Secondary property ownership in Europe

Contributing to asset-based welfare strategies and the ‘really big trade-off’

Barend Wind, Caroline Dewilde, John Doling

Research output: Contribution to journalArticleScientificpeer-review

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Abstract

This paper examines the role of secondary property ownership (SPO) in Europe (EU). Focusing predominantly on residential properties used as rental-investments, it explores their role in the political economy of housing and welfare, contributing to respectively newer and older literatures about housing wealth and asset-based welfare and the ‘really big trade-off’ between outright homeownership and generous pensions. Both have hitherto largely been viewed as related to ownership of the primary residence. The empirical part of this paper is based on the Household Finance and Consumption Survey (HFCS), carried out by the European Central Bank in 2014, and providing information about property ownership by samples of households in 20 member states of the EU. The results show that the total wealth held in the form of SPO is considerable while also varying considerably from country to country. SPO held as an investment in the form of landlordism is most prevalent in countries characterised as corporatist-conservative or liberal welfare regimes. In the corporatist-conservative countries, SPO can be seen as a since long established proactive asset-based welfare strategy that compensates for the limitations of their fragmented pension systems, especially for the self-employed. In liberal welfare states, the recent upswing of buy-to-let landlordism is a manifestation of the concentration of housing wealth and limited access to homeownership for starters, which makes SPO an ever more attractive investment.
Original languageEnglish
Number of pages28
JournalInternational Journal of Housing Policy
DOIs
Publication statusE-pub ahead of print - 2019

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trade-off
ownership
assets
welfare
housing
pension
homeownership
European Central Bank
welfare state
political economy
pension system
finance
central bank
Europe

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title = "Secondary property ownership in Europe: Contributing to asset-based welfare strategies and the ‘really big trade-off’",
abstract = "This paper examines the role of secondary property ownership (SPO) in Europe (EU). Focusing predominantly on residential properties used as rental-investments, it explores their role in the political economy of housing and welfare, contributing to respectively newer and older literatures about housing wealth and asset-based welfare and the ‘really big trade-off’ between outright homeownership and generous pensions. Both have hitherto largely been viewed as related to ownership of the primary residence. The empirical part of this paper is based on the Household Finance and Consumption Survey (HFCS), carried out by the European Central Bank in 2014, and providing information about property ownership by samples of households in 20 member states of the EU. The results show that the total wealth held in the form of SPO is considerable while also varying considerably from country to country. SPO held as an investment in the form of landlordism is most prevalent in countries characterised as corporatist-conservative or liberal welfare regimes. In the corporatist-conservative countries, SPO can be seen as a since long established proactive asset-based welfare strategy that compensates for the limitations of their fragmented pension systems, especially for the self-employed. In liberal welfare states, the recent upswing of buy-to-let landlordism is a manifestation of the concentration of housing wealth and limited access to homeownership for starters, which makes SPO an ever more attractive investment.",
author = "Barend Wind and Caroline Dewilde and John Doling",
year = "2019",
doi = "10.1080/19491247.2019.1573961",
language = "English",
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}

Secondary property ownership in Europe : Contributing to asset-based welfare strategies and the ‘really big trade-off’. / Wind, Barend; Dewilde, Caroline; Doling, John.

In: International Journal of Housing Policy, 2019.

Research output: Contribution to journalArticleScientificpeer-review

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AB - This paper examines the role of secondary property ownership (SPO) in Europe (EU). Focusing predominantly on residential properties used as rental-investments, it explores their role in the political economy of housing and welfare, contributing to respectively newer and older literatures about housing wealth and asset-based welfare and the ‘really big trade-off’ between outright homeownership and generous pensions. Both have hitherto largely been viewed as related to ownership of the primary residence. The empirical part of this paper is based on the Household Finance and Consumption Survey (HFCS), carried out by the European Central Bank in 2014, and providing information about property ownership by samples of households in 20 member states of the EU. The results show that the total wealth held in the form of SPO is considerable while also varying considerably from country to country. SPO held as an investment in the form of landlordism is most prevalent in countries characterised as corporatist-conservative or liberal welfare regimes. In the corporatist-conservative countries, SPO can be seen as a since long established proactive asset-based welfare strategy that compensates for the limitations of their fragmented pension systems, especially for the self-employed. In liberal welfare states, the recent upswing of buy-to-let landlordism is a manifestation of the concentration of housing wealth and limited access to homeownership for starters, which makes SPO an ever more attractive investment.

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