{
  "title": "United Kingdom: Selected Issues",
  "publication": "IMF Staff Country Reports, July 28, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-kingdom-selected-issues-41795",
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  "summary": "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.",
  "publishDate": "2014-07-28",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Housing cycle volatility and drivers",
      "content": "- The UK housing cycle is described as \"highly volatile\" due to tight housing supply constraints and fluctuations in credit conditions.\n- Housing supply-side constraints can be alleviated through changes to the planning system and tax reforms.\n- The new National Planning Policy Framework introduced by the government is creating the incentives for local councils to increase available land for construction.\n- There are early signs that this change in the planning system is contributing to the recovery in housing construction."
    },
    {
      "heading": "Financial stability and macroprudential concerns",
      "content": "- Targeted macroprudential policies could address financial stability risks stemming from the housing market.\n- 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:\n  - loan-to-income ratios are increasing in London and among first time buyers."
    },
    {
      "heading": "Scope and focus",
      "content": "- The Selected Issues paper focuses on the housing and business cycles in the United Kingdom.\n- Subjects covered include: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, Macroprudential policy, Mortgages, National accounts, Prices, Private investment.\n\nSource: International Monetary Fund. \"United Kingdom: Selected Issues\" (July 28, 2014).\n\n---\n\n Content in this bundle\n\n- United Kingdom: Selected Issues, IMF Country Report No. 14/234, July 8, 2014\n  - United Kingdom: Selected Issues, IMF Country Report No. 14/234, July 8, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - United Kingdom: Selected Issues, IMF Country Report No. 14/234, July 8, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-kingdom-selected-issues-41795"
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    "Published: July 28, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498304337.002",
    "The UK housing cycle is described as \"highly volatile\" due to 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:",
    "The Selected Issues paper focuses on the housing and business cycles in the United Kingdom.",
    "Subjects covered include: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, Macroprudential policy, Mortgages, National accounts, Prices, Private investment.",
    "**United Kingdom: Selected Issues, IMF Country Report No. 14/234, July 8, 2014**"
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