Re: Good budget I thought
What he could have done (and should have years ago) is rip planning regulation to shreds providing lots of cheap land for large and efficient builds (instead of having to build shitty expensive hovels 2 or 3 at a time in tiny brown field sites). That would have bottomed out the property market quickly
I agree with a lot of what you said about the "too late and too wrong". Every budget has something to try and assist the first time buyer, rarely do they work. I'm hopeful this time, because I want to be a first time buyer some time soon - drives me crazy paying more in rent than I would on a mortgage, just because I can't get the mortgage in the first place.
'Solving' the housing crisis is extremely hard. If you make building new houses much cheaper, by ripping up planning as you suggest, then the value of houses would drop massively. This would push a huge section of homeowners into negative equity, and would probably worsen the recession.
The other aspect is that building houses needs to be profitable for the house builders in order for more houses to be built. If you suddenly slash the value of land, any property developer sitting on land takes a huge haircut, and now can't afford to build houses.
What I would like to see is more house building ordered by councils, in conjunction with house builders. They should be allowed to acquire land and bypass some planning regs in order to build more affordable housing that is available to rent for social tenants. They should use the housing as an incentive for the social tenants to keep in work, being good citizens etc, by offsetting rent paid against purchasing the house, eventually leading to home ownership.
This would hopefully not overly affect house prices, but then I'm neither an economist nor a politician, so wtf do I know :)