house prices and housing policies

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house prices and housing policies

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The housing market is failing people on lower wages Steps should be taken to restore affordability to this market.
1. Builders have failed to build enough small houses. Affordable housing should be defined as 4 times the median wage. Builders seeking to build > 5 houses should be made to build 4 small homes for each larger one.
2. Land prices have soared A tax should be placed on land sales, so that over a certain price 15% should be used, rising 15% annually to 90%..
3. Tax anomalies make it less viable to build on brownfield sites. This position must be reversed..
4. Average earnings are declining. Buy to let mortgages attract a higher interest rate. a) mortgage interest rates for such properties should be no higher than others b) social housing rents should link to the median wage
5. Right to buy should be stopped until there is enough housing for most people to afford. Local authorities should retake the lead role in building smaller houses.

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