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Questioning the concept of market failure in housing: the case of Housing Market Renewal in Liverpool

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  • Chris Couch
  • Alex Lord
  • Matthew Cocks

Abstract

The case for intervention in housing markets often turns on the concept of market failure. However, diagnosing the characteristics of market failure is problematised by the fact that transactions in housing are so complex. From the specific geographies of neighbourhoods and hedonic characteristics of individual properties to national macro-economic variables and the effects of globalised financial services, the factors affecting local prices are legion. Around the millennium concern about low demand in some urban housing markets in Britain led to a Government policy known as Housing Market Renewal. This sought to stabilise market conditions, particularly through supply-side interventions. Building upon the work of Nevin and others, and through a detailed quantitative study of the housing market in Liverpool (UK) this paper debates the concept of market failure and explores both the effectiveness of attempts to tackle market failure through the decade after 2000 and the impact of the post-2007 economic crisis on these same areas. The paper concludes that, despite substantial state intervention, many of the neighbourhoods that were vulnerable to market failure a decade ago remain equally so today.

Suggested Citation

  • Chris Couch & Alex Lord & Matthew Cocks, 2015. "Questioning the concept of market failure in housing: the case of Housing Market Renewal in Liverpool," International Journal of Housing Policy, Taylor & Francis Journals, vol. 15(4), pages 461-490, October.
    • Handle: RePEc:taf:intjhp:v:15:y:2015:i:4:p:461-490
    DOI: 10.1080/14616718.2015.1076629
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    Cited by:

    1. Lai, Lawrence W.C. & Davies, Stephen N.G. & Chan, Edwin H.W. & Chua, Mark Hansley & Lin, C.L., 2020. "The production and consumption of land use planning: A neo-institutional economic perspective & three Taiwan case studies of planning layering," Land Use Policy, Elsevier, vol. 99(C).
    2. Yuanyuan Huang & Lizhen Wei & Guiwen Liu & Wenjing Cui & Fangyun Xie & Xun Deng, 2022. "“Inspiring” Policy Transfer: Analysis of Urban Renewal in Four First-Tier Chinese Cities," Land, MDPI, vol. 12(1), pages 1-31, December.

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