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My home was my castle: evictions and repossessions in Britain

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  • Böheim, René
  • Taylor, Mark P.

Abstract

Using data for 1991 to 1997 from the British Household Panel Survey we investigate the incidence of housing finance problems, evictions and repossessions. Previous research on repossessions and problematic housing debt has focused on cross-sectional data. This paper contributes uniquely to the literature by examining the sequence of household and individual events associated with housing arrears and evictions. Our results show that previous experience of financial problems have a significant and positive association with the current financial situation, and that negative financial surprises are the main route into financial difficulties, controlling for other changes such as divorce or loss of employment. We also confirm the importance of structural, financial and personal factors in determining housing payment problems. Families with higher income, where the head or his/her spouse is in work, and those with greater assets have a lower risk of experiencing problems meeting their housing costs.

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Paper provided by Institute for Social and Economic Research in its series ISER Working Paper Series with number 2000-04.

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Date of creation: 01 Feb 2000
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Publication status: published
Handle: RePEc:ese:iserwp:2000-04

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Postal: Publications Office, Institute for Social and Economic Research, University of Essex, Wivenhoe Park, Colchester, Essex CO4 3SQ UK
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  2. repec:ese:iserwp:96-18 is not listed on IDEAS
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  13. Henley, Andrew, 1998. "Changes in the Distribution of Housing Wealth in Great Britain, 1985-91," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 65(259), pages 363-80, August.
  14. Kau, James B, et al, 1995. "The Valuation at Origination of Fixed-Rate Mortgages with Default and Prepayment," The Journal of Real Estate Finance and Economics, Springer, vol. 11(1), pages 5-36, July.
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  17. Henley, Andrew, 1998. "Residential Mobility, Housing Equity and the Labour Market," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 108(447), pages 414-27, March.
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Cited by:
  1. Burcu Duygan-Bump & Charles Grant, 2008. "Household debt repayment behaviour: what role do institutions play?," Risk and Policy Analysis Unit Working Paper QAU08-3, Federal Reserve Bank of Boston.
  2. Michalis Petrides & Alex Karagrigoriou, 2008. "Determinants of Debt: An Econometric Analysis Based on the Cyprus Survey of Consumer Finances," Financial Theory and Practice, Institute of Public Finance, Institute of Public Finance, vol. 32(1), pages 45-64.
  3. repec:ese:iserwp:2006-08 is not listed on IDEAS
  4. Gerardi, Kristopher & Herkenhoff, Kyle F. & Ohanian, Lee E. & Willen, Paul S., 2013. "Unemployment, negative equity, and strategic default," Working Paper, Federal Reserve Bank of Atlanta 2013-04, Federal Reserve Bank of Atlanta.
  5. Brown, Sarah & Ghosh, Pulak & Taylor, Karl, 2014. "The existence and persistence of household financial hardship: A Bayesian multivariate dynamic logit framework," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 285-298.
  6. Janine Aron & John Muellbauer, 2011. "Modelling and Forecasting with County Court Data: Regional Mortgage Possession Claims and Orders in England and Wales," SERC Discussion Papers 0070, Spatial Economics Research Centre, LSE.
  7. Mariotti, Francesco & Mumford, Karen A. & Pena-Boquete, Yolanda, 2014. "Household Asset Holding Diversification in Australia," IZA Discussion Papers 8302, Institute for the Study of Labor (IZA).
  8. Felipe Martínez & Rodrigo Cifuentes & Carlos Madeira & Rubén Poblete-Cazenave, 2013. "Measurement of Household Financial Risk with the Survey of Household Finances," Working Papers Central Bank of Chile, Central Bank of Chile 682, Central Bank of Chile.
  9. Ana del Río & Garry Young, 2005. "The impact of unsecured debt on financial distress among British households," Banco de Espa�a Working Papers 0512, Banco de Espa�a.
  10. Feijten Peteke & Maarten van Ham, 2007. "Residential mobility and migration of the separated," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 17(21), pages 623-654, December.
  11. David ARISTEI & Manuela Gallo, 2012. "The Drivers of Household Over-Indebtedness and Delinquency on Mortgage Loans: Evidence from Italian Microdata," Quaderni del Dipartimento di Economia, Finanza e Statistica, Università di Perugia, Dipartimento Economia, Finanza e Statistica 105/2012, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  12. Yvonne McCarthy, 2011. "Behavioural Characteristics and Financial Distress," BCL working papers 59, Central Bank of Luxembourg.
  13. Giarda, Elena, 2013. "Persistency of financial distress amongst Italian households: Evidence from dynamic models for binary panel data," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3425-3434.
  14. Orla May & Merxe Tudela, 2005. "When is mortgage indebtedness a financial burden to British households? A dynamic probit approach," Bank of England working papers 277, Bank of England.
  15. Aron, Janine & Muellbauer, John, 2010. "Modelling and Forecasting UK Mortgage Arrears and Possessions," CEPR Discussion Papers 7986, C.E.P.R. Discussion Papers.

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