Challenges of the Housing Economy von Michael White/Colin Jones/Neil Dunse

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.<p><i>Challenges of the Housing Economy: an international perspective</i> 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.</p><p>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.</p><p>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.</p>

Colin Jones is Professor of Estate Management, School of the Built Environment, Heriot-Watt UniversityNeil Dunse is a Reader in Urban Studies, School of the Built Environment, Heriot-Watt UniversityMichael White is Professor of Real Estate Economics at Nottingham Trent University

Contributors xiiiGlossary xvii1 Introduction: The Housing Economy and the Credit Crunch 1Colin JonesThe Irish example 2International historical housing market context 3Dynamics of the housing market 6Housing market and the economy 9Origins and impact of credit crunch 11Objectives and structure of the book 18Summary 232 US Housing Policy in the Era of Boom and Bust 25Harry W Richardson, Gordon F Mulligan and John L CarruthersHouse prices from 1995 to present 27Housing reforms for the future 35Conclusion 443 Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas 47Craig A Depken II, Harris Hollans and Steve SwidlerData and definition of property flipping 48Anatomy of boom bust market dynamics 50Foreclosure activity after the bubble burst 51Concluding thoughts 554 Unemployment Risk, Homeownership and Housing Wealth: Lessons from Bubble Aftermath in Japan 58Yoko Moriizumi and Michio NaoiHousing bubble and burst in Japan 60Unemployment risk and homeownership 68Housing wealth and consumption 74Conclusion 81Appendices: Details of statistical analysis 835 The Changing Nature of Household Demand and Housing Market Trends in China 90Edward C Y Yiu and Sherry Y S XuIntroduction to the housing market 91Population growth hypothesis 94Income growth hypothesis 96Monetary policy hypothesis 100Conclusions 1056 Structural Sustainability of Homeownership in Australia 108Judith YatesAustralias housing system 110Future projections of homeownership sustainability 119Conclusions 1267 Impacts on Wealth and Debt of Changes in the Danish Financial Framework Over a Housing Cycle 128Jens LundeDynamics of recent Danish housing market cycles 130Changing structure of owner occupation 133Changing mortgage finance and indebtedness 135Financial stability of owner-occupied households 140Conclusions 1518 Market Stability, Housing Finance and Homeownership in Germany 153Peter WesterheideCharacteristics of the German housing market 154German housing price trends: an international comparison 158Housing demand and housing investment 160The contribution of the financing system 162The impact of the financial crisis on the German housing market 164High down-payment constraints and stability: contradicting aims? The role of savings behaviour 164Conclusion and outlook 1689 The Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing Market 170Paloma Taltavull de La PazHousing supply trends 171Spanish housing market cycle pre and post the fi nancial crisis 174Estimation of the supply elasticity of new houses 179Summary and conclusion 184Appendix: Details of statistical analysis 18610 The UK Housing Market Cycle and the Role of Planning: The Policy Challenge Following the Financial Crisis 195Colin JonesHousing market context 196Anatomy of the housing market boom and bust 197Evolution of the planning framework in the UK 205Recent planning policies 207The planning policy consequences of the recession and beyond 212New planning agenda 213Conclusions 21411 Developments in the Role of Social Housing in Europe 216Christine M E WhiteheadLooking back: social housing and the welfare state in Europe 217Outcomes 226Future developments 231Conclusions 23312 Delivering Affordable Housing in the UK 235Kenneth GibbHistoric social housing context in Scotland 238Background to the current Scottish affordability challenge 239Assessing the emerging models 245Concluding discussion 25213 The Private Rented Sector As a Source of Affordable Housing 255Michael BallThe private rented sector within the housing system 256Potential policy developments 265Potential attraction of large investors 272Summary and conclusions 27814 Conclusions: The Challenges Ahead 282Colin JonesThe credit crunch 282Commonalities and challenges 284The future 290Concluding remarks 292References 294Index 312

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