If we want to help buyers, it would make more sense to remove Miras altogether on the majority of purchases, thereby stabilising house prices at a realistic level. The money saved would more than pay for a mortgage benefit scheme, at an estimated cost of pounds 800m, which would operate like income support to help low earners pay their mortgage.
It is also worth noting that Germany has both the most stable economy in Europe and the lowest proportion of home owners. We need to concentrate on finding ways of developing a more balanced housing system that creates a bridge between owning and renting and prioritises the need for more affordable homes.
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