The assetisation of housing: A macroeconomic resource

Abstract

The most significant episode in the assetisation of housing (underpinning its financialisation) is often understood to be the economic restructuring that took place during the 1980s – particularly deregulation of the banking sector and credit liberalisation. Research has reported on the housing ‘investor subject’ that emerged during this time, as an integral part of the transition towards financialised economies. This article provides new evidence about the housing consumer subject, and its place in this transition, by drilling into UK housing policy history and its discourses around the consumer relationship with housing. Using archive data from the Parliamentary and National Archives alongside interviews with key informers, we illustrate three cases of housing policy development in which the consumer demand for, and relationship with, housing is discursively reconditioned. We conclude that the housing investor subject was pursued in housing policy reform and its discourses well before the 1980s and the economic reforms commonly identified as the causes of financialisation. In addition, these discourses are found to have been reconditioned in order to align with broader macroeconomic policy concerns of the time. The article therefore provides a rare view of assetisation from within the state apparatus, revealing how housing policy and its discourses around consumption became functionally integrated within wider macroeconomic goals.