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  5. Housing wealth, debt and stress before, during and after the Celtic Tiger
 
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Housing wealth, debt and stress before, during and after the Celtic Tiger

Author(s)
Norris, Michelle  
Winston, Nessa  
Uri
http://hdl.handle.net/10197/4923
Date Issued
2011-03
Date Available
2013-11-13T09:20:59Z
Abstract
Compared to many other western European countries the Republic of Ireland is distinguished by historically
high rates of home ownership. In 1971 60.7 per cent of Irish households were home owners compared to 50
and 35 per cent of their counterparts in Britain and Sweden respectively (Kemeny, 1981). In addition to socioeconomic
factors such as the predominately rural and dispersed population distribution, these levels of home
ownership rates were driven by extensive government support. Direct government supports for first time home
buyers covered approximately 15 per cent of the costs of an average suburban home in the late 1970s and
during this decade, government provided half of all mortgage loans, as the commercial mortgage market was
underdeveloped (O’Connell 2005; Fahey, et al, 2004). Furthermore, since the 1930s social housing tenants
have enjoyed the ‘right to buy’ their dwellings, at a substantial discount from the market value and, uniquely in
western Europe, no ongoing taxes are levied on owner occupied homes (O’Connell and Fahey, 1999). These
supports appear particularly generous in view of the underperformance of the Irish economy which, apart from
a brief period in the 1960s/ early 1970s, declined or stagnated for much of the 20th Century. As a result,
population growth followed a similar pattern, as despite a high birth rate, emigration was also high, particularly
in the 1950s and 1980s (Kennedy, et al, 1998).
Type of Material
Book Chapter
Publisher
Edward Elgar
Copyright (Published Version)
2011 Ray Forrest and Ngai-Ming Yip
Subjects

Home ownership

Home owners

Housing wealth

Policy

Economy

Housing market

Mortgage holders

DOI
10.4337/9781849805841.00010
Web versions
http://www.e-elgar.co.uk/bookentry_main.lasso?id=14087
Language
English
Status of Item
Not peer reviewed
Journal
R. Forrest and N.-M. Yip (eds.). Housing Markets and the Global Financial Crisis : the uneven impact on households
ISBN
9781849803755
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-nd/3.0/ie/
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Edward_Elgar_Chapter_Norris_and_Winston.pdf

Size

325.61 KB

Format

Adobe PDF

Checksum (MD5)

c5520c693af6c2bc3c46a6beb9fe08f9

Owning collection
Social Policy, Social Work and Social Justice Research Collection
Mapped collections
UCD RePEc Archive Collection

Item descriptive metadata is released under a CC-0 (public domain) license: https://creativecommons.org/public-domain/cc0/.
All other content is subject to copyright.

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