With continued economic growth and expanding mortgage markets, until recently the pattern across advanced economies was of growing homeownership sectors. The Great Financial Crisis (GFC) has however, undercut this growth resulting in the contraction of homeownership access in many countries and the revival of private renting. This paper argues that these tenure changes are not solely a consequence of the GFC, and therefore, reversible once long-term growth returns. Rather, they are the consequences of more fundamental changes especially in labour markets. The very financialisation that fuelled the growth of homeownership has also led to a hollowing out of well-paid, secure jobs—exactly those that fit best with the taking of housing loans. We examine longer-term declines in labour market security across Europe from before the GFC, identifying an underlying correlation between deteriorated labour market conditions and homeownership access for young adults. While variations exist across European countries, there is evidence of common trends. We argue that the GFC both accelerated pre-existing labour insecurity dynamics and brought an end to offsetting such dynamics through the expansion of credit access with the likelihood of a return to an era of widespread homeownership growth starkly decreased.

中文翻译：

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大批房屋所有权的终结？欧洲劳动力市场的变化和住房使用权的机会。

随着经济的持续增长和抵押贷款市场的扩大，直到最近，发达经济体的模式仍是房屋所有权部门的增长。然而，大金融危机（GFC）阻碍了这一增长，导致许多国家的房屋所有权减少和私人租金的复苏。本文认为，这些权属变化不仅是全球金融危机的结果，因此，一旦长期增长回报，这种变化就可以逆转。相反，它们是更根本的变化的结果，尤其是在劳动力市场中。推动房屋所有权增长的非常金融化也导致了高薪，有保障的工作的空洞化-恰好是最适合住房贷款的工作。从全球金融危机之前，我们考察了欧洲劳动力市场安全的长期下降，确定恶化的劳动力市场条件与年轻人的房屋所有权之间的潜在相关性。尽管欧洲国家之间存在差异，但有共同趋势的证据。我们认为，全球金融危机不仅加速了先前存在的劳动力不安全动态，而且结束了通过扩大信贷渠道来抵消这种动态的趋势，而这种情况有可能回到普遍拥有住房增长时代的显着下降。