The government has the right to pass legislation to regulate the housing market. This legislation takes the form of giving the local authority rights to buy housing and property at discounted prices according to the 19810 Housing Act. The 1983 Housing Act enables the commercial banks to enter the mortgage market for houses and the 1986 Building Societies Act is usually employed to deregulate mortgage finance.
The government can also offer the home buy scheme according to which the authorities on the waiting list a well as the registered social landlords are able to buy property in the free market. Through a loan provision free of interest for 25 percent of the equity of the house is provided. The rest of the 75 percent is funded by the buyer through mortgage or savings. This results in increasing the ability to buy housing therefore increasing demand and priers of the houses.
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