The Costs of Unsustainable Home Ownership in Britain

Abstract

This paper examines the costs of unsustainable home ownership in Britain as manifested through mortgage arrears and possessions. It suggests that there are a widely drawn set of costs that have an impact on a range of different actors and institutions, and offers a simple conceptual framework for developing an analysis of such costs. Further, the paper suggests that an examination of these costs has the potential to contribute to some key debates within social policy, not least to a series of issues about the development and maintenance of social and economic inequality. This claim is illustrated via an analysis of the financial costs of arrears and possession. The paper concludes that the financial losses incurred cannot be regarded as marginal either in terms of the number of people affected, the sums of money involved or the continuing social disadvantages that follow possession. The article concludes with a discussion of whether these issues can be regarded as ‘yesterday's’ problem or whether they should be viewed as a continuing feature of the contemporary social and economic landscape.