{"product_id":"property-boom-and-banking-bust-isbn-9781119219255","title":"Property Boom and Banking Bust","description":"\u003cp\u003e\u003cb\u003eA fascinating analysis of the critical role commercial property investment played in the economic boom and bust during the global financial crisis\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe unprecedented financial boom stretching from the mid-1990s through 2008 ultimately led to the deepest recession in modern times and one of the slowest economic recoveries in history. It also resulted in the emergence of the draconian austerity policies that have swept across Europe in recent years. \u003ci\u003eProperty Boom and Banking\u003c\/i\u003e \u003ci\u003eBust\u003c\/i\u003e offers an expert insight into the complex property market dynamics that contributed to the Great Financial Crisis of 2008 and its devastating economic consequences. It is the first book to focus on a woefully underreported dimension of the crisis, namely, the significant role that lending on commercial property development played in the crisis. Among other key topics, the authors explore the philosophical and behavioral factors that propelled irresponsible bank lending and the property boom; how it led to the downfall of the banks; the impact of the credit crunch on the real estate industry generally in the wake of the financial crisis; the catastrophic effects the property bust had on property investors, both large and small; and how the financial institutions have sought to recover in the wake of the financial crisis. \u003c\/p\u003e \u003cul\u003e \u003cli\u003eProvides valuable insights into what happened in previous booms and busts, particularly in the 1970s and 1980s, and how they compare with the most recent one\u003c\/li\u003e \u003cli\u003eOffers an expert assessment of the consequences of the global financial crisis for the banking system and the commercial property industry\u003c\/li\u003e \u003cli\u003eExamines strategies banks have used to recover their positions and manage the overhang of indebtedness and bad property assets\u003c\/li\u003e \u003cli\u003eAddresses strategies the real estate industry have used to recover from the collapse in property values\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten in an accessible style, and featuring numerous insider case accounts from property bankers, \u003ci\u003eProperty Boom and Banking Bust\u003c\/i\u003e disentangles the complex, tightly-woven factors that led to the Great Financial Crisis of 2008, while offering powerful lessons for property industry professionals on how to avoid having history repeat itself.\u003c\/p\u003e \u003cp\u003eList of figures ix\u003c\/p\u003e \u003cp\u003eAcknowledgements xi\u003c\/p\u003e \u003cp\u003eGlossary xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSub-prime Lending Enters the Financial Vocabulary 2\u003c\/p\u003e \u003cp\u003eThe Global Extension 5\u003c\/p\u003e \u003cp\u003eCommercial Property Market Context 6\u003c\/p\u003e \u003cp\u003eCommercial Property’s Role in the Wider Economy 13\u003c\/p\u003e \u003cp\u003eProperty Investment and Short-termism 14\u003c\/p\u003e \u003cp\u003eMeasuring Commercial Property Market Performance 14\u003c\/p\u003e \u003cp\u003eBook Structure 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Long\u003c\/b\u003e\u003cb\u003e-\u003c\/b\u003e\u003cb\u003eterm Changes to Property Finance and Investment 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Changing Role of the Banks in the United Kingdom 21\u003c\/p\u003e \u003cp\u003eProperty Development and Investment Finance 25\u003c\/p\u003e \u003cp\u003eThe Changing Investment Landscape of the Non-banking Financial Institutions 29\u003c\/p\u003e \u003cp\u003eThe Other Main Players in Commercial Property 30\u003c\/p\u003e \u003cp\u003eThe Changing Face of Institutional Property Investment 31\u003c\/p\u003e \u003cp\u003eLimited Partnerships 34\u003c\/p\u003e \u003cp\u003eJersey Rides to the Rescue 37\u003c\/p\u003e \u003cp\u003eUnit Trusts and Indirect Investment 39\u003c\/p\u003e \u003cp\u003eConclusions 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Economic Growth, Debt and Property Investment through the Boom 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGlobal Economic Upturn and Debt Accumulation 43\u003c\/p\u003e \u003cp\u003eThe Property Boom and Escalating Debt 46\u003c\/p\u003e \u003cp\u003eThe Cost and Role of Debt 52\u003c\/p\u003e \u003cp\u003eDevelopment and its Finance in the Noughties Boom 57\u003c\/p\u003e \u003cp\u003eThe Weight of Money and Moving up the Risk Curve 61\u003c\/p\u003e \u003cp\u003eConclusions 63\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Anatomy of the Property Investment Boom 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCommercial Property, the Macroeconomy and Globalization 66\u003c\/p\u003e \u003cp\u003eGlobal Property Upswing 68\u003c\/p\u003e \u003cp\u003eMarket Trends in the Property Boom – Was Something Different this Time? 71\u003c\/p\u003e \u003cp\u003eUK Investment Trends 76\u003c\/p\u003e \u003cp\u003eLending To Commercial Property in the United Kingdom 82\u003c\/p\u003e \u003cp\u003eA Property Boom in an Irrational Market 83\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Global Financial Crisis and its Impact on Commercial Property 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Crisis Unfolds 92\u003c\/p\u003e \u003cp\u003eThe Impact on Global Property Markets 95\u003c\/p\u003e \u003cp\u003eCapital and Rental Values in the United Kingdom Post 2007 98\u003c\/p\u003e \u003cp\u003eBut This Time the Bust Was Also Different 100\u003c\/p\u003e \u003cp\u003eInvestment Trends and Capital Value Falls 106\u003c\/p\u003e \u003cp\u003eChanging View of Risk 112\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Property Lending and the Collapse of Banks 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Crumbling of the UK Banking System 118\u003c\/p\u003e \u003cp\u003eRoyal Bank of Scotland 121\u003c\/p\u003e \u003cp\u003eHalifax Bank of Scotland 122\u003c\/p\u003e \u003cp\u003eBritannia Building Society and the Co-operative Bank 130\u003c\/p\u003e \u003cp\u003eDunfermline Building Society 131\u003c\/p\u003e \u003cp\u003eIrish Banking Collapse 132\u003c\/p\u003e \u003cp\u003eUS Experience 136\u003c\/p\u003e \u003cp\u003eDiscussion and Conclusions 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Aftermath and Recovery 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Macroeconomic Context 144\u003c\/p\u003e \u003cp\u003eProperty Market Trends 147\u003c\/p\u003e \u003cp\u003eBad Bank Debts and Impairments: The Road to Redemption 151\u003c\/p\u003e \u003cp\u003eThe Response of Property Investors, Property Funds and Property Companies 158\u003c\/p\u003e \u003cp\u003eProperty Lending Post-GFC 161\u003c\/p\u003e \u003cp\u003eImplications for the Pricing of Commercial Property and Investment 162\u003c\/p\u003e \u003cp\u003eConclusions 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Conclusions 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGlobalization 171\u003c\/p\u003e \u003cp\u003eThe Boom and Bust through the Prism of Valuations 173\u003c\/p\u003e \u003cp\u003eRole of Banking 173\u003c\/p\u003e \u003cp\u003eIrrational Exuberance 174\u003c\/p\u003e \u003cp\u003eCould It Happen Again? 176\u003c\/p\u003e \u003cp\u003eWhat Can Be Done? 177\u003c\/p\u003e \u003cp\u003eFinal Thoughts 179\u003c\/p\u003e \u003cp\u003eReferences 181\u003c\/p\u003e \u003cp\u003eIndex 191\u003c\/p\u003e   \u003cp\u003e\u003cb\u003e Colin Jones, PhD,\u003c\/b\u003e is Professor of Estate Management in the Institute for Social Policy, Housing, Environment and Real Estate at Heriot-Watt University, Edinburgh, Scotland, UK. He has published widely on spatial commercial, industrial and housing property markets, urban regeneration and the economics of housing policy.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003e Stewart Cowe\u003c\/b\u003e worked for thirty years in the investment division of Scottish Widows Investment Partnership.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003e Edward Trevillion, PhD,\u003c\/b\u003e is an Honorary Professor of Real Estate Investment and Finance in the Institute for Social Policy, Housing, Environment and Real Estate at Heriot-Watt University.       \u003c\/p\u003e\u003cp\u003e\u003cb\u003e A fascinating analysis of the critical role commercial property investment played in the economic boom and bust during the global financial crisis  \u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e The unprecedented financial boom stretching from the mid-1990s through 2008 ultimately led to the deepest recession in modern times and one of the slowest economic recoveries in history. It also resulted in the emergence of the draconian austerity policies that have swept across Europe in recent years. \u003ci\u003eProperty Boom and Banking Bust\u003c\/i\u003e offers an expert insight into the complex property market dynamics that contributed to the Great Financial Crisis of 2008 and its devastating economic consequences. It is the first book to focus on a woefully underreported dimension of the crisis, namely, the significant role that lending on commercial property development played in the crisis. Among other key topics, the authors explore the philosophical and behavioral factors that propelled irresponsible bank lending and the property boom; how it led to the downfall of the banks; the impact of the credit crunch on the real estate industry generally in the wake of the financial crisis; the catastrophic effects the property bust had on property investors, both large and small; and how the financial institutions have sought to recover in the wake of the financial crisis.    \u003c\/p\u003e\u003cul\u003e \u003cli\u003eProvides valuable insights into what happened in previous booms and busts, particularly in the 1970s and 1980s, and how they compare with the most recent one\u003c\/li\u003e \u003cli\u003eOffers an expert assessment of the consequences of the global financial crisis for the banking system and the commercial property industry\u003c\/li\u003e \u003cli\u003eExamines strategies banks have used to recover their positions and manage the overhang of indebtedness and bad property assets\u003c\/li\u003e \u003cli\u003eAddresses strategies the real estate industry have used to recover from the collapse in property values\u003c\/li\u003e \u003c\/ul\u003e \u003cbr\u003e  \u003cp\u003e Written in an accessible style, and featuring numerous insider case accounts from property bankers, \u003ci\u003eProperty Boom and Banking Bust\u003c\/i\u003e disentangles the complex, tightly-woven factors that led to the Great Financial Crisis of 2008, while offering powerful lessons for property industry professionals on how to avoid having history repeat itself.\u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989877211365,"sku":"NP9781119219255","price":123.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119219255.jpg?v=1761785762","url":"https:\/\/k12savings.com\/products\/property-boom-and-banking-bust-isbn-9781119219255","provider":"K12savings","version":"1.0","type":"link"}