MIRAS is Mortgage Interest Relief at Source which was abolished in 2000. This was a method through which mortgage owners were allowed relief from paying taxes. This as a result took the form of a direct subsidy offered by the government to the households seeking to buy a house through mortgage.
The monetary policy of a region has direct association with the interest rates, which when increased tend to decrease the prices of housing in the region by making borrowing in the market more expensive. Initially the monetary policy was handled by the government, however now the monetary policy determination has gone into the hands of the Bank of England.
Aside from the above mentioned policies, the government can also provide the direct subsidies to the construction companies to develop and build new houses in the region. This is an effort to increase the supply of houses and regulate the price of housing by bringing it down. Similarly the government can also provide subsidiaries to the households for improving their houses in terms in order to make way for better and efficient energy consumption. This subsidy also is focused at reducing the demand for houses in the market and therefore decreasing the prices for housing.
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