NDLI: The UK mortgage market: responding to volatility

Content Provider	Springer Nature Link
Author	Scanlon, Kathleen Whitehead, Christine
Copyright Year	2011
Abstract	The UK housing finance system is still recovering from the credit and financial crisis of 2007–2008. Some features of the system have made it particularly vulnerable to this crisis, notably the extent to which lenders have been reliant on the money markets and securitisation to enable them to lend and the generosity of loan conditions during the boom period, especially after 2005. Other features have helped the system to weather the crisis—notably the relatively low rate of transactions and the prevalence of variable rate and tracker mortgages, which meant that many existing borrowers saw their interest payments fall. At the same time the prime objective of the mortgage market—supporting sustainable owner-occupation—has been undermined as first-time buyers have found it more and more difficult to obtain mortgage funding. The objective of this paper is to assess the robustness of the UK housing finance system not only in the context of the current crisis but also in comparison with earlier crises. We discuss the fundamental issues of volatility and longer-term house price developments both before and after liberalisation. To address these issues the paper first looks at the history of housing market volatility, then at the details of the period since 2007 and finally at future prospects.
Starting Page	277
Ending Page	293
Page Count	17
File Format	PDF
ISSN	15664910
Journal	Journal of Housing and the Built Environment
Volume Number	26
Issue Number	3
e-ISSN	15737772
Language	English
Publisher	Springer Netherlands
Publisher Date	2011-06-11
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Credit crisis UK housing finance UK mortgage market Regulation Liberalisation Human Geography Housing Landscape/Regional and Urban Planning
Content Type	Text
Resource Type	Article
Subject	Geography, Planning and Development Urban Studies

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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