The 1992 British general election took place in the context of a severe housing recession which hit hardest in those regions from which the government usually drew much of its electoral support. The slump notwithstanding, however, the government went on to win its fourth successive election victory. The paper investigates the impact of the housing recession on the geography of the vote at the 1992 general election. Party fortunes were linked to local housing market conditions, and the failure of the housing market was a factor in reducing support for the government. Negative equity is identified as a particularly important problem in this regard.