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Housing markets and policy in the UK and the USA

Author

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  • Colin Jones
  • Harry W. Richardson

Abstract

Purpose - – This paper aims to examine how the exogenous shock of the global financial crisis has had a differential impact on the housing markets of the USA and UK. Design/methodology/approach - – The paper begins by examining the nature and dynamics of the global financial crisis. It presents a detailed comparison of institutional and housing market characteristics in each country. A particular focus is the differences in mortgage funding and subprime lending trends over the decade leading up to the financial crisis. Findings - – The analysis demonstrates the distinctiveness of the recent housing cycles and the geography of the downward price adjustments. Relative unemployment rates play a key role in these outcomes. Despite the different dynamics of the boom and bust, there is a common legacy in terms of the collapse of house building, repossessions/foreclosures and falling home ownership rates. The short-term policy responses by both governments addressed the same target issues in alternative ways but with different outcomes. Longer-term solutions are still being debated in both countries. Originality/value - – Innovatory insights are provided by the comparison of the sub-national spatial pattern of the recent house price cycle in two countries.

Suggested Citation

  • Colin Jones & Harry W. Richardson, 2014. "Housing markets and policy in the UK and the USA," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 7(1), pages 129-144, February.
    • Handle: RePEc:eme:ijhmap:v:7:y:2014:i:1:p:129-144
    DOI: 10.1108/IJHMA-10-2012-0052
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    Citations

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    Cited by:

    1. Xinba Li & Chihwa Kao, 2022. "Spatial Analysis and Modeling of the Housing Value Changes in the U.S. during the COVID-19 Pandemic," JRFM, MDPI, vol. 15(3), pages 1-25, March.
    2. Philippe Bracke, 2021. "How Much Do Investors Pay for Houses?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 41-73, March.

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