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

Files in This Item:
File Description SizeFormat 
Edward_Elgar_Chapter_Norris_and_Winston.pdf325.61 kBAdobe PDFDownload
Title: Housing wealth, debt and stress before, during and after the Celtic Tiger
Authors: Norris, MichelleWinston, Nessa
Permanent link: http://hdl.handle.net/10197/4923
Date: Mar-2011
Online since: 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
Keywords: Home ownershipHome ownersHousing wealthPolicyEconomyHousing marketMortgage holders
DOI: 10.4337/9781849805841.00010
Other versions: http://www.e-elgar.co.uk/bookentry_main.lasso?id=14087
Language: en
Status of Item: Not peer reviewed
Is part of: R. Forrest and N.-M. Yip (eds.). Housing Markets and the Global Financial Crisis : the uneven impact on households
ISBN: 9781849803755
Appears in Collections:Social Policy, Social Work and Social Justice Research Collection
UCD RePEc Archive Collection

Show full item record

Page view(s) 50

Last Week
Last month
checked on Apr 8, 2020

Download(s) 20

checked on Apr 8, 2020

Google ScholarTM



This item is available under the Attribution-NonCommercial-NoDerivs 3.0 Ireland. No item may be reproduced for commercial purposes. For other possible restrictions on use please refer to the publisher's URL where this is made available, or to notes contained in the item itself. Other terms may apply.