ABSTRACT
By the end of the 1930s owner occupation had largely displaced private landlordism in the production of new housing. But the changes which underpinned the transformation of the tenure structure of new housing production had a corresponding if more protracted impact on the existing rented stock. The transfer of rented property into owner occupation was taking place on a limited scale in the years preceding the First World War. In a period of falling demand by private housing investors there had been a move by builders towards the sale of new houses to home owners. The emergence of owner occupation as the dominant structure of private sector housing provision in the early twentieth century and the dual value system which it created was reflected in a growing gap between capitalized property values in the two tenures. Owner occupation also places home owners in a much more favourable position in terms of their relative abilities to consume housing services.
