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Demographics, house prices and mortgage design

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  • Miles, David

    ()
    (Monetary Policy Committee Unit, Bank of England)

Abstract

This paper develops a model of the housing market that takes account of population density to assess the impact of population changes on the value and size of the housing stock. The model implies that if population density is on an upward trajectory, rises in population and in incomes increasingly generate price responses and diminishing rises in the stock of housing. This has implications for the optimal structure of housing finance. It amkes equity financing of home purchase more desirable. The properties of hybrid debt-equity contracts for financing house purchase are explored.

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Bibliographic Info

Paper provided by Monetary Policy Committee Unit, Bank of England in its series Discussion Papers with number 35.

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Length: 23 pages
Date of creation: 19 Apr 2012
Date of revision:
Handle: RePEc:mpc:wpaper:0035

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Keywords: demographics; house prices; mortgage design; population density; housing; debt-equity; equity financing;

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