Challenges of the Housing Economy An International Perspective Real Estate Issues 1st Edition by Colin Jones, Michael White, Neil Dunse ISBN 978-1118280850 1118280850

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Product details: 

ISBN 10: 1118280850

ISBN 13:  978-1118280850

Author:   Colin Jones, Michael White, 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.
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.

Table of contents: 

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

• The Irish example

• International historical housing market context

• Dynamics of the housing market

• Housing market and the economy

• Origins and impact of credit crunch

• Objectives and structure of the book

• Summary

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

• House prices from 1995 to present

• Housing reforms for the future

• Conclusion

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

• Data and definition of property flipping

• Anatomy of boom bust market dynamics

• Foreclosure activity after the bubble burst

• Concluding thoughts

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

• Housing bubble and burst in Japan

• Unemployment risk and homeownership

• Housing wealth and consumption

• Conclusion

• Appendices: Details of statistical analysis

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

• Introduction to the housing market

• Population growth hypothesis

• Income growth hypothesis

• Monetary policy hypothesis

• Conclusions

6 Structural Sustainability of Homeownership in Australia
Judith Yates

• Australia’s housing system

• Future projections of homeownership sustainability

• Conclusions

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

• Dynamics of recent Danish housing market cycles

• Changing structure of owner occupation

• Changing mortgage finance and indebtedness

• Financial stability of owner-occupied households

• Conclusions

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

• Characteristics of the German housing market

• German housing price trends: an international comparison

• Housing demand and housing investment

• The contribution of the financing system

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

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

• Conclusion and outlook

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

• Housing supply trends

• Spanish housing market cycle pre and post the financial crisis

• Estimation of the supply elasticity of new houses

• Summary and conclusion

• Appendix: Details of statistical analysis

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

• Housing market context

• Anatomy of the housing market boom and bust

• Evolution of the planning framework in the UK

• Recent planning policies

• The planning policy consequences of the recession and beyond

• New planning agenda

• Conclusions

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

• Looking back: social housing and the welfare state in Europe

• Outcomes

• Future developments

• Conclusions

12 Delivering Affordable Housing in the UK
Kenneth Gibb

• Historic social housing context in Scotland

• Background to the current Scottish affordability challenge

• Assessing the emerging models

• Concluding discussion

13 The Private Rented Sector As a Source of Affordable Housing
Michael Ball

• The private rented sector within the housing system

• Potential policy developments

• Potential attraction of large investors

• Summary and conclusions

14 Conclusions: The Challenges Ahead
Colin Jones

• The credit crunch

• Commonalities and challenges

• The future

• Concluding remarks

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