Introduction from the Editor - Vol. 2 No. 2

Citation

Reed, R. (2009), "Introduction from the Editor - Vol. 2 No. 2", International Journal of Housing Markets and Analysis, Vol. 2 No. 2. https://doi.org/10.1108/ijhma.2009.35102baa.001

Introduction from the Editor - Vol. 2 No. 2

Introduction from the Editor – Vol. 2 No. 2

Article Type: Editorial From: International Journal of Housing Markets and Analysis, Volume 2, Issue 2.

Housing markets have been a topic of increased discussion in recent times from a global perspective, although often with reference to the global economic crisis which remains ongoing at the time of writing. More specifically, housing affordability (or'lack thereof) in certain developed countries such as the USA has been identified as a central catalyst for the problems associated with bad credit and housing repossessions. Housing affordability means different things to different people in different international markets. It ranges from the inability of a household to actually enter the housing market at any level and “afford” a home to the problems associated with retaining a current level of home ownership whilst meeting financial repayments. Lately, the emphasis has been on the latter which now has demonstrated its seemingly increased and sudden ability to have a flow-on effect to the broader economy, as well as raising the profile of specific credit problems e.g. “toxic credit”. As well as supplying shelter, the housing market has a direct and indirect effect on many facets of our economy which is regularly reported in the media. As never before, international housing markets are now viewed as an important structural component of both developed and developing economies; if we conducted more research would we be better able to understand the heterogeneous and heterogeneous factors and their exact influence on each sector of the market? Furthermore, if another real estate sector (e.g. office) suffered a downturn in affordability, would this have a similar influence on the broader economy? Rarely has the importance of international housing markets been highlighted so much. Unfortunately the higher emphasis on research into international housing markets is one of the few areas to benefit from this crisis.

This second issue (volume 2) of the International Journal of Housing Markets and Analysis has retained the theme of six papers from different countries which provide a diverse insight into global markets. At the same time the focus on “housing affordability” ranges from demand for new housing to challenges for retirees to access housing. The paper on the Hong Kong market examines how “blacklisting” affects the value of residential housing in that country, although the research paper about Instanbul housing is focused on investigating the determinants of housing prices. Following this theme, the US paper examines unique demand drivers in the State of Alabama, which contrasts directly with the research conducted into developing Nigeria concerning the perception of insurance. The paper about international retiree migrants is timely as this area is traditionally under-researched due to the amount'of'research on traditional housing affordability areas e.g. newly formed households.The sixth paper investigates a very important question and provokes thought on policy makers and housing markets in the UK – it is envisaged that it will encourage future publications of this type of research and constructive debate about the state of a particular housing market.

The trend towards an increased level of interest in international housing markets has been observed and is well documented, where the status of a market in a particular country (e.g. UK, USA) is now of direct interest to global researchers. Therefore all future issues of this journal will include updates on certain individual countries regarding historical statistics of relevance to their housing markets. This new section was suggested by members of the editorial advisory board and follows the trend in'other investment sectors (e.g. stock market) for detailed information that the international market receives about global markets. I encourage you to provide feedback to me directly (r.reed@deakin.edu.au) about this section or other innovative suggestions for this journal. Most of all, this journal seeks to stand alone with its approach to international housing markets and publishing timely research in this globally important area. Whilst this economic crisis has been on a “global” basis, it is hoped that this unique housing journal will assist policy makers to better informed international housing market.

Richard Reed