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The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe

With continued economic growth and expanding mortgage markets, until recently the pattern across advanced economies was of growing homeownership sectors. The Great Financial Crisis (GFC) has however, undercut this growth resulting in the contraction of homeownership access in many countries and the...

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Autores principales: Arundel, Rowan, Doling, John
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Netherlands 2017
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5744615/
https://www.ncbi.nlm.nih.gov/pubmed/29323352
http://dx.doi.org/10.1007/s10901-017-9551-8
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author Arundel, Rowan
Doling, John
author_facet Arundel, Rowan
Doling, John
author_sort Arundel, Rowan
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description With continued economic growth and expanding mortgage markets, until recently the pattern across advanced economies was of growing homeownership sectors. The Great Financial Crisis (GFC) has however, undercut this growth resulting in the contraction of homeownership access in many countries and the revival of private renting. This paper argues that these tenure changes are not solely a consequence of the GFC, and therefore, reversible once long-term growth returns. Rather, they are the consequences of more fundamental changes especially in labour markets. The very financialisation that fuelled the growth of homeownership has also led to a hollowing out of well-paid, secure jobs—exactly those that fit best with the taking of housing loans. We examine longer-term declines in labour market security across Europe from before the GFC, identifying an underlying correlation between deteriorated labour market conditions and homeownership access for young adults. While variations exist across European countries, there is evidence of common trends. We argue that the GFC both accelerated pre-existing labour insecurity dynamics and brought an end to offsetting such dynamics through the expansion of credit access with the likelihood of a return to an era of widespread homeownership growth starkly decreased.
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spelling pubmed-57446152018-01-08 The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe Arundel, Rowan Doling, John J Hous Built Environ Article With continued economic growth and expanding mortgage markets, until recently the pattern across advanced economies was of growing homeownership sectors. The Great Financial Crisis (GFC) has however, undercut this growth resulting in the contraction of homeownership access in many countries and the revival of private renting. This paper argues that these tenure changes are not solely a consequence of the GFC, and therefore, reversible once long-term growth returns. Rather, they are the consequences of more fundamental changes especially in labour markets. The very financialisation that fuelled the growth of homeownership has also led to a hollowing out of well-paid, secure jobs—exactly those that fit best with the taking of housing loans. We examine longer-term declines in labour market security across Europe from before the GFC, identifying an underlying correlation between deteriorated labour market conditions and homeownership access for young adults. While variations exist across European countries, there is evidence of common trends. We argue that the GFC both accelerated pre-existing labour insecurity dynamics and brought an end to offsetting such dynamics through the expansion of credit access with the likelihood of a return to an era of widespread homeownership growth starkly decreased. Springer Netherlands 2017-04-22 2017 /pmc/articles/PMC5744615/ /pubmed/29323352 http://dx.doi.org/10.1007/s10901-017-9551-8 Text en © The Author(s) 2017 Open AccessThis article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
spellingShingle Article
Arundel, Rowan
Doling, John
The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title_full The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title_fullStr The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title_full_unstemmed The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title_short The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe
title_sort end of mass homeownership? changes in labour markets and housing tenure opportunities across europe
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5744615/
https://www.ncbi.nlm.nih.gov/pubmed/29323352
http://dx.doi.org/10.1007/s10901-017-9551-8
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