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Housing and the Wider Economy in the Short and Long Run

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  • David Miles

    (Birkbeck College, University of London)

Abstract

Over the course of the twentieth century housing wealth in the UK has risen dramatically; recently it has become easier for households to borrow against that wealth. The process by which real housing wealth has growth—through long-term increases in the relative price of homes and substantial real investment in the stock of dwellings—has implications for the impact of financial liberalisation upon saving future house prices and bequests of housing. This article takes a long-term perspective on housing in the UK in order to answer questions of great practical importance. The interaction between savings, population changes, bequests of properly, housing investment and house prices is analysed and the forces driving these variables into the next century are assessed.
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Suggested Citation

  • David Miles, 1992. "Housing and the Wider Economy in the Short and Long Run," National Institute Economic Review, National Institute of Economic and Social Research, vol. 139(1), pages 64-78, February.
    • Handle: RePEc:sae:niesru:v:139:y:1992:i:1:p:64-78
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    Cited by:

    1. M Ball, 1994. "The 1980s Property Boom," Environment and Planning A, , vol. 26(5), pages 671-695, May.
    2. Tim Callan, 1992. "Taxing imputed income from owner-occupation: distributional implications of alternative packages," Fiscal Studies, Institute for Fiscal Studies, vol. 13(4), pages 58-70, November.
    3. Irene de Greef & Ralph de Haas, 2002. "Housing Prices, Bank Lending, and Monetary Policy," Macroeconomics 0209010, University Library of Munich, Germany.
    4. Hasan, Mohammad S. & Taghavi, Majid, 2002. "Residential investment, macroeconomic activity and financial deregulation in the UK: an empirical investigation," Journal of Economics and Business, Elsevier, vol. 54(4), pages 447-462.
    5. Blair Badcock, 1994. "The Strategic Implications for the Randstad of the Dutch Property System," Urban Studies, Urban Studies Journal Limited, vol. 31(3), pages 425-445, April.

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