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Challenges of the Housing Economy

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Challenges of the Housing Economy

An International Perspective
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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...
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...
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Description-
  • 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.

    The EPUB format of this title may not be compatible for use on all handheld devices.

About the Author-
  • The Editors:
    Colin Jones is Professor of Estate Management, School of the Built Environment, Heriot-Watt University
Table of Contents-
  • Contributors xiii

    Glossary xvii

    1 Introduction: The Housing Economy and the Credit Crunch 1
    Colin Jones

    The Irish example 2

    International historical housing market context 3

    Dynamics of the housing market 6

    Housing market and the economy 9

    Origins and impact of credit crunch 11

    Objectives and structure of the book 18

    Summary 23

    2 US Housing Policy in the Era of Boom and Bust 25
    Harry W Richardson, Gordon F Mulligan and John L Carruthers

    House prices from 1995 to present 27

    Housing reforms for the future 35

    Conclusion 44

    3 Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas 47
    Craig A Depken II, Harris Hollans and Steve Swidler

    Data and definition of property flipping 48

    Anatomy of boom bust market dynamics 50

    Foreclosure activity after the bubble burst 51

    Concluding thoughts 55

    4 Unemployment Risk, Homeownership and Housing Wealth: Lessons from Bubble Aftermath in Japan 58
    Yoko Moriizumi and Michio Naoi

    Housing bubble and burst in Japan 60

    Unemployment risk and homeownership 68

    Housing wealth and consumption 74

    Conclusion 81

    Appendices: Details of statistical analysis 83

    5 The Changing Nature of Household Demand and Housing Market Trends in China 90
    Edward C Y Yiu and Sherry Y S Xu

    Introduction to the housing market 91

    Population growth hypothesis 94

    Income growth hypothesis 96

    Monetary policy hypothesis 100

    Conclusions 105

    6 Structural Sustainability of Homeownership in Australia 108
    Judith Yates

    Australia’s housing system 110

    Future projections of homeownership sustainability 119

    Conclusions 126

    7 Impacts on Wealth and Debt of Changes in the Danish Financial Framework Over a Housing Cycle 128
    Jens Lunde

    Dynamics of recent Danish housing market cycles 130

    Changing structure of owner occupation 133

    Changing mortgage finance and indebtedness 135

    Financial stability of owner-occupied households 140

    Conclusions 151

    8 Market Stability, Housing Finance and Homeownership in Germany 153
    Peter Westerheide

    Characteristics of the German housing market 154

    German housing price trends: an international comparison 158

    Housing demand and housing investment 160

    The contribution of the financing system 162

    The impact of the financial crisis on the German housing market 164

    High down-payment constraints and stability: contradicting aims? The role of savings behaviour 164

    Conclusion and outlook 168

    9 The Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing Market 170
    Paloma Taltavull de La Paz

    Housing supply trends 171

    Spanish housing market cycle pre and post the fi nancial crisis 174

    Estimation of the supply elasticity of new houses 179

    Summary and conclusion 184

    Appendix: Details of statistical analysis 186

    10 The UK Housing Market Cycle and the Role of Planning: The Policy Challenge Following the Financial Crisis 195
    Colin Jones

    Housing market context 196

    Anatomy of the housing market boom and bust 197

    Evolution of the planning framework in the UK 205

    Recent planning policies 207

    The planning policy consequences of the recession and beyond 212

    New planning agenda 213

    Conclusions 214

    11 Developments in the Role of Social Housing in Europe 216
    Christine M E...

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    Wiley
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An International Perspective
Colin Jones
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An International Perspective
Colin Jones
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