Littérature scientifique sur le sujet « Housing policies, mortgage system, first-time-buyers »

Housing affordability for potential first-time buyers has two components – the ability to borrow sufficiently from a bank to purchase a property (purchase affordability) and the ability to maintain mortgage repayments (repayment affordability). This paper focuses on the first element by calculating the minimum income required to purchase a property in Malta. Most methods in the housing affordability literature are inadequate to capture the purchase affordability concept, which is critical for first-time buyers. For this segment of the population, bank lending policies and conditions play an important role to obtain the necessary credit required to purchase a property. A conceptual framework is proposed that recognizes the numerous factors that affect the minimum income required to purchase a property that ranges from bank lending policies, monetary and macroprudential policies, the external macroeconomic environment and individual and household characteristics and behaviour. The analysis points to the importance that young people engage in some element of saving from the first years of their working life to accumulate sufficient funds that are required for them to be eligible for a mortgage.

Purpose This paper is motivated by a concern about the ability of the average Malaysian income to catch up with the rapidly increasing house prices in Peninsular Malaysia. Financial innovation in financial system now regards houses as a financial asset and speculation vehicle. Therefore, a house purchase is made to acquire not merely a necessity but also a financial asset which can generate future returns. Given the problems in the housing market, this paper aims to examine the determinants of house prices in Malaysia, including those such as income, population, foreign inflow and speculation. Design/methodology/approach This study adopts panel data analyses, namely, the fixed effect model (FEM) and the pooled mean group (PMG), and uses data at state level in quarterly frequency, spanning from 2005Q1 to 2013Q4. Findings Based on the results of FEM, these determinants influence house prices significantly. Moreover, the PMG results suggest that there is convergence in the model, which are indicated by the significant and negative sign of the error correction term. In conclusion, the rapidly increasing house price is not caused by speculation activities in the housing market. More precisely, Malaysian income is capable of catching up with the increasing house prices. Practical implications As income remains to be one of the major drivers in influencing Malaysian house price, Malaysian Government shall continue the policies of supply low cost houses to the low-income groups and My First Home Scheme (SRP) by offering less stringent rules in applying house loan for the first-time house buyers. Originality/value This study used the actual data of foreign housing purchase obtained from Malaysia Valuation and Property Services Department to represent foreign inflow; therefore, the results will reflect the impact of foreign inflow in a better manner.

Purpose This paper aims to investigate the problem of searching for the equilibrium in the housing market, the mortgage lending market and the insurance market in the process of selling the residential property. Three classes of markets are established in three modes, which reflect the interdependence of the firms’ interests in these markets through the parameters of their integration. The paper aims to determine the prices in these markets on the basis of the compromises among the conflicting interests of the related firms, and, in addition, to assess the rationality of integration for firms, which are participants in the process of selling the residential property. Design/methodology/approach On the basis of the revenue sharing contracts and the supply chain coordination methods, the optimization models of the housing realtor, the mortgage bank and the insurance company are developed. The models consider the interdependence of the firms’ interests, the monopolistic competition in these markets and the conditions of the firms’ individual rationality in the interaction process. Findings The results of the study are as follows. First, as a consequence of a decrease in the demand curves in monopolistic competition, the housing market, the mortgage market and the insurance market are interconnected, therefore, the optimization models of the firms in these markets are interdependent through the revenue sharing parameters. Second, in these markets the individual firms’ sales optimums are not identical, therefore, the interests of the firms are contradictory. Third, in the realtor-bank-insurer system, the equilibrium satisfies the condition of zero revenue sharing payments between the agents; additionally, the equilibrium prices in these markets are mutually independent. Fourth, in the disequilibrium, the prices in these markets are interrelated, i.e. the price in one market increases with the price in another market, if the payment is directed from the former to the latter, and vice versa. Research limitations/implications The results of the study are applicable in practice, if the markets demonstrate the decreasing demand curves and if the needs of buyers in related markets are interconnected. Practical implications The interaction between the realtor and the mortgage bank enables the realtor to raise its sales and the bank to increase in the number of loans, i.e. it leads to growth of their profits. The interaction between the insurer and the mortgage bank enables the insurer to increase in the number of policies and the bank to reduce the risk of lending, i.e. it leads to an increase in their profits. The identification of the individual firms’ sales optimums enables agents to determine the terms of the contracts of these interactions, which are compromises from the positions of each transaction participants. In addition, the firms’ optimums indicate the predictions of the equilibrium market prices. Originality/value In comparison with the studies in the contract theory framework, first, the mathematical description of the complicated (three-agent) system of interactions is proposed; second, the optimal choice non-linear models are developed, which take into account the non-linear demand functions in the monopolistic competition markets; third, the equilibrium of the agents with contradictory interests is investigated. In the later item, the authors establish that the revenue sharing contracts in the complimentary demands functions systems do not require the payments between the participants. Fourth, the authors prove that, in the equilibrium of these markets, the housing prices, the mortgage interest rates and the insurance rates are mutually independent and equal to the prices in the isolated markets.

Purpose The Colombian Government proposed a reverse mortgage mechanism to complement retirement income in Colombia. This paper aims to study its feasibility by valuing its premia. Design/methodology/approach Under a reverse mortgage scheme, banks issue put options on an owner’s home. To value the option, the authors apply a risk-neutral canonical approach modeling its three sources of risk: home future value, interest rate levels and homeowner life expectancy. Findings In all, premia values do not seem too high. However, if future interest rates are above the simulations or home appreciation is below its historical behavior, the premia could sharply increase, jeopardizing the system viability. Limiting the loan-to-home-value ratio or fixed-term annuities are feasible alternatives to keep premium increases at bay. Complementary mechanisms may also help. Research limitations/implications The home price and interest rate path estimation do not include inflation dynamics; in recent years inflation level was very low. However, the future does not offer any warrants. Future research also should cap the maximum loss the bank can endure. The pandemic may cause demographic changes affecting the viability of the reverse mortgage (R.M.) program in Colombia. Practical implications Based on the analysis, this work suggests possible government policies to help creditors and to maintain bank risks at a reasonable level. Social implications An adequate reverse mortgage program may help the policymakers in Colombia to face the adverse environment for Colombia’s housing market and the pressure of its pension system. A good R.M. program generates incentives to purchase homes, given the possibility of receiving an additional rent after retirement. Originality/value The paper develops an econometrical improvement over previous work. The authors present a time-series analysis that includes stationarity and co-integration information to model the data-generation process of house prices and interest rates in a multivariate fashion. The authors also improve the valuation formula. Moreover, the paper presents a novel application to Colombia. The authors obtain our demographic data from the United Nations Population Division applying the Lee-Carter method to model mortality rates, which provides ample possibilities to extend reverse mortgage assessment to additional. Finally, this is the first scholarly effort to evaluate the R.M. for the Colombian case.

Abstract We develop an agent-based model of the UK housing market to study the impact of macroprudential policy experiments on key housing market indicators. The heterogeneous nature of this model enables us to assess the effects of such experiments on the housing, rental, and mortgage markets not only in the aggregate, but also at the level of individual households and sub-segments, such as first-time buyers, homeowners, buy-to-let (BTL) investors, and renters. This approach can, therefore, offer a broad picture of the disaggregated effects of financial stability policies. The model is calibrated using a large selection of micro-data, including data from a leading UK real-estate online search engine as well as loan-level regulatory data. With a series of comparative static exercises, we investigate the impact of (i) a hard loan-to-value limit and (ii) a soft loan-to-income limit, allowing for a limited share of unconstrained new mortgages. We find that, first, these experiments tend to mitigate the house price cycle by reducing credit availability and therefore leverage. Second, an experiment targeting a specific risk measure may also affect other risk metrics, thus necessitating a careful calibration of the policy to achieve a given reduction in risk. Third, experiments targeting the owner-occupier housing market can spill over to the rental sector, as a compositional shift in home ownership from owner-occupiers to BTL investors affects both the supply of and the demand for rental properties.

Purpose Homeownership provides shelter and is a vital component of wealth, and house purchase signifies a lifetime achievement for many households. For South Africa confronted with social and structural challenges, homeownership by the low and lower middle-income household is pivotal for its structural transformation process. In spite of these potential benefits, research on the affordable housing market in the context of South Africa is limited. This study aims to contribute to this knowledge gap by answering the question “do changes in household income per capita have a symmetric or asymmetric effect on affordable house prices?” Design/methodology/approach A survey of the international literature on house prices and income revealed that linear modelling that assumes symmetric reaction of macroeconomic variables dominates the empirical strategy. This linearity assumption is restrictive and fails to capture possible asymmetric dynamics inherent in the housing market. The authors address this empirical limitation by using asymmetric non-linear autoregressive distributed lag models that can test and detect the existence of asymmetry in both the long and short run using data from 1985Q1 to 2016Q3. Findings The results revealed the presence of an asymmetric long-run relationship between affordable house prices and household income per capita. The estimated asymmetric long-run coefficients of logIncome[+] and logIncome[−] are 1.080 and −4.354, respectively, implying that a 1% increase/decrease in household income per capita induces a 1.08% rise/4.35% decline in affordable house prices everything being equal. The positive increase in affordable house prices creates wealth, helps low and middle-income household climb the property ladder and can reduce inequality, which provides support for the country’s structural transformation process. Conversely, a decline in affordable house prices tends to reduce wealth and widen inequality. Practical implications This paper recommends both supply- and demand-side policies to support affordable housing development. Supply-side stimulants should include incentives to attract developers to affordable markets such as municipal serviced land and tax credit. Demand-side policy should focus on asset-based welfare policy; for example, the current Finance Linked Income Subsidy Programme (FLISP). Efficient management and coordination of the FLISP are essential to enhance the affordability of first-time buyers. Given the enormous size of the affordable property market, the practice of mortgage securitization by financial institutions should be monitored, as a persistent decline in income can trigger a systemic risk to the economy. Social implications The study results illustrate the importance of homeownership by low- and middle-income households and that the development of the affordable market segment can boost wealth creation and reduce residential segregation. This, in turn, provides support to the country’s structural transformation process. Originality/value The affordable housing market in South Africa is of strategic importance to the economy, accounting for 71.4% of all residential properties. Homeownership by low and lower middle-income households creates wealth, reduces wealth inequality and improves revenue collection for local governments. This paper contributes to the empirical literature by modelling the asymmetric behaviour of affordable house prices to changes in household income per capita and other macroeconomic fundamentals. Based on available evidence, this is the first attempt to examine the dynamic asymmetry between affordable house prices and household income per capita in South Africa.

The 2000s have been a lively decade for cities. The Worldwatch Institute estimated that 2007 was the first year in human history that more people worldwide lived in cities than the countryside. Globalisation and new digital media technologies have generated the seemingly paradoxical outcome that spatial location came to be more rather than less important, as combinations of firms, industries, cultural activities and creative talents have increasingly clustered around a select node of what have been termed “creative cities,” that are in turn highly networked into global circuits of economic capital, political power and entertainment media. Intellectually, the period has seen what the UCLA geographer Ed Soja refers to as the spatial turn in social theory, where “whatever your interests may be, they can be significantly advanced by adopting a critical spatial perspective” (2). This is related to the dynamic properties of socially constructed space itself, or what Soja terms “the powerful forces that arise from socially produced spaces such as urban agglomerations and cohesive regional economies,” with the result that “what can be called the stimulus of socio-spatial agglomeration is today being assertively described as the primary cause of economic development, technological innovation, and cultural creativity” (14). The demand for social justice in cities has, in recent years, taken the form of “Right to the City” movements. The “Right to the City” movement draws upon the long tradition of radical urbanism in which the Paris Commune of 1871 features prominently, and which has both its Marxist and anarchist variants, as well as the geographer Henri Lefebvre’s (1991) arguments that capitalism was fundamentally driven by the production of space, and that the citizens of a city possessed fundamental rights by virtue of being in a city, meaning that political struggle in capitalist societies would take an increasingly urban form. Manifestations of contemporary “Right to the City” movements have been seen in the development of a World Charter for the Right to the City, Right to the City alliances among progressive urban planners as well as urban activists, forums that bring together artists, architects, activists and urban geographers, and a variety of essays on the subject by radical geographers including David Harvey, whose work I wish to focus upon here. In his 2008 essay "The Right to the City," Harvey presents a manifesto for 21st century radical politics that asserts that the struggle for collective control over cities marks the nodal point of anti-capitalist movements today. It draws together a range of strands of arguments recognizable to those familiar with Harvey’s work, including Marxist political economy, the critique of neoliberalism, the growth of social inequality in the U.S. in particular, and concerns about the rise of speculative finance capital and its broader socio-economic consequences. My interest in Harvey’s manifesto here arises not so much from his prognosis for urban radicalism, but from how he understands the suburban in relation to this urban class struggle. It is an important point to consider because, in many parts of the world, growing urbanisation is in fact growing suburbanisation. This is the case for U.S. cities (Cox), and it is also apparent in Australian cities, with the rise in particular of outer suburban Master Planned Communities as a feature of the “New Prosperity” Australia has been experiencing since the mid 1990s (Flew; Infrastructure Australia). What we find in Harvey’s essay is that the suburban is clearly sub-urban, or an inferior form of city living. Suburbs are variously identified by Harvey as being:Sites for the expenditure of surplus capital, as a safety valve for overheated finance capitalism (Harvey 27);Places where working class militancy is pacified through the promotion of mortgage debt, which turns suburbanites into political conservatives primarily concerned with maintaining their property values;Places where “the neoliberal ethic of intense possessive individualism, and its cognate of political withdrawal from collective forms of action” are actively promoted through the proliferation of shopping malls, multiplexes, franchise stores and fast-food outlets, leading to “pacification by cappuccino” (32);Places where women are actively oppressed, so that “leading feminists … [would] proclaim the suburb as the locus of all their primary discontents” (28);A source of anti-capitalist struggle, as “the soulless qualities of suburban living … played a critical role in the dramatic events of 1968 in the US [as] discontented white middle-class students went into a phase of revolt, sought alliances with marginalized groups claiming civil rights and rallied against American imperialism” (28).Given these negative associations, one could hardly imagine citizens demanding the right to the suburb, in the same way as Harvey projects the right to the city as a rallying cry for a more democratic social order. Instead, from an Australian perspective, one is reminded of the critiques of suburbia that have been a staple of radical theory from the turn of the 20th century to the present day (Collis et. al.). Demanding the “right to the suburb” would appear here as an inherently contradictory demand, that could only be desired by those who the Australian radical psychoanalytic theorist Douglas Kirsner described as living an alienated existence where:Watching television, cleaning the car, unnecessary housework and spectator sports are instances of general life-patterns in our society: by adopting these patterns the individual submits to a uniform life fashioned from outside, a pseudo-life in which the question of individual self-realisation does not even figure. People live conditioned, unconscious lives, reproducing the values of the system as a whole (Kirsner 23). The problem with this tradition of radical critique, which is perhaps reflective of the estrangement of a section of the Australian critical intelligentsia more generally, is that most Australians live in suburbs, and indeed seem (not surprisingly!) to like living in them. Indeed, each successive wave of migration to Australia has been marked by families seeking a home in the suburbs, regardless of the housing conditions of the place they came from: the demand among Singaporeans for large houses in Perth, or what has been termed “Singaperth,” is one of many manifestations of this desire (Lee). Australian suburban development has therefore been characterized by a recurring tension between the desire of large sections of the population to own their own home (the fabled quarter-acre block) in the suburbs, and the condemnation of suburban life from an assortment of intellectuals, political radicals and cultural critics. This was the point succinctly made by the economist and urban planner Hugh Stretton in his 1970 book Ideas for Australian Cities, where he observed that “Most Australians choose to live in suburbs, in reach of city centres and also of beaches or countryside. Many writers condemn this choice, and with especial anger or gloom they condemn the suburbs” (Stretton 7). Sue Turnbull has observed that “suburbia has come to constitute a cultural fault-line in Australia over the last 100 years” (19), while Ian Craven has described suburbia as “a term of contention and a focus for fundamentally conflicting beliefs” in the Australian national imaginary “whose connotations continue to oscillate between dream and suburban nightmare” (48). The tensions between celebration and critique of suburban life play themselves out routinely in the Australian media, from the sun-lit suburbanism of Australia’s longest running television serial dramas, Neighbours and Home and Away, to the pointed observational critiques found in Australian comedy from Barry Humphries to Kath and Kim, to the dark visions of films such as The Boys and Animal Kingdom (Craven; Turnbull). Much as we may feel that the diagnosis of suburban life as a kind of neurotic condition had gone the way of the concept album or the tie-dye shirt, newspaper feature writers such as Catherine Deveny, writing in The Age, have offered the following as a description of the Chadstone shopping centre in Melbourne’s eastern suburbChadstone is a metastasised tumour of offensive proportions that's easy to find. You simply follow the line of dead-eyed wage slaves attracted to this cynical, hermetically sealed weatherless biosphere by the promise a new phone will fix their punctured soul and homewares and jumbo caramel mugachinos will fill their gaping cavern of disappointment … No one looks happy. Everyone looks anaesthetised. A day spent at Chadstone made me understand why they call these shopping centres complexes. Complex as in a psychological problem that's difficult to analyse, understand or solve. (Deveny) Suburbanism has been actively promoted throughout Australia’s history since European settlement. Graeme Davison has observed that “Australia’s founders anticipated a sprawl of homes and gardens rather than a clumping of terraces and alleys,” and quotes Governor Arthur Phillip’s instructions to the first urban developers of the Sydney Cove colony in 1790 that streets shall be “laid out in such a manner as to afford free circulation of air, and where the houses are built … the land will be granted with a clause that will prevent more than one house being built on the allotment” (Davison 43). Louise Johnson (2006) argued that the main features of 20th century Australian suburbanisation were very much in place by the 1920s, particularly land-based capitalism and the bucolic ideal of home as a retreat from the dirt, dangers and density of the city. At the same time, anti-suburbanism has been a significant influence in Australian public thought. Alan Gilbert (1988) drew attention to the argument that Australia’s suburbs combined the worst elements of the city and country, with the absence of both the grounded community associated with small towns, and the mental stimuli and personal freedom associated with the city. Australian suburbs have been associated with spiritual emptiness, the promotion of an ersatz, one-dimensional consumer culture, the embourgeoisment of the working-class, and more generally criticised for being “too pleasant, too trivial, too domestic and far too insulated from … ‘real’ life” (Gilbert 41). There is also an extensive feminist literature critiquing suburbanization, seeing it as promoting the alienation of women and the unequal sexual division of labour (Game and Pringle). More recently, critiques of suburbanization have focused on the large outer-suburban homes developed on new housing estates—colloquially known as McMansions—that are seen as being environmentally unsustainable and emblematic of middle-class over-consumption. Clive Hamilton and Richard Denniss’s Affluenza (2005) is a locus classicus of this type of argument, and organizations such as the Australia Institute—which Hamilton and Denniss have both headed—have regularly published papers making such arguments. Can the Suburbs Make You Creative?In such a context, championing the Australian suburb can feel somewhat like being an advocate for Dan Brown novels, David Williamson plays, Will Ferrell comedies, or TV shows such as Two and a Half Men. While it may put you on the side of majority opinion, you can certainly hear the critical axe grinding and possibly aimed at your head, not least because of the association of such cultural forms with mass popular culture, or the pseudo-life of an alienated existence. The art of a program such as Kath and Kim is that, as Sue Turnbull so astutely notes, it walks both sides of the street, both laughing with and laughing at Australian suburban culture, with its celebrity gossip magazines, gourmet butcher shops, McManisons and sales at Officeworks. Gina Riley and Jane Turner’s inspirations for the show can be seen with the presence of such suburban icons as Shane Warne, Kylie Minogue and Barry Humphries as guests on the program. Others are less nuanced in their satire. The website Things Bogans Like relentlessly pillories those who live in McMansions, wear Ed Hardy t-shirts and watch early evening current affairs television, making much of the lack of self-awareness of those who would simultaneously acquire Buddhist statues for their homes and take budget holidays in Bali and Phuket while denouncing immigration and multiculturalism. It also jokes about the propensity of “bogans” to loudly proclaim that those who question their views on such matters are demonstrating “political correctness gone mad,” appealing to the intellectual and moral authority of writers such as the Melbourne Herald-Sun columnist Andrew Bolt. There is also the “company you keep” question. Critics of over-consuming middle-class suburbia such as Clive Hamilton are strongly associated with the Greens, whose political stocks have been soaring in Australia’s inner cities, where the majority of Australia’s cultural and intellectual critics live and work. By contrast, the Liberal party under John Howard and now Tony Abbott has taken strongly to what could be termed suburban realism over the 1990s and 2000s. Examples of suburban realism during the Howard years included the former Member for Lindsay Jackie Kelly proclaiming that the voters of her electorate were not concerned with funding for their local university (University of Western Sydney) as the electorate was “pram city” and “no one in my electorate goes to uni” (Gibson and Brennan-Horley), and the former Minister for Immigration and Citizenship, Garry Hardgrave, holding citizenship ceremonies at Bunnings hardware stores, so that allegiance to the Australian nation could co-exist with a sausage sizzle (Gleeson). Academically, a focus on the suburbs is at odds with Richard Florida’s highly influential creative class thesis, which stresses inner urban cultural amenity and “buzz” as the drivers of a creative economy. Unfortunately, it is also at odds with many of Florida’s critics, who champion inner city activism as the antidote to the ersatz culture of “hipsterisation” that they associate with Florida (Peck; Slater). A championing of suburban life and culture is associated with writers such as Joel Kotkin and the New Geography group, who also tend to be suspicious of claims made about the creative industries and the creative economy. It is worth noting, however, that there has been a rich vein of work on Australian suburbs among cultural geographers, that has got past urban/suburban binaries and considered the extent to which critiques of suburban Australia are filtered through pre-existing discursive categories rather than empirical research findings (Dowling and Mee; McGuirk and Dowling; Davies (this volume). I have been part of a team engaged in a three-year study of creative industries workers in outer suburban areas, known as the Creative Suburbia project.[i] The project sought to understand how those working in creative industries who lived and worked in the outer suburbs maintained networks, interacted with clients and their peers, and made a success of their creative occupations: it focused on six suburbs in the cities of Brisbane (Redcliffe, Springfield, Forest Lake) and Melbourne (Frankston, Dandenong, Caroline Springs). It was premised upon what has been an inescapable empirical fact: however much talk there is about the “return to the city,” the fastest rates of population growth are in the outer suburbs of Australia’s major cities (Infrastructure Australia), and this is as true for those working in creative industries occupations as it is for those in virtually all other industry and occupational sectors (Flew; Gibson and Brennan-Horley; Davies). While there is a much rehearsed imagined geography of the creative industries that points to creative talents clustering in dense, highly agglomerated inner city precincts, incubating their unique networks of trust and sociality through random encounters in the city, it is actually at odds with the reality of where people in these sectors choose to live and work, which is as often as not in the suburbs, where the citizenry are as likely to meet in their cars at traffic intersections than walking in city boulevards.There is of course a “yes, but” response that one could have to such empirical findings, which is to accept that the creative workforce is more suburbanised than is commonly acknowledged, but to attribute this to people being driven out of the inner city by high house prices and rents, which may or may not be by-products of a Richard Florida-style strategy to attract the creative class. In other words, people live in the outer suburbs because they are driven out of the inner city. From our interviews with 130 people across these six suburban locations, the unequivocal finding was that this was not the case. While a fair number of our respondents had indeed moved from the inner city, just as many would—if given the choice—move even further away from the city towards a more rural setting as they would move closer to it. While there are clearly differences between suburbs, with creative people in Redcliffe being generally happier than those in Springfield, for example, it was quite clear that for many of these people a suburban location helped them in their creative practice, in ways that included: the aesthetic qualities of the location; the availability of “headspace” arising from having more time to devote to creative work rather than other activities such as travelling and meeting people; less pressure to conform to a stereotyped image of how one should look and act; financial savings from having access to lower-cost locations; and time saved by less commuting between locations.These creative workers generally did not see having access to the “buzz” associated with the inner city as being essential for pursuing work in their creative field, and they were just as likely to establish hardware stores and shopping centres as networking hubs as they were cafes and bars. While being located in the suburbs was disadvantageous in terms of access to markets and clients, but this was often seen in terms of a trade-off for better quality of life. Indeed, contrary to the presumptions of those such as Clive Hamilton and Catherine Deveny, they could draw creative inspiration from creative locations themselves, without feeling subjected to “pacification by cappuccino.” The bigger problem was that so many of the professional associations they dealt with would hold events in the inner city in the late afternoon or early evening, presuming people living close by and/or not having domestic or family responsibilities at such times. The role played by suburban locales such as hardware stores as sites for professional networking and as elements of creative industries value chains has also been documented in studies undertaken of Darwin as a creative city in Australia’s tropical north (Brennan-Horley and Gibson; Brennan-Horley et al.). Such a revised sequence in the cultural geography of the creative industries has potentially great implications for how urban cultural policy is being approached. The assumption that the creative industries are best developed in cities by investing heavily in inner urban cultural amenity runs the risk of simply bypassing those areas where the bulk of the nation’s artists, musicians, filmmakers and other cultural workers actually are, which is in the suburbs. Moreover, by further concentrating resources among already culturally rich sections of the urban population, such policies run the risk of further accentuating spatial inequalities in the cultural realm, and achieving the opposite of what is sought by those seeking spatial justice or the right to the city. An interest in broadband infrastructure or suburban university campuses is certainly far more prosaic than a battle for control of the nation’s cultural institutions or guerilla actions to reclaim the city’s streets. 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The thesis analyses how the financial resources define the first time buyers housing access in England and Italy. A picture of the two countries’ credit systems is made, and the local system data about an English city, Newcastle-upon-Tyne, and an Italian one, Genova will be taken into consideration. The choice of the case studies is linked to the Esping-Andersen's and Allen's typology of the welfare state and to the international trends. Even if Esping-Andersen had classified England as a liberal country, the role of the state in housing policies has been strong. In fact England has had an high rate of public houses up until 1980. On the other hand Italy is classified as a "familiaristic" country by Allen, Castells and Mingione, and even in the North, where the “corporativistic” welfare state is stronger, the role of the family is dominant. Taking into account the two international trends of the dismantling of the welfare state and the crisis of the family it is interesting to analyse how the third "actor" of the welfare system, the market, is working. From this point of view is interesting to compare England and Italy because the former had the most developed European credit system and the latter the least developed up to the "subprime" crisis. In this analysis the differences and the element of convergence of the last years between the two countries are stressed, explaining the differences in first-time-buyers access to the housing system.

In Chapter 7, fiscal and monetary policies are considered and particular attention is paid to structural changes in mortgage finance markets. From the early 1980s the UK experienced two periods of strong mortgage growth: the first lasted until the recession of the early 1990s and the second started in the mid-1990s and ended with the Global Financial Crisis (GFC). However, a distinguishing feature of the GFC period was the fall in mortgage advances, which has never been fully reversed. Credit tightening causes particular problems for first-time buyers as compared to the majority of current owners; the latter typically have sufficient equity in their existing properties, which they can use to finance further purchases. Therefore, the decline in credit availability has had important distributional effects. Accumulated equity also provides an advantage for existing owners entering the expanded Buy to Let market. Similarly, the stress tests that borrowers now have to undertake fall primarily on aspiring first-time buyers and those with volatile incomes. The chapter also considers non-neutralities in the property tax system which can discriminate against first-time buyers.