Challenges of the Housing Economy An International Perspective
, by Jones, Colin; White, Michael; Dunse, Neil
- ISBN: 9780470672334 | 0470672331
- Cover: Hardcover
- Copyright: 5/29/2012
The chapters of the book are selected from papers presented at a symposium organised by the editors and funded by the Royal Institution of Surveyors (RICS) and held in September 2010 in Edinburgh. It brought together a small number of experts from around the world to examine recent housing market trends and share international experiences and policies. There were a number of inter-related themes: the challenges faced by policy makers and the house building industry following the post-credit crunch world and the implications for households, the housing market and the economy. Twelve papers have been selected for this volume from the original 21 to create a comprehensive analysis of these themes and also provide a worldwide perspective. To ensure a cohesive review some of the abstracts presented below have been amended from the original papers (with the author's agreement) to reduce overlap and fill any significant gaps. This process will be repeated by the editors again once the first drafts are received to enhance the structure, arguments and appeal of the book and have a consistent style. The contributions reveal common long term trends in housing markets across the world. 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 are likely to mean only limited new social housing. Instead value for money imperatives will mean new funding models for affordable housing that will 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.
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