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Pockets of risk in European housing markets

Jane Kelly, Julia Le Blanc, Reamonn Lydon, (2018), «Pockets of risk in European housing markets», VoxEU, 25 Νοεμβρίου

Loan-to-value limits and other borrower-based macroprudential measures are now used in two-thirds of advanced economies. This column uses survey data to document changes in credit standards in a cross-section of countries in the run-up to, and aftermath of, the financial crisis. There is clear evidence of laxer credit standards in countries that experienced a real estate boom-bust, and a significant tightening after the bust. The results imply that compared to earlier years, younger and lower-income borrowers have to save for longer before buying.

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