Government and property market failure: the political and ideological origins of the property market downturn

Bowie, Duncan 2009. Government and property market failure: the political and ideological origins of the property market downturn. ISA Housing Conference. Glasgow, Scotland 01-04 Sept 2009

TitleGovernment and property market failure: the political and ideological origins of the property market downturn
AuthorsBowie, Duncan
TypeConference paper
Abstract

This paper will consider the political and ideological background to the ‘ credit crunch’ and will consider the role of British state agencies in generating the market downturn. The paper will examine how government housing policy and its focus on promoting home ownership has contributed to the crisis and will consider the consequences of the fall in housing market transactions and house-building on wider government policy objectives on housing production targets, the affordable housing programme and the development of sustainable communities, using London as a case study. This will include an analysis of the impact on specific development schemes. The paper will then consider the successive policy initiatives proposed by the British government and government agencies, including the newly established Homes and Communities Agency, to maintain the housing programme within the changed economic context. It will assess the impact of these initiatives and consider the need for further interventionist measures including the development of a new funding model for affordable housing in the UK. The paper concludes that the ‘credit crunch’ has demonstrated the need for a fundamental shift in British housing policy based on abandoning the dependence on an unregulated housing market and replacing it by public sector led intervention to ensure effective long term stability in the housing market and the affordable housing programme. The paper will argue that the new model can draw on earlier UK experience as well as on experience in other countries.

YearSep 2009
ConferenceISA Housing Conference

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