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Institutional Responses to the UK Housing Market Recession

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  • Mark Stephens

    (Centre for Housing Research and Urban Studies, University of Glasgow, 25 Bute Gardens, Glasgow G12 8RS, Scotland, UK)

Abstract

Since 1990 the UK housing market has been in recession, with protracted periods of nominal house price falls. While demand-side factors are important in explaining this phenomenon, this article examines the responses of the major institutions to the recession, covering the period up to the autumn of 1995. The institutions examined are lenders, insurance companies and the government (including regulators). The analysis identifies 15 impacts resulting from their behaviour. Of these, eight were pro-cyclical, five were counter-cyclical and two were broadly neutral. The key role of the government in arranging counter-cyclical behaviour is identified, although this should be balanced against other policy objectives, such as the removal of distortions from the housing market.

Suggested Citation

  • Mark Stephens, 1996. "Institutional Responses to the UK Housing Market Recession," Urban Studies, Urban Studies Journal Limited, vol. 33(2), pages 337-351, March.
    • Handle: RePEc:sae:urbstu:v:33:y:1996:i:2:p:337-351
    DOI: 10.1080/00420989650012040
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