Hostname: page-component-848d4c4894-4hhp2 Total loading time: 0 Render date: 2024-06-03T17:53:50.760Z Has data issue: false hasContentIssue false
  • English
  • Français

Housing and the Wider Economy in the Short and Long Run

Published online by Cambridge University Press:  26 March 2020

David Miles
David Miles*
Affiliation:
Birkbeck College, University of London
Get access Rights & Permissions [Opens in a new window]

Extract

Over the course of the twentieth century housing wealth in the UK has risen dramatically; recently it has become easier for households to borrow against that wealth. The process by which real housing wealth has growth—through long-term increases in the relative price of homes and substantial real investment in the stock of dwellings—has implications for the impact of financial liberalisation upon saving future house prices and bequests of housing. This article takes a long-term perspective on housing in the UK in order to answer questions of great practical importance. The interaction between savings, population changes, bequests of properly, housing investment and house prices is analysed and the forces driving these variables into the next century are assessed.

Type
Articles
Information
National Institute Economic Review , Volume 139 , February 1992 , pp. 64 - 78
Copyright
Copyright © 1992 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

The author wishes to thank Sharon Agard for expert research assistance.

References

Ashton, P., Minford, P. and Peel, D. (1987), ‘The housing morass’, Hobart Paper, no. 25, Institute of Economic Affairs, London.Google Scholar
Bank of England, (1985), ‘The housing finance market: recent growth in perspective’, Bank of England Quarterly Bulletin, March pp.80–91.Google Scholar
Bank of England (1989), ‘The housing market’, Bank of England Quarterly Bulletin, February, pp. 66–77.Google Scholar
Bank of England (1991), ‘Housing finance—an international perspective’, Bank of England Quarterly Bulletin, February, pp. 56–66.Google Scholar
Black, J. and Stafford, D. (1988), Housing Policy and Finance, Routledge, London.Google Scholar
Boleat, M. (1987), National Housing Finance Systems—a Comparative Study, Croom Helm, London.Google Scholar
Coles, A. (1991), ‘Household formation projections’, in Housing Finance, no. 12, November.Google Scholar
Congdon, T. and Turnbull, P. (1982), The Coming Boom in Housing Credit, Messels and Co, June.Google Scholar
Drake, L. (1991), The Building Society Industry in Transition, Macmillan, Basingstoke.Google Scholar
Ermisch, J. (1991), ‘An ageing population, household formation and housing’, Housing Studies, vol. 6, no. 4, pp. 230–240.CrossRefGoogle Scholar
Hamnett, C.Harmer, M. and Williams, P. (1991), Safe as Houses, Paul Chapman Publishing, London.Google Scholar
Hills, J. (1991), Unravelling Housing Finance, Oxford University Press, Oxford.Google Scholar
Holmans, A. (1990), ‘House prices: changes through time at the national and sub-national level’, Government Economic Service Working Paper, no. 110.Google Scholar
Holmans, A. (1987), Housing Policy in Britain, Croom Helm, London.Google Scholar
Inland Revenue (1990), ‘Inland revenue statistics’, HMSO, London.Google Scholar
International Organisations for Housing Finance Institution, (1987), International Housing Finance Factbook, London.Google Scholar
Lee, J. and Robinson, W. (1990), ‘The fall in the savings ratio: the role of housing’, Fiscal Studies, 11, pp.36–52.CrossRefGoogle Scholar
Maclellan, D. (1990), Paper presented at the first conference of the LBS Housing Research Group, London, September.Google Scholar
Miles, D. (1990), ‘Financial liberalisation, the current account and housing markets’, Birkbeck College discussion paper in financial economics.Google Scholar
Miles, D. (1992), ‘Housing markets, consumption and financial liberalisation in the major economies’, forthcoming, European Economic Review.CrossRefGoogle Scholar
Morgan Grenfell (1987), ‘Housing inheritance and wealth’, Economic Review, no. 45, November.Google Scholar
Muellbauer, J. and Murphy, A. (1989), ‘Why has the UK savings ratio collapsed?’, Credit Suisse First Boston research paper, July.Google Scholar
Oecd (1988), Urban Housing Finance, Paris.Google Scholar
Office of Water Services (1991), ‘Cost of capital: a consultative report’, July.Google Scholar
Pesaran, M. and Evans, R. (1984), ‘Inflation, capital gains and UK personal savings, 1953-81’, Economic Journal, vol. 94, pp.237–57.Google Scholar
Poterba, J. and Manchester, J. (1989), ‘Second mortgages and household savings, NBER discussion paper no. 2853.Google Scholar
Spackman, M. (1991), ‘Discount rates and rates of return in the public sector: economic issues’, UK Treasury working paper no. 58.Google Scholar
Takagi, S. (1988), ‘Trends of Japanese savings and wealth and recent developments in national accounts in Japan’, in The Global Role of the Japanese Economy with Affluent Savings and Accumulated Wealth, Fifth International EPA Symposium, Eocnomic Planning Agency, Tokyo.Google Scholar