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The rise in property prices is in fact a rise in the land element of the price, since the cost of building materials, and builders' wages, has risen hardly at all. An annual tax on the rental value of land would exert a restraining influence on property values and give some control over this key determinant of economic stability. Such a tax would also cut the ground from under excessive and imprudent bank lending and remove much of the speculation in land. With LVT introduced to reduce taxes on enterprise and labour, an overall tax increase is not required.