Rethinking the Risks of Home Ownership

Susan J. Smith, Beverley Ann Searle, Nicole Cook

    Research output: Contribution to journalArticlepeer-review

    80 Citations (Scopus)


    Most debate on home ownership and risk has focused on the management of mortgage debt. But there are other risks for home buyers in settings where housing dominates people's wealth portfolios: where the investment dimensions of property are at a premium; and where housing wealth is, de facto, an asset base for welfare. This article draws from qualitative research with 150 UK mortgage holders to assess the character, extent and possible mitigation of this wider risk regime. The analysis first explores the value home buyers attach to the financial returns on housing. Next we document the extent to which home equity is earmarked and used as a financial buffer. Finally, reflecting on the merits and limitations of this tactic, we conclude by asking whether – in the interests of housing and social policy, as well as with a view to managing the economy – there is any need, scope or appetite for more actively sharing the financial risks and investment gains of housing systems anchored on owner-occupation.

    Original languageEnglish
    Pages (from-to)83-102
    Number of pages20
    JournalJournal of Social Policy
    Issue number1
    Publication statusPublished - Jan 2009


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