Challenges of the Housing Economy: An International Perspective

Front Cover
Colin Jones, Michael White, Neil Dunse
John Wiley & Sons, Mar 5, 2012 - Law - 336 pages
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This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices.

Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers.

At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing.

This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies.

 

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Contents

Origins and impact of credit crunch
11
US Housing Policy in the Era of Boom and Bust
25
Conclusion
44
Housing wealth and consumption
74
The Changing Nature of Household Demand
90
Income growth hypothesis
96
Conclusions
105
Future projections of homeownership sustainability
119
The UK Housing Market Cycle and the Role
195
Evolution of the planning framework in the UK
205
The planning policy consequences of
212
Outcomes
226
Conclusions
233
Background to the current Scottish affordability
239
Assessing the emerging models
245
Concluding discussion
252

Conclusions
126
Changing structure of owner occupation
133
Financial stability of owneroccupied households
140
Conclusions
151
The impact of the financial crisis on the German
164
A Perspective from the Spanish Housing Market
170
Estimation of the supply elasticity of new houses
179
Details of statistical analysis
186
The Private Rented Sector As a Source
255
Potential policy developments
265
Potential attraction of large investors
272
Summary and conclusions
278
Commonalities and challenges
284
The future
290
Index
312
Copyright

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About the author (2012)

Colin Jones is Professor of Estate Management, School of the Built Environment, Heriot-Watt University

Neil Dunse is a Reader in Urban Studies, School of the Built Environment, Heriot-Watt University

Michael White is Professor of Real Estate Economics at Nottingham Trent University

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