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Housing assets and small business investment: exploring links for theory and policy

Research output: Contribution to journalArticle


Darja Reuschke, Duncan Maclennan

School/Research organisations


Housing market activity and firm formation are both positively correlated with the business cycle, and the levels of mortgage lending to business owners and funding of small firms have fallen in the UK since 2008. This paper explores a neglected, causal linkage between housing assets and small business investment and the economy and, in particular, draws attention to the recent reduction in small business investment consequent to a reduced capacity of entrepreneurs to withdraw or leverage housing equity. It draws on secondary data for the UK and interviews with key policy and practice stakeholders for both housing and enterprise.


Original languageEnglish
Pages (from-to)744-757
Number of pages14
JournalRegional Studies
Issue number4
Early online date18 Nov 2013
StatePublished - 2014
EventBusiness investment and housing - connections and policy implication - Scottish Government, Leith, Edinburgh, United Kingdom
Duration: 26 Apr 201326 Apr 2013

    Research areas

  • Microbusinesses, Housing, Mortgages

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