Now that is the kind of commitment I like to see from a government. Obviously, Brown calculates that the housing bubble is a vote loser. I think he is right. The last seven years of escalating housing prices has left a large section of the electorate seething with anger. Moreover, it is the sort of commitment that will be long remembered. Therefore, the government is boxed in; it will have to deliver on this one.
Today's speech also removes one of the bulwarks of the housing bubble; a lack of housing supply. A further three million homes will put some serious long term downward pressure on house prices. Now, the short term overvaluation of houses is no longer sustainable in terms of some vague idea that supply won't adjust in the long run,
The buy-to-let crowd must have hated this announcement. Their selfish and unrealistic calculations of ever-inflating house prices must have taken a hard knock
Let the building begin. I wanna see cement, bricks, cranes, hardhats, and fat arsecracks peering over the waistbands of ill-fitting jeans. Build, build, build, and build again. Cover this country with homes.