Historically England’s tenure structure was particularly differentiated, with owner-occupation restricted to those with the capacity to borrow in a highly regulated market; social rented provided almost entirely by local authorities with rents well below market levels; and a private rented sector where the majority of tenants had long term security and controlled rents. In 1980, England was in the middle group of countries with respect to owner-occupation well below most other Anglo-Saxon countries – notably Australia, Canada and the United States (Freeman, Holmans & Whitehead, 1996). It was in this context that the Conservative government started to develop policies to expand owner-occupation.