Housing markets and policy in the UK and the USA

Colin Jones and Harry W. Richardson

International Journal of Housing Markets and Analysis, 2014, vol. 7, issue 1, 129-144

Abstract: Purpose - – This paper aims to examine how the exogenous shock of the global financial crisis has had a differential impact on the housing markets of the USA and UK. Design/methodology/approach - – The paper begins by examining the nature and dynamics of the global financial crisis. It presents a detailed comparison of institutional and housing market characteristics in each country. A particular focus is the differences in mortgage funding and subprime lending trends over the decade leading up to the financial crisis. Findings - – The analysis demonstrates the distinctiveness of the recent housing cycles and the geography of the downward price adjustments. Relative unemployment rates play a key role in these outcomes. Despite the different dynamics of the boom and bust, there is a common legacy in terms of the collapse of house building, repossessions/foreclosures and falling home ownership rates. The short-term policy responses by both governments addressed the same target issues in alternative ways but with different outcomes. Longer-term solutions are still being debated in both countries. Originality/value - – Innovatory insights are provided by the comparison of the sub-national spatial pattern of the recent house price cycle in two countries.

Keywords: USA; UK; Interest rates; Housing finance systems; International housing markets; Rent or buy (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:v:7:y:2014:i:1:p:129-144

DOI: 10.1108/IJHMA-10-2012-0052

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