Skip to content

Research at St Andrews

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

Research output: Research - peer-reviewArticle


Open Access permissions



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

Discover related content
Find related publications, people, projects and more using interactive charts.

View graph of relations

Related by author

  1. Housing and capital in the 21st century

    Maclennan, D. & Miao, J. 12 Mar 2017 In : Housing, Theory and Society. 34, 2, p. 127-145 19 p.

    Research output: Research - peer-reviewArticle

  2. Exploring the ‘middle ground’ between state and market: the example of China

    Miao, J. T. & Maclennan, D. 2017 In : Housing Studies. 32, 1, p. 73-94 22 p.

    Research output: Research - peer-reviewArticle

  3. Regional house price cycles in the UK, 1978-2012: A Markov switching VAR

    Chowdhury, R. A. & Maclennan, D. 28 Oct 2014 In : Journal of European Real Estate Research. 7, 3, p. 345-366 22 p.

    Research output: Research - peer-reviewArticle

  4. Growing economies and building homes: Reconciling growth and housing wellbeing in St Andrews

    Maclennan, D., O'Sullivan, T., Maynard, K., Sila-Nowicka, K. & Walden, Y. Dec 2013 University of St Andrews. 94 p.

    Research output: ResearchCommissioned report

  5. Devolution, Deals or Disorder: Understanding Emerging City Policies in Britain

    Maclennan, D., Waite, D. & O'Sullivan, T. 12 Nov 2013 In : Local Economy. 28, 7-8, p. 770-785

    Research output: Research - peer-reviewSpecial issue

Related by journal

  1. Determinants of occupational mobility: the importance of place of work

    McCollum, D., Liu, Y., Findlay, A., Feng, Z. & Nightingale, G. 30 Jan 2018 In : Regional Studies. Latest Articles, 12 p.

    Research output: Research - peer-reviewArticle

  2. Cities’ attraction and retention of graduates: a more-than-economic approach

    Imeraj, L., Willaert, D., Finney, N. & Gadeyne, S. 23 Aug 2017 In : Regional Studies. Latest Articles, 12 p.

    Research output: Research - peer-reviewArticle

  3. Impacts of regional productivity growth, decoupling and pollution leakage

    Cui, C. X., Hanley, N., McGregor, P., Swales, K., Turner, K. & Yin, Y. P. 2017 In : Regional Studies. 51, 9, p. 1324-1335 12 p.

    Research output: Research - peer-reviewArticle

  4. A post-mortem of regional innovation policy failure: Scotland's Intermediate Technology Initiative (ITI)

    Brown, R. C., Gregson, G. & Mason, C. 2016 In : Regional Studies. 50, 7, p. 1260-1272 13 p.

    Research output: Research - peer-reviewArticle

  5. Self-employment as a route in and out of Britain's South East

    Reuschke, D. 3 Apr 2015 In : Regional Studies. 49, 4, p. 665-680

    Research output: Research - peer-reviewArticle

ID: 174279722