slow this development down. measures affecting all mortgage borrowers are absent like the riksbank, finansinspektionen has drawn attention to households ’ high indebtedness and has taken measures to reduce the risks and increase resilience among households. this has also contributed towards slowing down price growth for housing, although this was not the primary purpose of the measures. 18 however, these macroprudential policy measures, such as a loan - to - value limit and amortisation requirements, are only aimed at new borrowers. consequently, they mainly affect the conditions for the people i refer to as outsiders and, to some extent, could make it more difficult for them to enter the housing market. 19 on the other hand, there are few measures affecting the stock of already existing loans, which means that the new rules affect insiders and outsiders differently. in a study, the riksbank has demonstrated that an amortisation requirement aimed at all borrowers could reduce household debt over the long run and that this would also mean a redistribution of resources from lenders to borrowers. 20 the debate often disregards this distributional effect, as macroprudential policy measures are often assumed to be negative for borrowers in the short term, something i will return to later. the macroprudential policy measures in place today patch up the problems that have arisen but very little has been done to manage the fundamental reasons for why the housing market functions poorly. in some areas, regulatory amendments have been made, for example regarding subletting, investment support and permissible noise pollution levels around newly built homes. essentially, however, no politicians have been willing to address the bigger issues, concerning the rent - setting system, property tax, tax deductions for interest payments and sales taxation of property, for example. the housing stock is not being utilised effectively let me now develop my reasoning a little over how the housing market and taxation system could be contributing to rising housing prices and increased indebtedness, and thus to increasing risks in the economy. for example, tax deductions for interest payments and low property taxes are contributing towards lower housing costs for homeowners, which is increasing the incentive for households to take on 16 swedish trade union confederation ( lo ) ( 2014 ). swedish union of tenants ( hyresgastforeningen ) ( 2013 ). 18 among other things, finansinspektionen has introduced a loan - to - value

5 per cent or 45, 000 kronor in stamp duty in conjunction with the purchase. to this, can often be added costs for mortgaging the house. this means that the total taxation for this example household to relocate corresponds to about 600, 000 kronor, which is a lot compared to the annual current taxation of only 8, 000 kronor. i certainly think it is reasonable to pay tax on the profit from the sale of a home, in the same way as it is reasonable to pay tax on the profit from an investment of capital. and this is something households need to consider in their calculations. but if the level of taxation is too high when a property is sold, it can affect households ’ willingness to relocate. the circumstance that some households are willing to put off the payment of capital gains tax until the future could be a sign that the ongoing level of taxation is too low in comparison to the level of taxation from a sale. all of this makes it important to make structural reforms in housing and tax policy. our politicians urgently need to address the problems that have arisen and take a long - term socio - economic view of the housing market. 0. 75 per cent of the tax value with a ceiling of 7, 812 kronor. 22 22 per cent. 7 the macroprudential policy measures have had the intended effect i support the measures taken by finansinspektionen to manage the risks inherent in household indebtedness. amortising mortgages is not unusual internationally. after all, a mortgage is a loan and should therefore be repaid. sweden has previously stood out in international comparisons concerning amortisation culture and the high proportion of interest - only loans. 23 it is therefore reasonable that finansinspektionen has introduced amortisation requirements. the amortisation requirements have, however, come in for some criticism. one of the arguments is that first - time buyers without high incomes and wealth are excluded from the market, which ultimately also affects new construction and the construction sector. naturally, it is correct that the macroprudential policy measures affect the borrowing potential of mortgage borrowers. but this is also part of the actual point of the measures. all other factors being equal, amortisation requirements must also have a restraining effect on the development of prices. as far as we can see, these requirements have more or less had the effect that could have been expected : credit expansion has slowed down a