And yet the solution is so simple to ensure another housing / financial bubble doesn't burst and burn everyone yet again.

Just legislate that no domestic mortgage can be sold without provisioning a,b,c,d,e;

a) a 10 or 20% minimum deposit on any domestic property.

b) a 3.5 times income maximum personal mortgage limit (12-24 months accounts provable from bank statements)

c) a 5% or pro rata (progressive) mortgage tax on every mortgage over $200,000 value for the construction for local authority rented social housing.

d) ensure that a healthy rented sector is available by modifying a, b and c favourably for mortgage to rent products (i.e no mortgage tax up to $500,000 properties)

e) A maximum APR on any contractual loan;

Personal APR Rate (credit card, hire purchase etc) - 5 times the base rate with limits on the maximum loan availability to 0.5 times personal annual income (a statutory check with other CC lenders etc would need to be done to ensure there are no multiples to the 0.5 times income loan limit).

Mortgage APR Rate - 1.5 times the base rate rate

(anything above these limits would be recognised as loan sharking subject to criminal prosecution)

f) A legally set national mimium wage rate set to 0.5 times the national average income with a flat income tax rate upto $250,000.

g) A National Health Service paid for by a progressive Pay As You Earn National Health Insurance tax. (health services are then focused on medical need not just the ability to pay)

h) A child benefit paid (upto the age of 16) to all mothers directly regardless of the mothers income.

i) Free healthy school meals for every child.