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Factors Influencing Tenure Choice in European Countries

100%
Bazyl M.
Central European Journal of Economic Modelling and Econometrics
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2009
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issue 4
2
Content available remote

Exploring young Europeans’ homeownership opportunities

100%
Dewilde C.
Critical Housing Analysis
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2020
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vol. 7
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issue 1
86-102
EN
Even before the 2008/9-crisis, and certainly after, trends in labour markets combined with housing and mortgage market developments made it more difficult for each new cohort of young Europeans (25-34) to complete the transition to ‘residential independence’, and to homeownership in particular. Using EU-SILC-data (2005-2018), I find that young adults’ homeownership opportunities have indeed declined across Europe, but to varying extents. Furthermore, it seems that a more socially selective group of highly educated young homeowners are entering properties, and the properties they are entering are of lower quality and in locations with fewer services. I also find indications that the transition to homeownership is being pushed beyond the commonly used age-threshold of 34. Across countries, deteriorating homeownership opportunities are more strongly associated with housing and mortgage market turmoil than with the declined employment and income security of young adults. Taken together, these findings may indicate that housing market developments, such as restricted access to mortgage credit, have become a more important explanatory factor.
3
Content available remote

‘Generation Rent’ and intergenerational relations in the era of housing financialisation

100%
Ronald R.
Critical Housing Analysis
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2018
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vol. 5
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issue 2
14-26
EN
Homeownership has been in decline in a number of developed societies since the early 2000s driven, primarily, by declining entry among younger households who have been increasingly pushed into the rental sector. This trend has been associated with a growing intergenerational divide, or even conflict, and the emergence of ‘Generation Rent’. This paper explores the conditions surrounding diminishing access to owner-occupation among new households with a focus on the historic maturation of homeownership sectors, the restructuring of the political economy (financialization) around housing wealth and the inter-cohort dynamics surrounding the accumulation and transfer of housing wealth. The paper takes an international perspective drawing on evidence from two parallel, but contrasting cases: Japan and the UK. The analysis illustrates the interrelatedness of interand intra-generational inequalities, with the former reinforcing the latter. It also focuses on the role of families as both a moderator of generational inequity at the micro level as well as an enhancer of socioeconomic inequalities overall.
4
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Housing quantum and Innovative Building Systems in South Africa - the affordability perspective for 2020

88%
Kabundu E., Mbanga S., Botha B., Crafford G.
Critical Housing Analysis
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2022
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vol. 9
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issue 2
18-29
EN
The adoption of innovative building technologies (IBTs) and social welfare policies in South Africa has facilitated an increase in decent homeownership among low-income groups, thus improving their quality of life. However, due to the escalating costs of building materials, the capital and lifecycle costs of implementing these technologies may no longer be affordable. This research aims to provide a comparative evaluation of the affordability of some readily available IBTs in the South African construction industry, relative to existing homeownership subsidy grants. The method used involved the use of secondary data for these IBTs and the income constraint methods. The results showed that, apart from the technologies suitable for the provision of temporary structures, most of the other technologies were not affordable for the complete subsidisation of the top structure when both capital and lifecycle costs were used, except the Moladi and Robust structure IBTs under some low-income homeownership programmes. Further analysis using credit-linked subsidies revealed that the minimum household income required to achieve affordable homeownership (and their rankings) depends both on the evaluation technique (lifecycle or capital costs) and technology used. To improve affordability, any implementing government can either raise the amount of the top structure subsidy grant, promote the use of cheaper but durable IBTs, or promote the use in incremental building methods, such as the Enhanced People’s Housing Process (EPHP) for the case of South Africa.
5
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Housing uncertainty: socio-economic inequality and forex loans trajectories in the Bosnian housing market

88%
Lofranco Z. T.
Critical Housing Analysis
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2022
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vol. 9
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issue 1
87-97
EN
This article explores the nexus between the financialisation of housing and socio-economic inequality in Bosnia and Herzegovina (BiH). In this context, since the post-war economic reforms, driven by deindustrialisation, the precarisation of labour, and dependent financialisation, housing loans have become a ‘privilege’ for a restricted group of people with high and stable incomes. Instead, the housing aspirations of Bosnians are generally met with the aid of consumer loans and the ostensibly cheaper FX loans that were introduced in the mid-2000s. Drawing on quantitative and qualitative data, this paper highlights the enduring features of the polarised credit market in BiH. It particularly focuses on the period after the 2008 crisis when lending policies were only mildly re-regulated. FX loans never became the object of an ad hoc law to convert them to Bosnian convertible marks. This institutional approach has been unable to challenge the extreme class segmentation of housing finance and is still fostering indebtedness and precarious housing conditions among the lower-income segments of Bosnian society even after the pandemic.
6
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Rovní v příjmech, nerovní v majetku? : Nerovnosti ve vlastnickém bydlení v ČR

88%
Sunega P., Lux M.
Sociologický časopis. Czech Sociological Review
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2018
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vol. 54
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issue 5
749-780
EN
This article focuses on the problem of wealth inequalities as an as yet overlooked axis of social inequalities in the Czech Republic. Wealth inequalities and their development over time are measured here on the basis of the value of the real estate (a flat or house) in which the household lives. The value of household real estate has grown significantly in recent decades in the Czech Republic and Czechs still favour owner-occupied housing over other forms of housing tenure. Households whose parents were also homeowners enjoy an increasingly more evident advantage in acquiring owneroccupied housing themselves. Using selected indicators of income and wealth inequalities, this article shows that in every year observed in this study, wealth inequalities in the form of residential real estate were greater than income inequalities in Czech society. The article also finds that in the observed period lower-income homeowner households recorded lower unrealised yield on the price appreciation of the real estate they live in that higher-income homeowner households did. These findings have significant implications for measuring social inequalities, identifying potential barriers to the entry of new households into the owner-occupied housing segment, and the use of owner-occupied housing as a form of old-age security.
7
Content available remote

Homeownership-Based Welfare in Transition

88%
Ronald R., Kadi J., Lennartz C.
Critical Housing Analysis
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2015
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vol. 2
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issue 1
52-64
EN
Welfare-state restructuring featuring the use of equity held in owner-occupied housing assets to offset declining public welfare resources and diminishing pension reserves – a form of ‘homeownership-based welfare’ – has become increasingly prominent in many developed economies in recent decades. This paper, focusing on the UK, examines the shifting position of homeownership, arguing that while the private home has become a key component of welfare restructuring, both owner-occupation and housing equity have become more polarised in the last decade, especially across cohorts. A particular concern is whether passive homeownership-based welfare switching strategies have become more active, or even pro-active, strategies to housing property accumulation as a means to compensate for welfare state retrenchment and anticipated pension shortfalls leading up to and since the Global Financial Crisis. We identify the significance of the rapid advance of a ‘generation landlord’ in the recent development of ‘generation rent’.
8
Content available remote

Evaluation of Home-Equity Financing Option in a Developing Economy, Illustrated with an Example of Ghana

63%
Nyarko F. J., Ayitey J. Z., Gavu E. K.
Świat Nieruchomości
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2015
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issue 4(94)
23-28
EN
The introduction of mortgage financing in developing economies such as Ghana has been a marginal success. The framework and the macroeconomic environment necessary for a vibrant and effective mortgage finance system is almost non-existent and may demand a considerable period and a lot of effort to correct such anomalies. This study seeks to explore the prospects of equity financing and further suggests its viability in housing financing for developing economies. The survey confirms the most preferred housing finance option to be equity; this situation results in numerous piecemeal developments, many of which never see completion. The study finds out that due to worsening and unstable economic conditions, equity users often encounter a shortage of equity along the line of construction. We therefore conclude that rental housing is a better option for satisfying the housing needs of the majority of Ghanaians.
PL
Artykuł podejmuje problematykę zakupu mieszkaniowego finansowanego kredytem hipotecznym w krajach rozwijających się. Autorzy prezentują przykład Ghany, czyli kraju w którym kredyt hipoteczny jako produkt finansowy jest na bardzo wczesnym etapie rozwoju (w 2010 roku jedynie 0,8% mieszkań było finansowanych tą metodą). W artykule przedstawiono szanse i zagrożenia dla lewarowanego sposobu zakupu mieszkania, z uwzględnieniem specyfiki społecznoekonomicznej Ghany. Rozważania teoretyczne są uzupełnione wynikami badań ankietowych.
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