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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/call-for-housing-market-stability.jpg"><img class="alignnone size-full" title="Grant Shapps called for stability in the UK housing market" src="http://londonglossy.com/wp-content/uploads/2011/01/min-call-for-housing-market-stability.jpg" alt="Grant Shapps called for stability in the UK housing market"/></a></p>
<p>Home ownership should no longer be seen as a long-term financial investment, Housing Minister Grant Shapps has declared.</p>
<p>Calling for a new era of stability, he said it was &#8220;horrendous&#8221; that house price growth had so outstripped earnings since the 1990s.</p>
<p>In an interview with The Observer, he suggested the Government could help to limit further price rises by encouraging the building of more homes.</p>
<p>He also apparently spoke of a &#8220;rational&#8221; market in which house prices fell in real terms, by increasing by less than earnings.</p>
<p>His comments will please would-be home owners who have been priced out of the market by the recent decade-long boom but may alarm people who have already invested in property.</p>
<p>&#8220;This government absolutely supports peoples&#8217; aspiration to own a home,&#8221; he said. &#8220;But we also believe that (property) should be primarily thought of as a place to be your home.&#8221;</p>
<p>Mr Shapps, a Tory minister, described the enormous rise in prices between 1997 and 2007 as a &#8220;crazy period&#8221; which had left many younger people struggling to buy a home.</p>
<p>&#8220;I think it is horrendous that a first-time buyer would need to be 36 on average if they do not have the support of mum and dad,&#8221; he said. &#8220;The main thing everyone requires for their subsistence is a roof over their head and when that basic human need becomes too expensive for average citizens to afford, something is out of kilter. I think the answer is house-price stability.&#8221;</p>
<p>Liberal Democrat peer Lord Oakeshott said high house prices were a &#8220;curse for the young&#8221; and called for greater acceptance of renting.</p>
<p>&#8220;We must end our unhealthy British obsession with owner occupation for all,&#8221; he said. &#8220;We should make long-term renting, both fully commercial and in the social-housing sector, a flexible and accessible option as in Germany and Switzerland.&#8221;</p>
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