really think about the prospect of house price rises.
An opinion poll by ComRes for ITV News spells out the true picture. A majority of the public think rising house prices are bad for the country as a whole, by a margin of 59% to 26%.
An overwhelming 88% of the public realise that rising house prices are bad for young people, with only a small majority of 48% to 36% think they are good for older Britons.
With the huge burden that rising house prices place on future generations, people also tend to think rising house prices are bad for their own family, by a 47% to 35% margin. On an individualistic level it is a tight race, with 42% saying house price increases are good new personally but 40% saying they're bad, a difference impossible to tell apart within the margin of error.
Instead of 'hoping for a housing boom', the government should respond to what the public want and bring an end to ever-rising house prices. We want the government to officially adopt a target of zero house price inflation. You can help us push for this by signing our petition.Read more