The 1985–1993 housing market in the United Kingdom: An overview

Autor:	Mark Boléat
Rok vydání:	1994
Předmět:	Inflation business.industry media_common.quotation_subject Monetary economics Management Monitoring Policy and Law Development Mortgage insurance Investment (macroeconomics) Boom Urban Studies Product (business) Renting Market economy Arrears Negative equity Economics business media_common
Zdroj:	Housing Policy Debate. 5:253-274
ISSN:	2152-050X 1051-1482
DOI:	10.1080/10511482.1994.9521165
Popis:	Between 1985 and 1993, the housing market in the United Kingdom experienced a boom, followed by the most severe slump of recent times. The slump has raised several major policy issues related to arrears and possessions, negative equity, and mortgage insurance. Specifically, the slump has had significant consequences for the structure of the mortgage lending industry and the nature of the owner‐occupied market. The boom resulted from a combination of macroeconomic developments and factors specific to the housing market. The slump is largely the product of macroeconomic conditions, particularly the reduction of inflation to a notably low rate. Less efficient lenders have been squeezed out of the market, lending criteria have been tightened, and the nature of mortgage insurance has changed dramatically. Housing is increasingly seen as a consumer good rather than an investment. Accordingly, the market rental sector is playing an increasingly important role, especially for younger households.
Databáze:	OpenAIRE
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