Changes in transitions from private renting to homeownership in the context of rapidly rising house prices

Paul Sissons, Donald Houston

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    Abstract

    A period associated with the emergence of the current housing crisis in Britain provides a testbed in which to investigate household tenure choice in the context of rapidly rising house prices. We compile a bespoke dataset combining data from the British Household Panel Survey and sources of local and national housing and mortgage market information covering the period 1994-2008. During this period, we observe three key changes in behaviour associated with the emergence of the housing crisis: i) increasing acceptance of long-term renting; ii) the emergence of local house prices as a factor inhibiting entry to homeownership at district level; and iii) the cessation of moving to a lower cost district as a strategy to enter homeownership. We interpret these findings as some private tenants reducing their aspiration for homeownership, and those seeking entry to homeownership shifting strategy from moving to cheaper districts in favour of staying put and saving.
    Original languageEnglish
    Number of pages17
    JournalHousing Studies
    Early online date19 Feb 2018
    DOIs
    Publication statusEarly online - 19 Feb 2018

    Keywords

    • private rented housing
    • housing tenure
    • housing choice
    • Great Britain

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