There was considerable continuity in the policies pursued by the new Labour government between 1997 and 2010 and its predecessor. Although the change of government introduced concerns about urban renaissance, social exclusion and regeneration the residual approach to council housing continued with no increases in council building, the continuation of RTB and the acceleration of stock transfers from councils to housing associations. There was increased investment to modernise the council housing stock but council housing was in rapid decline whilst private renting prospered. Regeneration and modernisation of housing also raised new questions about displacement and gentrification. A new phase in the development of owner occupation was associated with its decline but also with very high increases in house prices and government promotion of asset-based welfare and housing wealth. The implications of the growth of private renting and of housing association provision are discussed before reference to the global economic crisis from 2008 and actions, including increased public expenditure on housing, to deal with this.