Understanding Affordability: The Economics of Housing Markets

Geoffrey Meen; Christine Whitehead

doi:10.46692/9781529211887

For many younger and lower-income people, housing affordability continues to worsen. Based on the academic research of two distinguished housing economists - and stimulated by working with governments across the world - this wide-ranging book sets out clear theoretical and empirical frameworks to tackle one of today's most important socio-economic issues. Housing unaffordability arises from complex forces and a prerequisite to effective policy is understanding the causes of rising house prices and rents and the interactions between housing, housing finance and the macroeconomy. The authors challenge many of the conventional wisdoms in housing policy and offer innovative recommendations to improve affordability.

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Contents

Frontmatter
pp i-ii
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Contents
pp iii-iii
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List of Figures and Tables
pp iv-vi
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Preface
pp vii-xii
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1 - Crisis, What Crisis?
pp 1-16
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2 - Is Housing Really Unaffordable?
pp 17-38
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3 - What Factors Determine Changes in House Prices and Rents?
pp 39-56
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4 - Influences on Household Formation and Tenure
pp 57-76
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5 - Rental Affordability
pp 77-92
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6 - What Determines the Number of New Homes Built?
pp 93-106
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7 - Housing Demand, Financial Markets and Taxation
pp 107-120
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8 - Housing, Affordability and the Macroeconomy
pp 121-136
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9 - Planning and the Assessment of Housing Needand Demand
pp 137-156
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10 - Raising the Level of Private Housing Construction
pp 157-174
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11 - Subsidizing the Supply of Rental Housing
pp 175-194
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12 - Subsidizing the Housing Costs of Lower-Income Tenants
pp 195-210
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13 - Increasing Home Ownership
pp 211-226
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14 - Where Do We Go from Here?
pp 227-246
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Appendices
pp 247-248
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APPENDIX 2.1 - Modelling the Effects of Affordability on Stress
pp 249-250
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APPENDIX 3.1 - Determining Private Market Rents
pp 251-252
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APPENDIX 8.1 - On the Growth of Mortgages and House Prices
pp 253-256
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Notes
pp 257-274
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References
pp 275-310
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Index
pp 311-324
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Understanding Affordability

The Economics of Housing Markets

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Contents

Frontmatter
pp i-ii

Contents
pp iii-iii

List of Figures and Tables
pp iv-vi

Preface
pp vii-xii

1 - Crisis, What Crisis?
pp 1-16

2 - Is Housing Really Unaffordable?
pp 17-38

3 - What Factors Determine Changes in House Prices and Rents?
pp 39-56

4 - Influences on Household Formation and Tenure
pp 57-76

5 - Rental Affordability
pp 77-92

6 - What Determines the Number of New Homes Built?
pp 93-106

7 - Housing Demand, Financial Markets and Taxation
pp 107-120

8 - Housing, Affordability and the Macroeconomy
pp 121-136

9 - Planning and the Assessment of Housing Needand Demand
pp 137-156

10 - Raising the Level of Private Housing Construction
pp 157-174

11 - Subsidizing the Supply of Rental Housing
pp 175-194

12 - Subsidizing the Housing Costs of Lower-Income Tenants
pp 195-210

13 - Increasing Home Ownership
pp 211-226

14 - Where Do We Go from Here?
pp 227-246

Appendices
pp 247-248

APPENDIX 2.1 - Modelling the Effects of Affordability on Stress
pp 249-250

APPENDIX 3.1 - Determining Private Market Rents
pp 251-252

APPENDIX 8.1 - On the Growth of Mortgages and House Prices
pp 253-256

Notes
pp 257-274

References
pp 275-310

Index
pp 311-324

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The Economics of Housing Markets

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