European Housing Markets, Economics and Finance – After the Crisis (Special issue call for papers from Journal of European Real Estate Research)

Guest editors: Kenneth Gibb (University of Glasgow), Alex Marsh (University of Bristol)

Introduction to the Special Issue
National European housing systems were affected to different degrees by the immediate and longer-term impact of the Global Financial Crisis (GFC) after 2007. In some cases the effect was profound. Not only did the GFC bring an end to the benign macroeconomic conditions of the ‘great moderation’ but it exposed the fragility of highly-leveraged mortgage markets. This led to an historic downturn in real housing markets: in new development; in property transactions; and, often, in prices for housing and land. In several countries this market downturn had wider effects on national and regional economies, as well as disadvantaging citizens, communities and opportunities. It is arguably the case that many economists including those working in housing and real estate research either missed or misunderstood the evidence prior to the crash.

In this special issue papers are invited that reflect on this housing market reversal from a national and comparative European perspective (and a regional focus where that is appropriate). The editors are interested in original conceptual, empirical and policy papers. They are not seeking simple factual accounts of the downturn and its impacts on national housing systems – much of this ground has already been covered. Rather, the opportunity is offered for authors to contribute papers that go further and genuinely add to our understanding by exploring the underlying processes and their implications.

Scope
Specifically, the editors would welcome papers addressing the following subjects (or clearly related subjects, by agreement):

• Why were some national housing systems more resilient than others and less affected by the crisis? What are their key features and what lessons can be learned?
• To what extent were the housing economics profession and its models of markets ready and fit for purpose? How well were we able to explain the transmission mechanisms that resulted in serious damage to national housing markets and economies in different parts of Europe after 2007? How well were we predicting the scale of these impacts in advance of the GFC? What lessons can we take from the experience? What lessons have been taken by market actors (including Governments) from the experience?
• How have national housing market policies responded to the crisis and how do those responses relate to macroeconomic policy responses post 2007?
• How has national mortgage market and related policy responded? What impact has that had upon the functioning of the housing market?

Papers are welcome that focus on a single country, undertake comparative research (suitably methodologically grounded), or distinguish contrasting regions within a nation. Papers are also welcome from a non-mainstream economic perspective as well as rigorous conceptual and empirical mainstream contributions.

Submission
The editors would welcome correspondence about potential submissions. In the first instance, please send abstracts to Ken Gibb at ken.gibb@glasgow.ac.uk.

All papers will be double blind peer reviewed and read by the Editors. Papers should be submitted in the normal way to JERER, but in order for papers to be considered for this Special Issue authors must conform to the following timetable.
Key dates:

• Deadline for submission of abstracts and editorial approval to submit – by 31st October 2013
• Deadline for submission of draft papers – 31st January 2014 (this is a hard and non-moving deadline)
• Review of draft papers returned to authors by 31st March 2014
• Deadline for revised & finalized papers by 30th June 2014 (this is another hard non-moving deadline)

Please note that, as there are size restrictions on any one issue of JERER, papers maybe accepted for publication by this route but might not be accepted for the special issue. Such papers will be published in the first available spaces of the journal in a standard issue thereafter.
Please contact the editors if you would like to discuss any aspect of this special issue, including the possible submission of a paper and whether or not it would be in scope. Details are also available from Emerald
 

New book: advanced notice of publication.

Finance for Housing: An Introduction. Cath Davis. Policy Press.

This much-needed text by an experienced author with a policy background is due to be published on 17 July 2013.

Current housing finance issues (and their history) are linked with broader social policy and political themes. It covers the finance of building and refurbishment; managing and maintaining property for all the different tenures (owner occupation, council housing, housing association and private renting), and discusses whether current arrangements are sustainable. Written for housing, social policy and politics students and staff, it is also accessible to anyone concerned about housing in Britain today.

Contents:

Part One:Overview chapters;

• Political choices and housing finance:
• The global financial crisis and the UK government's role

Part Two: Tenure based chapters

• Local authority general housing services and building work;
• Owner occupation;
• The changing fortunes of council housing;
• Housing associations;
• The private rented sector;

Part Three: Issues with housing costs

• 'Marginal' owner occupation;
• A variety of rents;
• Paying for housing with help from housing benefits
• Discussion: Is our housing system sustainable?

News from TRP Sheffield

Ed Ferrari presents at the New School Housing Conference: After the Housing Crisis: Housing Policy and Finance in the USA and UK

Ed Ferrari was recently invited to present at a conference organised by the Milano School of International Affairs, Management and Urban Policy at the New School in New York. The conference, which tackled issues relating to housing policy and finance in the UK and US in the wake of the financial crisis, was sponsored by the Housing Studies Charitable Trust and the Rockefeller Foundation. Ed's paper provided a broad overview of the various housing crises suffered in the UK over the past century and more, and argued that the roots of the present housing problem were structural and predated the banking crisis of 2007. A more integrative account of housing dynamics as well as a broader conceptualisation of the value of housing were required, he argued, which demanded more investment in housing to meet not only housing needs but a range of other social and economic needs. The paper will be made available at the conference website after 15 October.