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The paper aims to provide a better understanding of the interactions between housing investment and economic growth. In particular, the paper emphasizes the separate effects of private housing investment (PHI) on the aggregate economy using quarterly data in the UK from 1974 to 2015. This is important due to the relatively growing interest around the world, including the UK, in encouraging greater private housing investment as a way of boosting economic growth.

The paper used the widely accepted and recognized econometric concepts of unit root, Granger causality and co-integration and provides tentative quantitative evidence of the causal and predictive effect of PHI and economic growth.

The key finding is that the level of investment directed by individual and institution into the private housing sector is key to future development, and will strongly reduce economic performance volatility.

Given that this is a bivariate time series analysis of PHI and economic growth (proxy by gross domestic product), the conclusions of this paper need to treated with caution, as there are other potential variables that might be omitted to make the model more robust so as to reach a more conclusive result.

This study complements existing literature, not only by providing new empirical evidence on the nexus between housing markets and the business cycle but also by being the pioneering attempt at examining the impact of PHI on the economy in the UK.

The purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi.

This study was conducted in Blantyre, Malawi, between 2019 and 2022 and used both quantitative (household survey) and qualitative (in-depth interviews and document study) methods of data collection. Interviews were conducted with key players and investors in the housing sector. Household survey data were analyzed through descriptive statistics, which allowed the generation of descriptive housing valuables, whereas qualitative data were analyzed through content analysis.

This paper demonstrates that, rather than ameliorating the housing problems facing low-income households, the market approach to provision of housing in Malawi has worsened the housing situation in the country. This is so because the market approach to the provision of housing in Malawi is not only enforcing the logic of capitalistic accumulation in the housing sector but also supporting mechanisms of exclusion based on economic stratification within the community.

Completeness of data over time as there is no market data bank available in the country.

The findings from this study suggest that some degree of state intervention in addressing the housing problem in Malawi is required.

The study findings suggest that a market approach to the provision of housing can increase social inequality as low-income households face challenges in accessing housing.

There is a paucity of research on the effects of the market approach on the provision of affordable housing to low-income households in Malawi. This paper assesses this important policy gap and provides significant policy directions.

This chapter addresses housing policy in England since 2007 and changes in housing opportunities and inequalities. The credit crunch and its aftermath were experienced across the United Kingdom, and speeded the established trend to greater inequality. Many problems identified in England are relevant elsewhere, but the distinctive housing policies adopted in Scotland, Wales and Northern Ireland are not discussed here. The chapter argues that the policy direction adopted since 2010 failed in its ambition to increase housing supply and home ownership and further increased social and spatial inequalities.

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a non-competitive guarantee (a restrictive agreement) towards the compensation and guarantee costs in consideration of benefit redistribution if the governments are unable to keep the promise on guarantee provision.

Real option principles are applied to assess the public–private investment proportions and the expected return rates of the private sector in a non-competitive guarantee and analyse their effects on the public–private benefit and risk allocations as well as the success of the project. Instead of granting direct capital support, this research accomplishes the compensation of non-competition guarantee by adjusting the project benefit distribution ratios between the government and the private sector to achieve the option value of the guarantee. An empirical example with alternative scales, which is developed from an existing rental village in Geelong, is used to numerically verify the research process.

The results illustrate that the option value of the non-competition guarantee plays an important role in supporting the implementation of the PPP rental retirement village projects. The option value of the non-competition guarantee has a close relationship with the guarantee level and the government guarantee cost, which is positively correlated with the guarantee level and negatively correlated with the government guarantee cost. To reduce the government guarantee cost, the government should carefully determine the public–private investment proportion, appropriately control the return rate of the private sector and approve the construction of the new project after the investment recovery of the private sector.

This research mainly focusses on the economic loss of the government due to the guarantee responsibility. Further research could be conducted to determine the guarantee level more precisely and take the social cost of the government guarantees into consideration.

This research is the first attempt to investigate the government compensation and costs of non-competition guarantee for PPP rental retirement village projects and will enhance the understanding of the nature of PPP applications. The evaluation process and the implementation of the compensation through the adjustment of benefit distribution provides a comprehensive method to analyse the non-competition guarantee of PPP projects and help the parties negotiate in good faith to agree on a method of redress.

At the Conservative Party Conference of 1986, the Minister of State for Housing, Mr John Patten, outlined his intentions for a new Rent Bill to be included in his party's general election manifesto. This directs the spotlight onto rented housing and Mr Patten's slogan ‘the right to rent’ will no doubt lead to a lively discussion. This paper aims to contribute to the debate by reviewing two major housing reports as they relate to rents and making further suggestions.

As financial markets move toward increased globalization, it becomes worth considering whether inherent differences in financial markets across different countries will diminish. For two countries more similar than different in terms of geography, location, government and culture, Canada and the USA remain strikingly different in terms of housing finance. Public policy objectives toward housing followed quite different paths over the past 70 years and fundamental differences in banking practices have led to considerably different outcomes in terms of mortgage finance instruments in the two countries. Examines some of the differences in policy and in competitive practices between Canada and the USA in an attempt to illuminate why differences in rates and terms across the two countries still exist. While a part of the difference remains due to legal constraints concerning the finance of the domestic housing sector, focuses on the economics and public policy choices that have led to the observed differences rather than on an analysis of the legal structure.

Emerging states confront staggering shortages in adequate housing stock. In response, governments have sought various supply-based solutions to mitigate growing housing deficits. While many of these mass housing efforts have not produced the desired outcome, the Republic of Korea’s Two Million Housing Drive (TMHD) was a comparatively successful intervention with its implementation from 1988 to 1992. The five-year initiative exceeded its objective with the construction of over 2.1 million units – of which two-thirds were built by the private sector. The purpose of this study is to analyse Korea’s relatively effective supply-based affordable housing approach and then extrapolate best practices and lessons learned with applications for real estate markets in the developing world. Comparative understanding of the TMHD can help promote greater access to adequate housing in the developing world, especially for the many who continue to live in impoverished conditions.

The research uses content-based and quantitative methods to analyze the case of the TMHD in Korea toward informing improvements in corresponding supply-based housing policies and programs in developing states.

While there were challenges with the TMHD, the program repositioned Korea’s urban housing market with greater access to affordable housing in cities for the lower-income and vulnerable. The TMHD enabled the subsequent effectiveness of demand-based housing policies.

There are research limitations in fully understanding the complex relationships between mass housing programs, economic growth and government policies. The abductive reasoning used in this case study enables in-depth analysis of the TMHD with generalizable inferences for middle-range theories with applications for emerging markets.

The experience of the TMHD can promote policy harmonization by helping optimize corresponding mass housing efforts in the developing world with the potential to similarly close quantitative housing deficits and expand access to adequate housing for lower-income and vulnerable households.

Deeper understanding of the TMHD can lead to reforms of other mass housing initiatives in emerging markets to make adequate housing more accessible and economical for the benefit of underserved segments of society.

The Korean experience with the TMHD can inform the optimization of other similar large-scale policies and programs seeking to sustainably overcome shortfalls in adequate housing that have become all too common in the developing world.

House price-to-rent (P-t-R) ratios are among the most widely used measures of housing market conditions. Given the theoretical and apparent bidirectional, causal relationships and imbalances between the housing market, broader economy and financial market determinants, it is important to understand the relationship between macro- and micro-economic characteristics in relation to the P-t-R ratio to enhance the understanding of housing market dynamics. This paper studies the joint dynamics and persistence of house prices and rents and examines the temporal interactions of the P-t-R ratio and economic and financial determinants.

The authors examine the lead–lag relationships between the P-t-R ratios and a spectrum of macroeconomic variables using cointegration and causality methods, initially at the aggregate position and also across housing types within the Northern Ireland housing market to establish whether there are subtle differences in how various housing segments react to changes in economic activity and market fundamentals.

The findings reveal price switching dynamics and some very distinct long- and short-run relationships between macroeconomic and financial indicators and the P-t-R ratios across the various housing segments. The results exhibit monetary supply, foreign exchange markets and the stock market to be important drivers of the P-t-R ratio, with P-t-R movements seemingly tied, or are in tandem, with the overall economy, particularly with the construction sector.

The study shows that the P-t-R ratio can be used as an early measure for establishing the effects of macroprudential policy changes and how these may manifest across housing tiers and quality, which can further act as a signal for preventing or at least mitigating future irrational price cyclicity. These insights serve to inform housing and economic policy and macroprudential policy design, principally within lending policy and the effect of regulatory interventions and further enhance the understanding of the P-t-R ratio on housing market structure and dynamics.

This study is the first in the housing literature that examines the causal relationships between the P-t-R ratio and macroeconomic activity at the sub-market level. It investigates whether and how money supply, inflation, foreign exchange markets, general economic productivity and other important macroeconomic factors interact with the pricing of different property types over time.

1. Introduction The most significant conclusions to emerge from a recent study of housing land1 were not with respect to residential development but to the role of housing in urban renewal. This paper will consider the facts and figures which brought the Joint Land Requirements Committee to these conclusions and then attempt to develop the arguments further to the point of suggesting commitment to a comprehensive renewal ethnic for the urban (not just housing) environment.