Colin Jones

UDC 338.45:69

Colin Jones, Professor BA MA,

c.a.jones@hw.ac.uk

Institute for Social Policy, Housing, Environment and Real Estate,

Heriot-Watt University,

Edinburgh, Eh14 4as United Kingdom

AN INTERNATIONAL PERSPECTIVE ON THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON HOUSING MARKETS

The paper presents the investigations of the development of national housing markets influenced by the global financial crisis. The analysis of price dynamics in housing markets and the estimation of the credit crunch ramifications are given for different countries. It is shown that the global financial crisis put an end to the long-term boom in the housing market. Based on the international analysis, the crisis impact is estimated not only for the decrease in price dynamics, but also in housing construction, the number of housing market transactions, availability of housing for young people and the growth in the owner occupied sector. It is concluded that stabilization of the housing market is the major political challenge the governments face nowadays.

Keywords: housing market; housing boom; global financial crisis; mortgage lending; house prices; owner occupied sector.

References

  1. ESRI, Economic and Social Research Institute (2011) Latest Permanent tsb/ESRI House Price Index 18/01/2011
  2. HM Revenue and Customs (2015) Annual UK Property Transaction Statistics, HM Revenue and Customs, London.
  3. JCHS, Joint Center for Housing Studies of Harvard University (2015) The State of the Nation’s Housing 2015, Harvard University, Cambridge, Massachusetts.
  4. Jones C. (2012). Introduction: The housing economy and the credit crunch. chapter in C. Jones, M. White, and N. Dunse (Eds.), Challenges of the Housing Economy: An International Perspective, 1–24, Wiley-Blackwell, Chichester.
  5. Jones C. (2016) The credit crunch: short-term UK housing market correction or long-term tipping point? International Journal of Housing Policy, 16, 1, 70–90.
  6. Jones C. and Richardson H.W. (2014) Housing markets and policy in the UK and USA: A review of the differential impact of the global housing crisis, International Journal of Housing Markets and Analysis, 7, 1, 129–144.
  7. Lunde J. (2012) Impacts on wealth and debt of changes in the Danish financial framework over a housing cycle, chapter in C. Jones, M. White, and N. Dunse (Eds.), Challenges of the Housing Economy: An International Perspective, 128–152, Wiley-Blackwell, Chichester
  8. Moriizumi Y. and Michio N. (2012) Unemployment risk, home ownership and housing wealth: Lessons from bubble aftermath in Japan, chapter in C. Jones, M. White, and N. Dunse (Eds.), Challenges of the Housing Economy: An International Perspective, 28-89, Wiley-Blackwell, Chichester.
  9. Tultavull de la Paz P. (2012) The responsiveness of new supply to house prices: A perspective from the Spanish housing market, chapter in C. Jones, M. White, and N. Dunse (Eds.), Challenges of the Housing Economy: An International Perspective, 170-194, Wiley-Blackwell, Chichester.
  10. Westerheide P. (2012) Market stability, Housing finance, and home ownership in Germany, chapter in C. Jones, M. White, and N. Dunse (Eds.), Challenges of the Housing Economy: An International Perspective, 153–169, Wiley-Blackwell, Chichester.
  11. Yates J. (2015) Rate of home ownership decline, Urban Developer, http://www.theurbandeveloper.com/whats-really-keeping-young-first-home-buyers-housing-market/ (accessed April, 2016)

Full text | (379 Кб)