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Milestones in European Housing Finance: Is the French Credit System a Gallic Oddity?

Author

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  • Christian Tutin

    (LAB'URBA - LAB'URBA - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Bernard Vorms

Abstract

The financial and banking system in France was transformed in the 1980s but there were no further changes in housing finance in the 1990s and 2000s, apart the fact that ‘special circuits' now only serve social housing, while half a dozen big ‘universal' banks dominate the home loans market. Most specifics of the French residential loans have remained unchanged and neither securitisation nor equity withdrawal have developed. The home loan market has grown rapidly since the mid-1990s fuelling demand for homeownership, and facilitating a 160 percent rise in house prices in the pre-crisis decade. Neither the housing market nor the banking system was seriously affected by the financial crisis of 2007–2008. Transactions and construction dropped briefly in 2009, but prices and volumes then returned to near pre-crisis levels. The downturn in the housing market since the end of 2012 is mainly an outcome of economic stagnation rather than financial stress. However, Basel III may threaten the robustness of the system.

Suggested Citation

  • Christian Tutin & Bernard Vorms, 2016. "Milestones in European Housing Finance: Is the French Credit System a Gallic Oddity?," Post-Print hal-05317668, HAL.
    • Handle: RePEc:hal:journl:hal-05317668
    DOI: 10.1002/9781118929421.ch10
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