Milestones in European Housing Finance
by Jens Lunde, Christine Whitehead
1st Edition
Publisher: Wiley-Blackwell
Book Details
| Print ISBN | 9781118929452 |
| eText ISBN | 9781118929438 |
| Publisher | Wiley-Blackwell |
| Publishing Year | 2015 |
| Edition | 1st Edition |
| Language | English |
| Pages | 488 |
Milestones in European Housing Finance, 1st Edition, provides evidence on the development of housing finance markets across Europe. The volume investigates how national markets navigated the challenges of deregulation and privatisation starting in the 1980s.
The text examines how the financial crisis affected the structure of the mortgage industry and the range of financial instruments available. It reviews governmental and European Union responses to higher indebtedness and growing risks in Western Europe, alongside the need to develop finance markets in Eastern Europe.
Published in the Real Estate Issues series, this book features a foreword by David Miles and considers how changing housing finance markets influence future capacity to supply adequate affordable housing.
Table of Contents
Chapter 1: Introduction: Milestones in European Housing Finance since 1989
- • Why analyse developments in housing finance?
- • Defining housing finance
- • The countries
- • Trends in mortgage systems
- • Mortgage debt and house price increases – enabling each other?
- • Conclusions
- • References
Chapter 2: European Housing Finance Models in 1989 and 2014
- • Introduction
- • Mortgage systems
- • Funding the supply of mortgages
- • Mortgage characteristics
- • Overview
- • References
Chapter 3: Australia’s 25 Years with a Deregulated Housing Finance System: Looking Back and Looking Forward
- • The economic and institutional environment of the last 25 years
- • Key milestones
- • Impacts and implications of changes
- • Emerging issues
- • Conclusion
- • Acknowledgements
- • References
Chapter 4: Milestones in Housing Finance in Austria over the Last 25 Years
- • The economic and institutional environment of the last 25 years
- • Finance milestones
- • Impacts and outcomes
- • Looking to the future
- • Acknowledgements
- • References
Chapter 5: Milestones in 25 Years of Housing Finance in Belgium
- • Introduction
- • The Belgian housing finance system
- • The economic and institutional environment of the last 25 years in Belgium
- • Milestones during the last 25 years of housing finance in Belgium
- • Impacts
- • Looking to the future
- • Acknowledgements
- • References
Chapter 6: Milestones in Housing Finance in the Czech Republic since 1990
- • Introduction
- • Milestones in housing finance
- • Impacts
- • Future prospects
- • Acknowledgements
- • Notes
- • References
Chapter 7: Milestones in Danish Housing Finance since 1990
- • Introduction
- • The economic environment of the last 25 years
- • The Danish mortgage system
- • Key milestones
- • The impacts of these milestones over the last 25 years
- • Parallel development in house prices and owner‐occupiers’ net debt
- • The housing crisis, the national banking crisis and the Global Financial Crisis
- • The aftermath
- • The rescue operations
- • Looking to the future
- • Acknowledgements
- • References
Chapter 8: Milestones in Housing Finance in England
- • Introduction
- • The economic and institutional environment of the last 25 years
- • Milestones in private housing finance
- • Milestones in social and affordable housing finance
- • Impacts
- • Looking to the future
- • Note
- • References
Chapter 9: Milestones in Housing Finance in Finland
- • Introduction
- • Key milestones
- • Impacts and implications of changes
- • Looking to the future
- • References
- • Further reading
Chapter 10: Milestones of Housing Finance in France between 1988 and 2014: Is the French Credit System a Gallic Oddity?
- • Introduction: A quarter of a century later
- • Finance milestones
- • Specifics of French housing finance
- • Impacts
- • Looking to the future
- • Conclusions
- • References
Chapter 11: Milestones in the Development of the German Housing Finance System in the Last 25 Years
- • The initial situation in 1989
- • Milestones at a glance
- • German reunification (1990): A friendly takeover by the white knight?
- • The conversion of homeownership subsidisation from a tax to a grant system (1996): Heading for a new balance of tenures?
- • Integration and deregulation of capital markets: risks for the future?
- • Trying to run a housing system without subsidies
- • Measures to rescue the financial system since 2008
- • The dynamics of the German system of housing finance since 1989
- • Notes
- • References
Chapter 12: Moving from an Authoritarian State System to an Authoritarian Market System: Housing Finance Milestones in Hungary between 1979 and 2014
- • From socialism to capitalism: the economic and institutional environment
- • Finance milestones in the housing system
- • Impacts
- • The future of the housing finance system
- • References
Chapter 13: Housing Finance in Iceland: Milestones 1989–2014
- • Introduction
- • The economic and institutional environment of the past 25 years
- • The bumpy ride of Icelandic housing finance
- • Impacts
- • Looking to the future
- • References
Chapter 14: Milestones in 25 Years of Housing Finance in Ireland
- • Key milestones
- • Emerging issues
- • Conclusion
- • Acknowledgements
- • Notes
- • References
Chapter 15: Milestones in Housing Finance in the Netherlands, 1988–2013
- • Introduction
- • Milestones over the three periods
- • Impacts
- • Reflection
- • Acknowledgements
- • References
Chapter 16: Housing Finance in Norway: The Last 25 Years
- • Introduction
- • The economic and institutional environment of the last 25 years
- • Finance milestones
- • The financial crisis
- • Impacts of the housing finance milestones
- • Looking into the future
- • Conclusion
- • Acknowledgements
- • References
Chapter 17: Milestones of Housing Finance in Poland
- • Introduction
- • Housing finance milestones
- • Impact of housing finance milestones in Poland in the last 25 years
- • Looking towards the future
- • References
Chapter 18: The Housing Finance System in Portugal since the 1980s
- • Introduction
- • Context: a legacy of family financing, the impact of the 1974 revolution and the period to 1989
- • Milestones in the development of the Portuguese housing market and housing finance since 1989
- • Impacts
- • Conclusions
- • Acknowledgements
- • References
Chapter 19: Evolution of the Housing Finance System in Russia
- • Introduction
- • Brief review of basic features of the Soviet era housing system
- • The housing system during the transition to a market economy (1990s)
- • Forming the basis for a housing mortgage financing system (1997–2005)
- • Between the market and the state (2005–2013)
- • State programmes to stimulate housing demand and supply
- • The effect of the GFC
- • What lies ahead?
- • References
Chapter 20: Housing Finance in Slovenia: From a National Housing Fund to a Bank‐Driven System
- • The economic and institutional environment of the last 25 years
- • Major policy changes
- • Impacts
- • Looking to the future
- • References
Chapter 21: Housing Finance in Spain: From the Liberalisation of the Mortgage Market to Booms and Busts
- • The economic and institutional environment of the last 25 years
- • Finance milestones
- • The impact of these milestones over the last 25 years
- • Looking to the future: financing into the future
- • References
Chapter 22: Milestones in Swedish Housing Finance
- • Background
- • Key milestones
- • Impacts
- • Looking to the future
- • References
Chapter 23: Housing Finance in Turkey over the Last 25 Years: Good, Bad or Ugly?
- • Introduction
- • The Turkish housing finance system over the last 25 years from a marketisation perspective
- • Finance milestones: The rise of marketisation and changes in housing finance
- • Impacts of the transformation of the housing finance system
- • Future trends in housing finance markets
- • Gated communities and housing finance
- • Conclusions
- • Acknowledgements
- • References
Chapter 24: Milestones in EU Housing and Mortgage Markets
- • Milestones in EU housing and mortgage markets
- • 1990–2000 – Milestones: The Single European Market, deregulation and consolidation and product innovation
- • 2001–2008 – Milestones: EU focus on mortgage credit, growth of covered bonds and adoption of the Capital Requirements Directive (CRD)
- • 2008–2014 – Milestones: Restoring financial stability, consumer protection and unlocking long‐term financing
- • Conclusion
- • References
Chapter 25: Following On From a Quarter of a Century of Mortgage Debt
- • Introduction: 1989 and 2014
- • Trends in mortgage systems over the quarter century
- • The impact of the GFC
- • Conclusions: looking back and looking forward
- • References
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