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Untitled Document
Housing Finance

Created in 1990


Andreja Cirman
Faculty of Economics
University of Ljubljana
Ljubljana, Slovenia
Michael Voigtländer
Institut der Deutschen Wirtshaft Köln
Cologne, Germany

The Central Theme of the Working Group

  • To initiate and stimulate research in housing finance: mortgage systems, mortgage loan types, debt, developer finance, risk management; regulation and government involvement;
  • To support the publication of research analyses and findings;
  • To ensure an effective network among researchers; and
  • To support the dissemination of knowledge about housing finance, mortgage systems, policy change and market development.

Numbers of people involved
There are over 100 people on the working group e-mail list, a large proportion of whom are active both in contributing to seminars and conferences and taking part in monitoring activities.

Plans for the Working Group
We plan a joint workshop with the European Mortgage Federation in spring 2017 in Brussels We expect to run a workshop in Tirana in September 2017.

Activities in 2016
On April 1st London School of Economics hosted a seminar to celebrate the publication of Milestones in Housing Finance (eds Jens Lunde and Christine Whitehead ). The book involved some 40 authors, predominantly members of the Housing Finance working group.
Once again we held a successful workshop at the 2016 International conference held in Belfast from 29th June to 1st July. There were five sessions; 15 plus papers; and an average of 20 or so participants in each session. We were particularly pleased to welcome a number of new participants as well as many of those who are regular attendees.
It was good to see such a wide variety of topic areas ranging from interest only mortgages; through to aspects of volatility, affordability in market and social housing; tenure models; taxation and accommodating refugees. In part this was because we had completed and published ‘Milestones in European Housing Finance’. The success story of having so many members of the group involved in this project was recognised in the launch which took place in one of the plenary sessions.
Another important milestone was that Christine and Jens stepped down at the end of the sessions passing the baton to Andreja who has already been co-chair for two years and Michael Voigtländer who has been a regular presenter and has a strong background in housing economics and finance. Finally we look forward to taking forward a new project on taxation of owner-occupation as compared to private renting across Europe where some members of the group have already provided initial information.

Policy Implications
The analysis of how housing finance systems have developed over the last twenty five years -and especially since the financial crisis is both an evaluation of national and international policy since the deregulations of the 1980s and provides an indication of how the implementation of regulatory and other changes will impact on national housing markets and individual households’ aspirations.
The working group will continue to make regular contributions to the debates on privatisation and regulation as well as on the impact of subsidy changes on the capacity to meet housing objectives.