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Social Policy in an Era of CompetitionFrom Global to Local Perspectives$
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Dan Horsfall and John Hudson

Print publication date: 2017

Print ISBN-13: 9781447326274

Published to Policy Press Scholarship Online: January 2020

DOI: 10.1332/policypress/9781447326274.001.0001

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PRINTED FROM POLICY PRESS SCHOLARSHIP ONLINE (www.policypress.universitypressscholarship.com). (c) Copyright Policy Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PPSO for personal use.date: 30 June 2022

Housing and mortgage markets in the everyday: how globalisation came home

Housing and mortgage markets in the everyday: how globalisation came home

(p.69) Four Housing and mortgage markets in the everyday: how globalisation came home
Social Policy in an Era of Competition

Stuart Lowe

Policy Press

This chapter focuses on the globalisation and liberalisation of mortgage markets. What has happened is that the mortgage market has become a conduit between global finance and the everyday. The home has become financialised in ways that were impossible before banking deregulation. For homeowners, the ability to unlock housing equity has been a widely used practice almost since the start of the deregulated mortgage market in the 1980s. This has created a super-commodified realm at the heart of the competition state. The democratisation of access to capital also required a new citizenship contract based around norms of risk taking and self-provisioning. More than this, however, homeowners are predisposed to support low-tax public policy because of the front-loading of housing costs.

Keywords:   globalisation, mortgage markets, global finance, banking deregulation, homeowners, housing equity, competition state, citizenship contract, low-tax public policy, housing costs

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