Housing

The UK has had a housing crisis for decades fuelled by investors and corporations driving prices up, as well as chronic undersupply and credit inflation.

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Demand and ownership reforms:

• One home per citizen or permanent resident ownership cap. No other legal entities except people and the government may own homes. This includes no corporations, trusts, or overseas buyers. Properties will have sell off deadlines depending on the legal status of the holder, with additional taxes and fines to make it costly to hoard homes.

• End Right to Buy to stop the transfer of taxpayer funded council housing being sold at a discount.

• During the transition period and after, cap rental prices to 10% of median wages in the area to keep rentals (social housing as private rentals would be essentially phased out) affordable for the future and encourage private landlords to sell.

• Local authorities cannot bid more than 3x single median income of the local area (local area defined down to the ward level) when purchasing homes.

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Supply reforms:

• Streamlining planning permission by giving full discretion to planning officers and integrating more automatic approvals/pre-approved designs for efficiency (such as commercial to residential conversions and pre-fabricated builds), subject to safety regulations and environmental zoning only.

• Mortgages can be used to finance new supply (purchase approved pre-fabricated housing for delivery).

• Expand social housing through directly commissioning more building, converting government offices to flats, or acquiring houses that investors and corporate bodies are selling.

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Credit reforms:

• Restriction of mortgages to 3x single income to end credit inflation.

• 0% interest 0% deposit mortgages subject to one year of stable full time income.

• A full reserve banking system shifting credit creation to be public rather than private and keeping private credit allocation. As the Bank of England has more discretion over credit creation, they can choose to offer mortgage credit interest free, and banks can receive a one time 1% product fee as an incentive for arranging mortgages as well as a £25 per month servicing charge.

• Automatic 0% refinancing for all primary residence mortgage holders or a 1% product fee to refinance instantly.

• No Early Repayment Charge.