The financialization of housing and the growth of the private rental sector in Ireland, the UK and Spain

Michael Byrne
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Michael Byrne: School of Social Policy, Social Work and Social Justice, University College Dublin.

No 201902, Working Papers from Geary Institute, University College Dublin

Abstract: Across numerous jurisdictions, a growing share of households are living in the private rental sector. What is most puzzling about this development is that several decades in which government and market forces coalesced around the promotion of homeownership appear to have undermined access to homeownership and triggered a resurgence of renting. This paper analyses these developments through three case studies: Ireland, the UK and Spain. The article argues that financialization intensifies the cyclical dynamics of housing markets in a manner which tends to undermine homeownership over the medium term. Although the paper identifies this common trend across the three case study countries, this must be nuanced with an analysis of the ways in which national housing policy regimes have shaped this trend such that it manifests in different ways. The paper contributes to our understanding of the drivers and implications of the decline in homeownership and the growth of ‘generation rent’.

Pages: 25 pages
Date: 2019-01-10
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ucd:wpaper:201902

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