The Microstructures of Housing Markets

House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.

1. Introduction Susan J. Smithand Moira Munro 2. Microeconomic Perspectives on the Structure and Operation of Local Housing Markets Craig Watkins 3. Understanding Neighbourhood Housing Markets: Regional Context, Disequilibrium, Sub-markets and Supply Glen Bramley Chris Leishmanand David Watkins 4. ‘Doing Deals on the House’ in a ‘Post-welfare’ Society: Evidence of Micro-Market Practices from Britain and the USA Helen Jarvis 5. Between Investment, Asset and Use Consumption: The Meanings of Homeownership in Japan Richard Ronald 6. Knowing the Market? Understanding and Performing York’s Housing Alison Wallace 7. Influences and Emotions: Exploring Family Decision-making Processes when Buying a House Deborah Levy, Laurence Murphyand Christina K.C. Lee 8. The Effect of Consumers’ Expectations in a Booming Housing Market: Space-time Patterns in the Netherlands, 1999–2000 Jan Rouwendaland Simonetta Longhi 9. Rhetoric in the Language of Real Estate Marketing Gwilym Pryceand Sarah Oates 10.Calculated Affection? Charting the Complex Economy of Home Purchase Moira Munroand Susan J. Smith

Susan J. Smith is Professor of Geography and Director of the Institute of Advanced Study at Durham University, UK. Moira Munro is Professor of Public Policy at theUniversity of Glasgow, UK.