RICS reveals plan to kick-start property market
September 3, 2008 on 12:35 pm | In News |The government must take “decisive action” to deal with the current housing market downturn and put together a package of measures to kick start the market, the Royal Institute of Chartered Surveyors (Rics) has urged.
Sharon Flaherty, FTAdviser - Monday , September 01, 2008
As a result, Rics has come up with its own set of market reforms to help address the downturn and help people who want to own a home.
To increase mortgage availability, Rics has called on the government to incentivise the issuance of new mortgage backed securities and covered bonds by allowing investors who buy them to enter into a repurchase arrangement with the Bank of England.
It would use the same repurchase system as the Special Liquidity Scheme but would require MBS or bonds to be sold in a public issue before being eligible for repurchase. Rics believes that a significant proportion of this funding be specifically allocated to first-time buyers. Full Article
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The natural means for something to become affordable is for it’s price to reduce. The recent fall in house prices is a natural market correction as a consequence of supply, demand & affordability. Any gimmicks from number 11 to increase affordability will automatically be counteracted by the increase in prices it will bring about.
The only solution is to build more homes. However our planning policy is very restrictive with an emphasis on maintainingg greenbelt. Developers also have to sell 25%-30% of homes from each development at cost price to housing associations. The consequence of offloading to private developers the burden of building council housing means many potential development sites have become non viable.
The government needs to build more homes. They should also consider that the rise in population largely due to EEC borders dissolving, has contributed to the problem of too many people & too few homes.
Comment by Robin Pearce — 4/9/2008 #