The Changing Face of Home Ownership: building societies and household investment strategies

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Abstract
In the 1980s home ownership in Britain expanded rapidly under the impact of central government policy. From some perspectives this expansion has meant the unproblematic achievement of a variety of objectives. But the nature and significance of home ownership, and the objectives which it can fulfil, are no longer what they were in 1980, and the actors in the market no longer face the same market conditions. This is particularly so at the onset of the 1990s when the market is very depressed with falling prices, decreasing numbers of transactions and widescale default. This paper identifies ways in which two of the principal actors — households and building societies — are adapting their behaviour not only to the specific conditions at the start of the present decade, but also to other developments in the previous one. The paper also speculates about the political significance of these developments.

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