Challenges of the Housing Economy Jones_ffirs.indd i 2/7/2012 10:25:25 AM Challenges of the Housing Economy An International Perspective Edited by Colin Jones Professor of Estate Management Institute for Housing, Urban and Real Estate Research Heriot-Watt University Michael White Professor of Real Estate Economics School of Architecture, Design and the Built Environment Nottingham Trent University Neil Dunse Reader in Urban Studies Institute for Housing, Urban and Real Estate Research Heriot-Watt University A John Wiley & Sons, Ltd., Publication Jones_ffirs.indd iii 2/7/2012 10:25:25 AM This edition first published 2012 © 2012 by John Wiley & Sons, Ltd Blackwell Publishing was acquired by John Wiley & Sons in February 2007 Blackwell’s publishing program has been merged with Wiley’s global Scientific, Technical, and Medical business to form Wiley-Blackwell Registered Office John Wiley & Sons, Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK Editorial Offices 9600 Garsington Road, Oxford, OX4 2DQ, UK The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK 2121 State Avenue, Ames, Iowa 50014-8300, USA For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com/wiley-blackwell The right of the author to be identified as the author of this work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher Wiley also publishes its books in a variety of electronic formats Some content that appears in print may not be available in electronic books Designations used by companies to distinguish their products are often claimed as trademarks All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners The publisher is not associated with any product or vendor mentioned in this book This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold on the understanding that the publisher is not engaged in rendering professional services If professional advice or other expert assistance is required, the services of a competent professional should be sought Library of Congress Cataloging-in-Publication Data Challenges of the housing economy : an international perspective / [compiled by] Colin Jones, Michael White, Neil Dunse p cm Conference proceedings Includes bibliographical references and index ISBN 978-0-470-67233-4 (hardcover : alk paper) Housing–Prices–Congresses Real estate business–Congresses Real property–Ownership–Congresses Global Financial Crisis, 2008–2009–Congresses Housing policy–Congresses I Jones, Colin II White, Michael III Dunse, Neil HD7286.C43 2012 333.3–dc23 2011045311 A catalogue record for this book is available from the British Library Set in 10/13pt TrumpMediaeval by SPi Publisher Services, Pondicherry, India Jones_ffirs.indd iv 2012 2/7/2012 10:25:25 AM Acknowledgements The chapters of this book are selected from papers presented at a symposium organised by the editors and generously funded by the Royal Institution of Chartered 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 to share international experiences and policies There were a number of interrelated themes: the challenges faced by policy makers following the post-credit crunch world and the implications for households, construction, the housing market and the economy Twelve papers have been selected for this volume from the original twentyone, to create a focused but comprehensive analysis of these themes and also to provide a worldwide perspective We are grateful to the other participants for their comments on the original papers Jones_ffirs.indd v 2/7/2012 10:25:25 AM The Royal Institution of Chartered Surveyors is the mark of property professionalism worldwide, promoting best practice, regulation and consumer protection for business and the community It is the home of property related knowledge and is an impartial advisor to governments and global organisations It is committed to the promotion of research in support of the efficient and effective operation of land and property markets worldwide Real Estate Issues Series Managing Editors Clare Eriksson John Henneberry K.W Chau Elaine Worzala Head of Research, Royal Institution of Chartered Surveyors Department of Town & Regional Planning, University of Sheffield Chair Professor, Department of Real Estate and Construction, The University of Hong Kong Director of The Richard H Pennell Center for Real Estate Development, Clemson University Real Estate Issues is an international book series presenting the latest thinking into how real estate markets operate The books have a strong theoretical basis – providing the underpinning for the development of new ideas The books are inclusive in nature, drawing both upon established techniques for real estate market analysis and on those from other academic disciplines as appropriate The series embraces a comparative approach, allowing theory and practice to be put forward and tested for their applicability and relevance to the understanding of new situations It does not seek to impose solutions, but rather provides a more effective means by which solutions can be found It will not make any presumptions as to the importance of real estate markets but will uncover and present, through the  clarity of the thinking, the real significance of the operation of real estate markets Jones_ffirs.indd vi 2/7/2012 10:25:26 AM Books in the series Greenfields, Brownfields & Housing Development Adams & Watkins 9780632063871 Management of Privatised Housing: International Policies & Practice Gruis, Tsenkova & Nieboer 9781405181884 Planning, Public Policy & Property Markets Adams, Watkins & White 9781405124300 Development & Developers: Perspectives on Property Guy & Henneberry 9780632058426 Housing & Welfare in Southern Europe Allen, Barlow, Léal, Maloutas & Padovani 9781405103077 Markets & Institutions in Real Estate & Construction Ball 9781405110990 Building Cycles: Growth & Instability Barras 9781405130011 Neighbourhood Renewal & Housing Markets: Community Engagement in the US and UK Beider 9781405134101 Mortgage Markets Worldwide Ben-Shahar, Leung & Ong 9781405132107 The Cost of Land Use Decisions: Applying Transaction Cost Economics to Planning & Development Buitelaar 9781405151238 Urban Regeneration & Social Sustainability: Best Practice from European Cities Colantonio & Dixon 9781405194198 Urban Regeneration in Europe Couch, Fraser & Percy 9780632058419 Urban Sprawl in Europe: Landscapes, Land-Use Change & Policy Couch, Leontidou & Petschel-Held 9781405139175 Transforming Private Landlords Crook & Kemp 9781405184151 Real Estate & the New Economy: The Impact of Information and Communications Technology Dixon, McAllister, Marston & Snow 9781405117784 Economics & Land Use Planning Evans 9781405118613 Economics, Real Estate & the Supply of Land Evans 9781405118620 Jones_ffirs.indd vii The Right to Buy: Analysis & Evaluation of a Housing Policy Jones & Murie 9781405131971 Housing Markets & Planning Policy Jones & Watkins 9781405175203 Office Markets & Public Policy Jones & White 9781405199766 Challenges of the Housing Economy Jones, White & Dunse 978047062334 Mass Appraisal Methods: An International Perspective for Property Valuers Kauko & d’Amato 9781405180979 Economics of the Mortgage Market: Perspectives on Household Decision Making Leece 9781405114615 Towers of Capital: Office Markets & International Financial Services Lizieri 9781405156721 Making Housing More Affordable: The Role of Intermediate Tenures Monk & Whitehead 9781405147149 Global Trends in Real Estate Finance Newell & Sieracki 9781405151283 Housing Economics & Public Policy O’Sullivan & Gibb 9780632064618 International Real Estate: An Institutional Approach Seabrooke, Kent & How 9781405103084 Urban Design in the Real Estate Development Process Tiesdell & Adams 9781405192194 Real Estate Finance in the New Economic World: Development of Deregulation and Internationalisation Tiwari & White 9781405158718 British Housebuilders: History & Analysis Wellings 9781405149181 2/7/2012 10:25:26 AM Contents Contributors Glossary Introduction: The Housing Economy and the Credit Crunch Colin Jones xiii xvii The Irish example International historical housing market context Dynamics of the housing market Housing market and the economy Origins and impact of credit crunch Objectives and structure of the book Summary 11 18 23 US Housing Policy in the Era of Boom and Bust Harry W Richardson, Gordon F Mulligan and John L Carruthers 25 House prices from 1995 to present Housing reforms for the future Conclusion Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas Craig A Depken II, Harris Hollans and Steve Swidler Data and definition of property flipping Anatomy of boom bust market dynamics Foreclosure activity after the bubble burst Concluding thoughts Unemployment Risk, Homeownership and Housing Wealth: Lessons from Bubble Aftermath in Japan Yoko Moriizumi and Michio Naoi Housing bubble and burst in Japan Unemployment risk and homeownership Housing wealth and consumption Conclusion Appendices: Details of statistical analysis Jones_ftoc.indd ix 27 35 44 47 48 50 51 55 58 60 68 74 81 83 2/9/2012 11:33:16 AM x Contents The Changing Nature of Household Demand and Housing Market Trends in China Edward C Y Yiu and Sherry Y S Xu Introduction to the housing market Population growth hypothesis Income growth hypothesis Monetary policy hypothesis Conclusions Structural Sustainability of Homeownership in Australia Judith Yates 90 91 94 96 100 105 108 Australia’s housing system Future projections of homeownership sustainability Conclusions 110 119 126 Impacts on Wealth and Debt of Changes in the Danish Financial Framework Over a Housing Cycle Jens Lunde 128 Dynamics of recent Danish housing market cycles Changing structure of owner occupation Changing mortgage finance and indebtedness Financial stability of owner-occupied households Conclusions 130 133 135 140 151 Market Stability, Housing Finance and Homeownership in Germany Peter Westerheide Characteristics of the German housing market German housing price trends: an international comparison Housing demand and housing investment The contribution of the financing system The impact of the financial crisis on the German housing market High down-payment constraints and stability: contradicting aims? The role of savings behaviour Conclusion and outlook Jones_ftoc.indd x 153 154 158 160 162 164 164 168 2/9/2012 11:33:16 AM Contents The Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing Market Paloma Taltavull de La Paz Housing supply trends Spanish housing market cycle pre and post the financial crisis Estimation of the supply elasticity of new houses Summary and conclusion Appendix: Details of statistical analysis 10 The UK Housing Market Cycle and the Role of Planning: The Policy Challenge Following the Financial Crisis Colin Jones Housing market context Anatomy of the housing market boom and bust Evolution of the planning framework in the UK Recent planning policies The planning policy consequences of the recession and beyond New planning agenda Conclusions 11 Developments in the Role of Social Housing in Europe Christine M E Whitehead Looking back: social housing and the welfare state in Europe Outcomes Future developments Conclusions 12 Delivering Affordable Housing in the UK Kenneth Gibb Historic social housing context in Scotland Background to the current Scottish affordability challenge Assessing the emerging models Concluding discussion Jones_ftoc.indd xi xi 170 171 174 179 184 186 195 196 197 205 207 212 213 214 216 217 226 231 233 235 238 239 245 252 2/9/2012 11:33:16 AM xii Contents 13 The Private Rented Sector As a Source of Affordable Housing Michael Ball The private rented sector within the housing system Potential policy developments Potential attraction of large investors Summary and conclusions 255 256 265 272 278 14 Conclusions: The Challenges Ahead Colin Jones 282 The credit crunch Commonalities and challenges The future Concluding remarks 282 284 290 292 References Index Jones_ftoc.indd xii 294 312 2/9/2012 11:33:16 AM 302 References Hellebrandt T and Kawar S (2009) The economics and estimation of negative equity Bank of England Quarterly Bulletin 2009Q2 http://www.bankofengland.co.uk/publications/ 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(2005) Market provision of affordable rental housing: Lessons from recent trends in Australia, Urban Policy and Research, 23, 1, 5–19 Yates J, Kendig H and Phillips B with Milligan V and Tanton R (2008) Sustaining fair shares: the Australian housing system and intergenerational sustainability, Australian Housing and Urban Research Institute, Final Report No 111 http://www.ahuri.edu.au Accessed March 2008 Young R (2001) Housing associations: the new kid on the block, chapter in C Jones and P Robson (eds) The Health of Scottish Housing, Ashgate, Aldershot Zhang X Q (1997) Chinese housing policy 1949–1978: The development of a welfare system, Planning Perspectives, 12, 433–455 Zhang X Q (2001) Risk and uncertainty in the Chinese housing market, Journal of Real Estate Literature, 9, 2, 161–172 Økonomi- og Erhvervsministeriet (2010) “Boligmarkedet og boligejernes økonomi.” Økonomisk Tema, April Jones_bref.indd 311 2/7/2012 10:18:55 AM Index Aberdeen, 247, 251 Aberdeenshire, 247 Abilene, 27 Affordability, 4, 19, 21, 62, 92, 93 97, 105, 115–19, 131, 134, 136, 138, 147, 148, 151–2, 162, 175–8, 185, 197, 202, 203, 206, 208, 210, 213, 226, 231, 235–7, 239, 249, 255, 258, 262, 278, 285, 288–91 Affordable housing, 22, 92, 93, 157, 195, 204, 207–9, 212–16, 219, 222, 224, 235–54, 274, 278, 280, 290–291 Alaska, 31 Alliance and Leicester, Andalucia, 182, 184 Angus, 247 Aragon, 182–4, 190 Arizona, 26, 33, 45 Asian financial crisis, 90 Asturias, 182–4, 190 Atlanta, 33 Austin, 34 Australia, 8, 14–18, 20, 108–27, 139, 227, 265, 274, 283, 287–8 Austria, 12, 227–31, 268 Baden-Weurttemberg, 155 Baltimore, 32, 34 Bank of England, 198, 199, 283 Bank of Japan, 60, 62, 65, 88 Bank Trelleborg, 128 Banks, 2, deregulation, 7, 11, 111, 113, 122, 219, 221, 223, 226, 283, 284, 292 Barclays Bank, 199 Barker, 7, 112, 186, 204, 206, 235, 241 Basel III, 124, 292 Bavaria, 155 Beijing, 90, 97–8, 102–3, 106 Belgium, 8, 15, 22, 228, 268, 275 Berlin, 155 Birmingham (USA), 31 Boston, 32–3 Bradford and Bingley, 199, 200 Brandenburg, 155 Bremen, 155 Brussels, 268 Building societies, 11, 16, 163, 198 Bush administration, 43 Business/economic cycle, 1, 6, 10, 18, 106, 123, 174, 178 California, 26, 32–3, 35, 44–5 Canada, 4, 5, 15, 37, 41, 139 Canary Islands, 183–4, 190 Case-Shiller price index, 27–30, 32–4, 36, 53, 55–6 Castilla La Mancha, 182–4, 190, 192 Cataluna, 182–4, 193 Ceuta, 181 Charlotte, 32–3 Chengdu, 106 Chicago, 29, 33 China, 4, 16, 18, 20, 56, 90–107, 283, 287, 289 urban land reform, 92–3 Chongqing, 90, 98–9, 102–3 Clackmannanshire, 247 Cleveland, 31, 33 Clinton administration, 26, 37, 43 Columbus, 34 Consumer spending, Cooperatives, 134, 154, 156, 157, 164, 268 Covered bonds, 11–12, 163, 199 Credit crunch, 1–6, 10–14, 16–24, 58–60, 66, 81, 90, 105–6, 108, 115–16, 124, 127–9, 135, 154, 156, 158, 162, 164–5, 170–186, 197–201, 212, 214, 229, 232–3, 236, 237, 242, 260, 263–4, 282–92 Czech Republic, 139, 227, 228 Challenges of the Housing Economy: An International Perspective, First Edition Edited by Colin Jones, Michael White and Neil Dunse © 2012 John Wiley & Sons, Ltd Published 2012 by John Wiley & Sons, Ltd Jones_bindex.indd 312 2/9/2012 10:53:00 AM Index Dallas, 33, 274 Demographic trends, 7, 20, 24, 56, 91, 105, 109, 110–112, 120, 121, 124, 156, 162, 168, 171, 184, 185, 213, 215, 229, 257, 263–5, 289 Denmark, 4–6, 8, 12, 14–18, 41, 128–52, 224, 227, 228, 230, 268, 282, 286, 288 Denver, 33 Detroit, 31, 33 Dresden, 223 Dundee, 247, 251 Edinburgh, 247, 251 East Ayrshire, 247 East Dunbartonshire, 247 East Europe transition economies/countries, 221, 223, 225, 227, 231, 233 East Lothian, 247, 251 East Midlands, 209–11 East of England, 209–11 Elderly, 20–21, 64, 67, 74, 82, 88, 152, 169, 213, 217, 230, 240, 292 Equity withdrawal, 9, 26, 36, 39, 41, 59, 78, 88, 125, 145–7, 213, 283, 288 European Union, 8, 16, 40, 131, 175, 221 Eurozone, 131, 173, 175, 176 Extremadura, 182–4 Falkirk, 247, 251 Family life cycle, 3, 75–8, 116, 126, 134 Fannie Mae, 11, 25, 37, 39–42, 44 FHA, 39–40, 42 Fife, 247 Financial accelerator, 9, 153, 165 Financial Crisis see Credit crunch Financial institutions, 11, 36, 58, 60, 141, 172, 174, 177, 244, 253, 274, 275, 278 Finland, 4–6, 8, 14, 15, 139, 227, 228, 265, 275 First time buyers/purchasers, 3–4, 17, 19–20, 57, 69, 81, 83, 93, 111, 114, 116–19, 126, 135, 142, 165, 195, 200, 202–3, 236, 250, 252, 256, 259, 263–5, 287–8 Fiscal constraints, 17, 22, 226, 236, 241, 291 Flip(ping), 19, 50–51, 285 Florida, 26, 33, 35, 45 Foreclosures, 12–13, 14, 18–19, 22, 26, 34, 35–7, 38, 41–2, 47–58, 66, 130, 139, 147, 151, 202, 226, 255, 286 Jones_bindex.indd 313 313 Fort Worth, 34 France, 4, 5, 8, 12, 14, 15, 22, 139, 158–61, 218, 223, 227–31, 233 Freddie Mac, 25, 39–42, 44 Fresno, 32 Gearing, 7, 288 Generation differences, 3–4, 18, 20–23, 109, 117–19, 121–2, 126–7, 130, 134, 152, 156, 162, 195, 215, 234, 262, 267, 288–9, 292–3 German reunification, 154–5, 160–161 Germany, 4, 6, 8, 12, 15, 18, 21, 24, 139, 153–69, 218, 223, 227–8, 230–231, 267–8, 274, 283, 289 Government Housing Loan Corporation, 60–61, 65–6 Grainger Trust, 276 Grampian, 246 Greece, 8, 15, 17, 227 Guangdong, 99, 102 Guangzhou, 90, 98, 103, 106 Halifax Bank price indices, 16, 200–201 Hamburg, 155 Hessen, 155 Highland, 247, 251 Home ownership rates see Owner occupation rates House price to income ratio, 3, 20, 59, 63, 71, 96–9, 106, 114, 132, 160, 162, 175, 202, 258, 263 House price trends, 1–22, 27–39, 47–56, 58–68, 71–3, 81–2, 91–2, 94, 96–9, 108, 113–18, 120–121, 130–133, 151–2, 158–60, 170, 173–6, 178, 185, 197, 200–202, 286–7 Housebuilding, 7, 10, 14, 17, 21–2, 62, 95–7, 131–2, 170–174, 176–9, 182–6, 188, 195–7, 202–15, 217, 219, 225, 236–9, 241–8, 251, 270, 282, 289–90, 292 Housing associations, 196–7, 208–9, 223, 230, 236, 238–45, 247–9, 252–3 Housing need(s), 42, 56, 93, 98, 109, 119, 125, 126, 140, 169, 177, 185–6, 195, 205–6, 215, 217–18, 220, 222, 224, 228, 231, 232, 235, 237–8, 245, 247, 249–50, 254, 259, 274 Hungary, 227, 228, 230 2/9/2012 10:53:00 AM 314 Index Iceland, 8, 14, 138 IMF, 2, 108, 120, 295, 297, 302, 309 Indianopolis, 34 Inflation, 91, 101, 103, 158, 175 Interest rates, 2, 6–10, 12, 16–17, 21, 24, 26, 61, 68–71, 73, 80, 84, 88, 93–4, 98, 100–102, 104–6, 110–11, 114–17, 119–21, 123–4, 129, 131, 133, 135–7, 139, 147–52, 162–5, 172, 175, 178, 180, 185, 188–90, 218, 228, 232, 236, 284, 286–7 Intermediate housing, 204, 229, 235, 243–5, 249–53, 258, 291 Ireland, 2–6, 12, 14–17, 138, 139, 153, 158, 159, 227, 228, 230, 265 Italy, 4, 5, 12, 15, 17, 139, 158, 159, 161, 227, 268 Jacksonville, 34, 36 Japan, 4–6, 14, 15, 18, 19, 24, 58–89, 139, 283, 287, 289, 292 Kansas City, 34 Key workers, 205, 229, 276 Kiel, 223 Korea, 15 Labour market, 19, 58–60, 69, 71, 74, 81, 82, 85, 88, 112, 117, 162, 173, 186, 216, 217, 266–7, 292 Lanarkshire, 246 Land price/value, 62–6, 74, 81, 88, 92–3, 105, 112, 122, 188, 201, 204, 208, 212, 218, 224 Las Vegas, 9, 33, 35, 47–57, 285–6 Lehman Brothers, 13, 128, 199 Loan to income ratio, 114–15 Loan to value ratio, 7, 13, 53, 124, 135, 163, 165–6, 175–6, 197, 200, 214, 284, 287 London, 56, 208–12, 241, 263, 266, 269 Los Angeles, 27, 29, 32–3 Lothians, 246–7, 251 Louisville, 27, 34 Lower Saxony, 155 Luxembourg, 227–8 Maarstricht Treaty, 131 Madrid, 182–4, 190, 193 Market failure, 225, 231, 277, 280 Marriage, 71, 78 Mecklenburg-Vorpornmem, 155 Jones_bindex.indd 314 Melbourne, 112, 116 Melilla, 181 Miami, 27, 32–3 Michigan, 45 Midlothian, 247 Migration, 7, 111, 121, 172, 177, 184–5, 263, 289 Milwaukee, 27, 34 Minneapolis, 33 Mississippi, 31 Mixed communities, 208, 224–6, 230, 246 Monetary policy, 20, 60, 65, 90, 92, 94, 98–106, 123, 164 Moray, 247 Mortgage backed securities, 11–13, 24, 40–41, 58, 135, 198–200, 214, 283–4, 292 Mortgage finance availability, 7, 14, 17, 21, 82, 113, 119, 165, 171, 175, 177, 180, 185, 197, 201, 214, 223, 263, 284, 287–8, 292 Mortgages fixed rate, 38, 135, 136, 139, 148, 149, 151, 163, 197, 201, 288 interest only, 26, 38, 136–9, 163, 288 variable rate, 26, 37–8, 41, 53, 80, 114, 136–9, 148–51, 163, 197, 256, 288 Murcia, 182–4, 190 Nashville, 34 National Association of Realtors, 27–36 National Housing Trust, 248, 251–3 Nationwide BS price indices, 16, 202 Negative equity, 3, 14, 17, 36, 141, 145–8, 152, 287 Netherlands, 4–5, 6, 8, 12, 15, 17, 136, 139, 148, 158–9, 161, 163, 218, 222–4, 227–30, 233, 275 New Orleans, 32, 34 New York, 29, 31–3, 271 New Zealand, 5, 14–15, 17 Nickei index, 62 Nimbyism, 204, 213 Ningxia, 99, 102 North Ayrshire, 247 North East (England), 209–11 North Lanarkshire, 247 North West (England), 209–11 Northern Rock, 198–9 Northrhine-Westphalia, 155 Norway, 4, 6, 15, 17, 22, 139 2/9/2012 10:53:01 AM Index Obama administration, 25, 43–4 OECD, 4–5, 14–15, 17, 100, 108, 110–111, 120, 129, 131–2, 138–9, 148, 157–9, 223, 228–9, 231, 233, 286, 294, 300, 306 Ohio, 31 Orkney Islands, 247 Orlando, 34, 36 Owner occupation rates, 8, 19–20, 37, 43, 64, 66–7, 71, 74, 81–2, 108–10, 117–19, 125–7, 133–4, 152, 154–6, 162, 169, 196, 262, 268, 275, 288, 292 Paragon, 200 Pennsylvania, 31 Pension funds see Financial institutions Perth, 247 Philadelphia, 34 Phoenix, 27, 32–3, 35 Planning agreements, 44, 195, 207–9, 237, 239–40, 242, 290 constraints see supply constraints policies, 18, 21–2, 24, 35, 44, 112, 171, 177, 195–6, 204–15, 284, 285 Poland, 227–8 Portland, 33 Portugal, 8, 14, 227 Poverty, 118–19 Private rented sector, 3, 7, 8, 23, 196–7, 199–200, 202, 210, 212, 217, 220, 250, 253, 255–81, 291 buy to let, 199, 200, 210, 212, 256, 257, 272, 273 deregulation, 257, 263 Promotion/sustainability of home ownership, 20, 36–7, 108–27 Public sector cutbacks see Fiscal constraints Rabo bank, 275 Raleigh, 34 REITs, 274–8 Rent control/regulation, 7, 23, 256, 261–2, 265–71, 276, 278–9 Reserve Bank of Australia, 112–13, 115, 120 Retirement, 9, 74, 82, 118, 213 Rhineland-Palantinade, 155 Right to Buy see Social housing privatisation Roskilde Bank, 128 Royal Bank of Scotland, 199 Jones_bindex.indd 315 315 Saarland, 155 Sacramento, 34, 36 St Louis, 27, 34 Salt Lake City, 34 San Antonio, 31, 34 San Diego, 32–3, 274 San Francisco, 32–3 San Jose, 34, 36 Saxony, 155 Saxony-Anhalt, 155 Schelswig-Holstein, 155 Scotland, 208, 235–54, 279 Seattle, 33 Securitisation see Mortgage backed securities Security of tenure, 23, 256, 265–9, 275, 278–9 Shanghai, 20, 90, 94, 97–9, 102–3, 106 Shared equity housing, 204, 235–6, 239, 242–4, 248, 250, 253 Shared ownership see Shared equity housing Shenzhen, 92, 106 Shetland Islands, 247 Slovenia, 227 Social housing, 7–8, 19, 22–3, 110, 154, 157, 168, 196–7, 204–5, 210, 213, 216–34, 236–9, 242, 244, 246, 249–50, 259, 262–6, 274–5, 285, 290 privatisation, 12, 154, 196–7, 205, 220–221, 226, 230, 241, 247, 275 Social mix see Mixed communities South Ayrshire, 247 South East (England), 208–12, 273, 278 South Lanarkshire, 247 South West (England), 209–12 Spain, 4–6, 12, 14–15, 17–18, 21, 136, 139, 153, 158–61, 170–194, 224, 227–8, 289–90 Stirling, 247, 251 Subprime lending/mortgages, 10, 12–13, 40, 53, 55–6, 58–60, 65, 67, 81, 128, 135, 163, 165, 198–9, 201, 282, 286 Subsidies, 8, 22, 25, 37, 43–4, 111, 129, 197, 218–24, 228, 230–233, 237, 258, 259, 279 Supply constraints, 7, 18, 22, 35, 112–13, 185, 188, 208–13, 259 elasticities, 21, 112, 170–194, 212, 259, 268–9 Sweden, 4, 8, 14–15, 17, 139, 222, 227–8, 230, 268 2/9/2012 10:53:01 AM 316 Index Switzerland, 5–6, 14–15, 268, 275 Sydbank, 128 Sydney, 112 Tampa, 33 Tax relief on mortgage interest, 19, 37, 197, 290 Texas, 27, 33–5, 43, 286 Tibet, 99, 102 Todd-Frank Act, 45 Tokyo, 62, 73, 89 Trouble Asset Relief Program, 49, 57 Tucson, 34 UK, 3–9, 11–17, 22–3, 37, 74, 80, 88, 123, 138–9, 157–61, 165, 186, 195–215, 218, 223, 224, 227–30, 233, 235–54, 283–6, 289–91 Unemployment, 19, 26, 34–6, 42, 53, 55–6, 58–9, 65, 67–73, 81–5, 88, 110, 174, 186, 260, 267, 286, 289, 292 Jones_bindex.indd 316 Urban regeneration, 207, 225, 231, 273, 278 Urumqi, 90, 98, 103 USA, 1, 4–6, 8–19, 25–57, 71, 78, 90, 95, 100, 123, 135, 139, 153, 160–161, 198, 223, 227, 265, 267, 271, 274, 282, 285–6, 288, 290, 292 Valencia, 182–4, 194 Washington DC, 32–3, 36 Welfare payments/state, 7, 22, 91, 217–21, 227, 231, 233 West Lothian, 247 West Midlands (England), 209–11 West Virginia, 31 Wholesale funding see Mortgage backed securities Yorkshire and Humberside, 209–11 Zurich, 267 2/9/2012 10:53:01 AM ... Characteristics of the German housing market German housing price trends: an international comparison Housing demand and housing investment The contribution of the financing system The impact of the financial... Finally there are three chapters that centre on the role of rented housing and the role of the state The book begins with the two chapters on the USA In the first, US housing policy in the era of. .. much the same in the UK although there were differences in terms of the supply response to the housing price boom of the noughties In the next chapter, The UK housing market cycle and the role of