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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: 22 May 2022

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

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

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

Stuart Lowe

Publisher:
Policy Press
DOI:10.1332/policypress/9781447326274.003.0005

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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