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Factors Affecting Housing Finance

Factors Affecting Housing Finance

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Published by dhavs4u

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Published by: dhavs4u on Sep 23, 2010
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A thesis submitted in partial fulfilment of the requirements of the University of Wolverhampton for the degree of Doctor of Philosophy
May 2009
This work or any part thereof has not previously been presented in any form to theUniversity or to any other body whether for the purpose of assessment, publication or forany other purpose. Save for any express acknowledgements, references and/orbibliographies cited in the work, I confirm that the intellectual contents of the work are theresult of my own efforts and no other person.The right of Adeboye Akanni Akinwunmi to be identified as author of this work isasserted in accordance with ss. 77 and 78 of the Copyright, Designs and Patents Act 1988.At this date copyright is owned by the author.
This study investigated factors affecting housing finance supply in Nigeria. Housingfinance is a major factor determining the quality and tenure of housing consumption, theoverall financial portfolio of the public and the stability and effectiveness of the financialsystem. In both developed and emerging economies, sovereign governments haveintervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often withgovernments providing subsidised housing finance. Attempts were made to develop anempirical model to reveal the underlying factors affecting housing finance in Nigeria.Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheetsbetween 2003 and 2007 were used to assess the ability of the financial institutions toengage in long-term lending. Additional instruments in form of questionnaire, for thesectoral allocation of loans and advances by these financial institutions were employed togather information from Corporate Banking / Loans and Advances Managers coupled withunstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings.Applying a multiple regression approach, the model identified that housing finance supplyin Nigeria is significantly driven by clusters of factors related to share capital and thereserves of the financial institutions. It is closely observed that housing finance models inthe developed economies, which are largely financed by deposit liabilities, cannot bewholly adopted in the emerging economies. The implication for practice therefore is thatfinancial institutions in the emerging economies must adequately increase their capital basefor effective housing finance supply and introduce mortgage products with long-termtenure to actively mobilise resources for mortgage lending.
To God be the glory. It is amazing that the brief meeting I had with the Dean of the School(Prof. Paul Olomolaiye) in April 2004, who encouraged me to undertake this assignmentresulted in the production of this thesis.My sincere appreciation goes to my Director of Studies, Dr. Rod Gameson who haspainstakingly nurtured me on time management and provided effective supervisionthroughout the period of this programme. I am grateful also to Dr. Felix Hammond, amember of the supervisory team, who is always ready to listen and provide solutions to myacademic problems wherever he might be.To Prof. Olomolaiye, you have been wonderful in assisting and supporting me throughoutthe duration of the programme. I would like to thank the School of Engineering and theBuilt Environment in supporting me financially towards the end of this programme.Undergoing a PhD programme as a fee-paying student is capital-intensive in nature andwithout this assistance I might not be in that position to complete the programme.To my darling wife, Lydia Afolake, you have been wonderful in providing the financialassistance and effective running of the home while the programme lasted. May themerciful God fulfil our heart desires and meet us at our point of needs. To our daughter,Olamide, for this period you been denied of fatherly care and moral supports in yourstudies, but am assuring you that I love you.It is important at this stage to acknowledge the support and assistance of my seniorcolleagues during the PhD programme – Drs Obuks Ejohwomu, Anthony Egbu, Nii-Ankrah, Raymond Abdulai, Divine Ahadzie, Nuhu Braimah, Messrs Abdulkarim Noibi,Elias Ikpe, Peter Akadiri and others. You have all contributed one way or the other to the

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