02004cas a2200241 a 4500 AALejournalIMF014605 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498304337 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. United Kingdom : Selected Issues. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (66 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Selected Issues paper focuses on the housing and business cycles in the United Kingdom. The UK housing cycle is highly volatile as a result of tight housing supply constraints and fluctuations in credit conditions. Housing supply-side constraints can be alleviated through changes to the planning system and tax reforms. The new National Planning Policy Framework introduced by the government is creating the incentives for local councils to increase available land for construction. There are early signs that this change in the planning system is contributing to the recovery in housing construction. Targeted macroprudential policies could address financial stability risks stemming from the housing market. Although mortgage credit as a share of gross domestic product has been declining in the current housing recovery, there are signs that there is a build-up of financial risks: loan-to-income ratios are increasing in London and among first time buyers. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/234 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/234/002.2014.issue-234-en.xml IMF e-Library