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WPS No.03 | Lennartz, C., Arundel, R. & Ronald, R. (2014) Young People and Homeownership in Europe through the Global Financial Crisis
In context of poorly performing national economies and sustained employment insecurity since the Global
Financial Crisis of 2007-2008, various UK and US studies have suggested that access for younger people to
independent living, and to owner-occupied housing in particular, has been in decline.
Testing the wider validity of these findings, this paper uses cross-sectional
data to deconstruct how and why pre to post-crisis changes in housing
consumption patterns among 18-34 year olds have varied across the EU 15
countries.
Our results indicate a common trend towards diminishing access to home
purchase among younger people. However, the extent of decreasing homeownership
rates, as well as whether the rental sector or the parental home are used as
alternative housing routes
depends on the country context.
The paper suggests that rather than being the direct outcome of economic
recession and labour market contraction at the country level, post-crisis
declines in young-age property ownership is primarily associated with housing
systems, especially those most affected by shifting mortgage-credit access, and
could thus be interpreted as a constituent of the volatile nature of more
market-types residential capitalism.
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