Real estate and mortgage finance in England and the Low Countries, 1300-1800

Mortgage markets in developing economies, both past and present, are often confined to social networks between private individuals. The inadequate registration of ownership of and encumbrances on borrowers' real estate has been offered as a reason for this, but it is questionable whether such registration provides either a simple or a complete explanation. This paper analyses mortgage markets between 1300 and 1800 in the Low Countries, where such registration was organised well, and England, where such registration was poorly organised. These historical cases show that registration was important for the emergence of broad mortgage markets but in the historical context successful markets took considerable time to appear. The rise of such markets also required changes in the mortgage laws and often depended on intermediaries for matching borrowers and lenders.