Homeownership-Based Welfare in Transition

Welfare-state restructuring featuring the use of equity held in owner-occupied housing assets to offset declining public welfare resources and diminishing pension reserves – a form of ‘homeownership-based welfare’ – has become increasingly prominent in many developed economies in recent decades. This paper, focusing on the UK, examines the shifting position of homeownership, arguing that while the private home has become a key component of welfare restructuring, both owner-occupation and housing equity have become more polarised in the last decade, especially across cohorts. A particular concern is whether passive homeownership-based welfare switching strategies have become more active, or even pro-active, strategies to housing property accumulation as a means to compensate for welfare state retrenchment and anticipated pension shortfalls leading up to and since the Global Financial Crisis. We identify the significance of the rapid advance of a ‘generation landlord’ in the recent development of ‘generation rent’.

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Document Type
article
ISSN
2336-2839
Volume / Issue
2 / 1
Pages
52-64
Date of publication
25.6.2015
Keywords:

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Ronald, R. , J. Kadi, C. Lennartz 2015. ‘Homeownership-Based Welfare in Transition.’ Critical Housing Analysis 2 (1): 52-64. https://doi.org/10.13060/23362839.2015.2.1.176