{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Europe\u0026#39;s housing prices continue to soar' data-url='/boclips/videos/6878fa64860c8396ee54d96e' data-video-url='/boclips/videos/6878fa64860c8396ee54d96e' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nEurope\u0026#39;s housing prices continue to soar\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eDid you know that house prices across Europe rose by 4.5% at the end of last year? Yet our disposable incomes — the money we have in our wallets to actually spend — hasn’t increased anywhere near that level. Amid low interest rates and...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eDid you know that house prices across Europe rose by 4.5% at the end of last year? \u003cbr/\u003e\u003cbr/\u003eYet our disposable incomes — the money we have in our wallets to actually spend — hasn’t increased anywhere near that level. \u003cbr/\u003e\u003cbr/\u003eAmid low interest rates and rather easy credit conditions compared to the last 10 years, this edition looks at how our households and economies are impacted by the housing market. \u003cbr/\u003e\u003cbr/\u003eAnd to better understand how it works in Europe and its link with economic activity, here is our: \u003cbr/\u003e\u003cbr/\u003e'Crash course' \u003cbr/\u003e\u003cbr/\u003eMike and Natalia have bought a home. \u003cbr/\u003eTheir jobs and income are stable. \u003cbr/\u003eThe economy is growing, interest rates are low and banks are lending. Rising home prices mean the couple’s equity in their home is rising, too. \u003cbr/\u003eBut if prices start falling, their investment will have a lower value, leaving them owing more than their house is worth. \u003cbr/\u003eIf their country’s banks own a lot of mortgages, the collateral they hold will have less value. That means they’ll also have less money to lend to the broader economy. \u003cbr/\u003eThe couple will have to spend more of their earnings on their mortgage and won’t have money for other things they need. \u003cbr/\u003eIf they can’t spend on adding value to their home, Mike’s job will be at risk - since the construction industry, in which he works, will slow. If Natalia cannot spend on other goods and services, companies like the firm she works for may have to cut jobs to make up the earnings loss. \u003cbr/\u003eLosing either or both jobs could mean Mike and Natalia won’t be able to afford their home. \u003cbr/\u003e\u003cbr/\u003eProperty priced too high: Sweden's story \u003cbr/\u003e\u003cbr/\u003eWhen house prices rise consistently as they did in Sweden until the end of 2017, it raises concerns about whether homes are overvalued. This can put unnecessary burdens on households, given the debt they have to take on, in order to afford a property. \u003cbr/\u003e\u003cbr/\u003eHouse prices are indeed rising across Europe, but they’re coming off a low base after steep falls, such as in Portugal and Ireland. \u003cbr/\u003e\u003cbr/\u003eOur reporter Guillaume Desjardins set out to find out what happens when a country like Sweden starts correcting. \u003cbr/\u003e\u003cbr/\u003e\"Since the subprimes crisis 10 years ago, banks have had to increase their solvency ratios in order to reinforce the banking system. For households dreaming of getting the keys to a new 'home sweet home', that makes getting credit a lot more complicated,\"  our journalist said. \u003cbr/\u003e\u003cbr/\u003eYet, in recent years, property prices have risen faster than wages, and, in spite of everything, households have indeed had to take on debt, sometimes high levels of it. \u003cbr/\u003e\u003cbr/\u003eIn Sweden, for more than a third of households, debt represents more than four and a half years of salary. \u003cbr/\u003e\u003cbr/\u003e\"We have seen some regulations that have made it harder, for example, to get a loan on the market today,\" explained Felix Hasselberg, a real estate agent with the firm, Erik Olsson. \u003cbr/\u003e\u003cbr/\u003e\"The new regulation was implemented on March 1 this year and we have seen since then that bigger households and bigger families are more affected. They have a harder time to buy bigger appartments.\" \u003cbr/\u003e\u003cbr/\u003eCleaning up the housing market \u003cbr/\u003e\u003cbr/\u003eLately, Sweden has taken steps to clean up its housing market. A buyer now needs a downpayment of at least 15 percent of the purchase price, and each year, they must amortise (pay off) part of the loan. Banks, too, have started giving more weight to mortages in their risk assessments. It is a lifesaver in the face of economic risk. \u003cbr/\u003e\u003cbr/\u003eHigh debt may indeed be difficult to pay off for the most modest of homes, but the same goes for others too, with each regular payment reducing the daily budget. \u003cbr/\u003e\u003cbr/\u003e\"Over recent years, high property prices together with a high debt ratio have put a strain on the budget of Swedish households, as well as on their ability to become home-owners,\"  points out Gulilaume Desjardins. \u003cbr/\u003e\u003cbr/\u003e\"But it has also had consequences for the economy as a whole.\" \u003cbr/\u003e\u003cbr/\u003e\"It will be sustainable as long as interest rates are low,\"  said economist Jens Magnusson of the SEB financial services group. \u003cbr/\u003e\u003cbr/\u003e\"But the question is very important, what happens when they rise ? And obviously, what will happen is that a lot of households will have to draw back on other things. They will have to save on anything from restaurant visits to vacations in order to pay higher interest rates. A few households will, of course, be in bigger trouble than that, and will be needing to leave their houses. But we think that's a bit far off.\" \u003cbr/\u003e\u003cbr/\u003eThe European risk regulator, the ESRB, has warned Sweden and seven other European Union countries, about two dangers that they are exposed to: property debt that is too high and homes that are overvalued. A bump on the property market can impact the whole economy,  with the middle class and the poor hit the hardest. \u003cbr/\u003e\u003cbr/\u003e\"House prices have risen much faster than citizens’ incomes\" \u003cbr/\u003e\u003cbr/\u003eFor a further insight into the effects of the property market, we interviewed Cédric Van Styvendael, the president of the  'Housing Europe'  federation of public, cooperative \u0026 social housing which covers 43,000\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=91033472\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e8:16\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e9th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;grade_ids%5B%5D=255\u0026amp;grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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