This paper examines trends in the operation and financial performance of major UK housebuilders shortly before, during and after the global financial crisis (GFC) in 2008. It outlines two contrasting explanations of what has happened in the sector over this period. The first is described as an ‘institutional recovery’ perspective, in which a period of initial retrenchment after the crash was followed by steady reinvestment, and then a cautious move back to growth by the major housebuilding companies. This is set against what we describe as a ‘financialised recovery’ perspective. This explanation stems from our own analysis of the annual accounts of major UK housebuilders since 2005. It reveals the impact of the intensive financialisation of a sector initially weakened by the GFC, but where the strategic primacy of maximising shareholder value has been asserted more strongly than before. Our analysis of dividend payments post-GFC reveals this in the starkest of terms. We suggest that the sector has been in more robust financial health than implied by the ‘institutional recovery’ narrative, but that significant value is being extracted out of these companies, and indeed the sector overall, by institutional investors. The analysis provides unique insights into the financialisation of housing production, an issue which to date has received only limited attention. We reflect on the implications of identified trends for housing supply in the UK. We also sketch future research possibilities to examine the ongoing impact of intensive financialisation and the capital flows into, and out of, major housebuilders.

本文研究了2008年全球金融危机（GFC）之前，之中和之后不久英国主要房屋建筑商的运营和财务绩效趋势。它概述了这一时期该行业发生的两种截然不同的解释。首先是从“机构恢复”的角度来描述的，在这种观点下，经济崩溃之后经历了最初的紧缩，之后是稳定的再投资，然后是大型房屋建筑公司谨慎地恢复增长。这与我们所说的“金融复苏”观点背道而驰。这种解释源于我们对自2005年以来英国主要房屋建筑商的年度账目的分析。它揭示了最初被全球金融危机削弱的部门的集约化金融化的影响，但是，比以往任何时候都更坚定地主张最大化股东价值的战略优先地位。我们对GFC之后的股息支付的分析从最鲜明的角度揭示了这一点。我们建议该部门的财务状况要比“机构复苏”的说法所暗示的要健全，但是机构投资者正在从这些公司乃至整个部门中提取可观的价值。该分析为住房生产的金融化提供了独特的见解，迄今为止，这一问题仅受到了有限的关注。我们将反思已确定的趋势对英国住房供应的影响。我们还概述了未来的研究可能性，以检验集约化金融的持续影响以及资本流入和流出主要房屋建筑商的情况。