Create a 12 pages page paper that discusses housing finance policies. Towards this direction Garino et al. (2004, 777) have supported the widely held view among academics and practitioners that the time-series behavior of house prices of several major industrialized countries may have been characterized by explosive bubbles, which are not present in the underlying fundamentals and which, therefore, may drive an explosive wedge between house prices and their fundamental determinants. Specifically for the UK, the above researchers referred to the studies made regarding the two booms experienced by house prices in the early 1970s and late 1980s, providing some tentative evidence in support of the view that speculation on expected future house prices might have been an important force driving actual house prices (Garino et al., 2004, 777). Another issue that has to be taken into account is the fact that Britain is a country with an extended coastline, an advantage that has been noticed by several professionals in the housing industry who have managed to upgrade the value of the areas near the coastline by changing the views of people regarding the quality of life in the specific areas. Bateman et al. (1998, 269) also noticed that one of Britains principal geographical features is its extensive coastline (12429 km) created by a multitude of land and ocean processes, subjected to anthropogenic influences and characterized by a variety of formations and coastal environments. coastal areas are increasingly valued by society, both directly and indirectly, and undoubtedly provide an essential overall service to humankind. The reason for the reference to the specific area (coastline) of British territory is that the increase of the areas value is noticeable and the local authorities (also the national ones) should take this fact into account when designing any housing policy. From a different point of view, Barrell et al. (2003) studied the housing policies designed and applied throughout the years in the UK using as the main criterion of evaluating their relevance with consumption behavior in the UK. The above researchers notice that the housing market, which has been .particularly cyclically volatile in the past 30 years, has contributed to cycles in consumption through its impact on housing wealth. Increased house prices increase the value of assets held, and impact on consumption, making the economy more cyclical. .