The building society promise : access, risk, and efficiency 1880-1939 / Antoninus Samy.

Format:

Book

Author/Creator:

Samy, Antoninus, 1979- author.

Series:

Oxford historical monographs

Oxford Historical Monographs

Language:

English

Subjects (All):

Savings and loan associations--Great Britain--History--19th century.

Savings and loan associations.

Savings and loan associations--Great Britain--History--20th century.

Home ownership--Great Britain--History--19th century.

Home ownership.

Home ownership--Great Britain--History--20th century.

Working class--Dwellings--Great Britain--History--19th century.

Working class.

Working class--Dwellings--Great Britain--History--20th century.

Working class--Dwellings.

History.

Great Britain.

Genre:

History.

Physical Description:

xxi, 296 pages ; 23 cm.

Edition:

First edition.

Place of Publication:

Oxford ; New York, NY : Oxford University Press, 2016.

Summary:

The permanent building societies of England grew from humble beginnings as a multitude of small and localized institutions in the nineteenth century to become the dominant players in the house mortgage market by the inter-war period. Throughout the nineteenth and early-twentieth centuries, the movement cultivated an image of being a champion of home ownership for the working classes, but housing historians have questioned whether building societies really lived up to this claim. This study fills a major gap in the historiography of the movement by investigating the class profile of building society members, and how the design of different building societies affected their accessibility, efficiency, and risk-taking practices between 1880 and 1939. These themes are explored using case studies of several building societies from this period and drawing upon extensive archival records. The Building Society Promise shows that building societies did lend to working-class households before the First and Second World Wars, with some societies showing a greater commitment to working-class home ownership than others.

Contents:

1 The Origins and Evolution of the Building Societies in Britain, c. 1850-1939 1

The Origins of the Building Society Movement 1

The Birth of the Permanent Building Society 4

The Development of the Permanent Building Societies 8

Theories of Mutual Formation: Explaining the Popularity of the Building Societies 23

Hansmann's Theory of Ownership 24

Mutual Banks as a 'Self-Enforcing Contract' 28

The Risk-Return Profile of Building Societies Compared to Other Investments 43

The Interwar Years 50

Conclusion 52

2 'Every Man His Own Landlord': Building Societies and Home Ownership, c.1880-1913 54

Introduction 54

Historical Background, 1880-1919 55

Theory, Method, and Sources 70

Case Study: 'Co-operative, Equitable, Economical and Profitable': The Co-operative Permanent Building Society (1884-1913) 78

Background 78

Property Characteristics 83

Borrower Characteristics 88

The Household Structure of Borrowers 95

The Design of Loan Contracts 97

Agencies as 'Information Machines' 106

Testing Other Theories: The Insights from Other Case Studies 117

Relational versus Transactional Lending: Comparing the Lending Behaviour and Performance of Two London-Based Societies 127

Conclusion 130

3 'The Silent Revolution': Building Societies and the Interwar Housing Market 132

Introduction 132

Historical Background, 1919-39 133

Theory, Method, and Sources 163

Revisiting Loan Affordability with Case Study Evidence 174

Affordability and Accessibility: The Cases of the Ipswich Building Societies 185

From Relational Lender to Transactional Lender: The Co-operative Permanent Building Society in the Interwar Period 194

Other Case Studies 213

Conclusion 221

4 'The Paradox of Success': The Effect of Growth, Competition, and Managerial Self-Interest on Building Society Practice and Market Structure, c. 1880-1939 223

Introduction 223

Theory and History 224

The Role of Competition and Commercialization on Building Society Practice 229

Firm Growth by Capture: The Ideology of Rationalization and the Triumph of the Building Society Manager 254

Conclusion 263.

Notes:

Includes bibliographical references and index.

ISBN:

9780198787808

0198787804

OCLC:

961413760