Housing: creative solutions

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No roof of your own

on July 19, 1999

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Location: Worcester, UK

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Shared Ownership - a housing market fix?

Shared Ownership has given homes to around 180,000 families and it’s claimed that it offers a third way, an opportunity to house many more at a lower cost, another tenure that broadens the landlord offer. Some housing association websites go further and claim “It’s about getting your foot on the housing ladder. It’s a great alternative to renting and perfect if you can’t afford to buy a house outright.” Really? Whilst housing associations like selling them, the experiences of the occupiers can be quite different. Higher entry costs, administrative charges, rents rising annually, plus the responsibility for all repairs can mean the worst of all worlds. Why do increasing numbers feel trapped in the tenure? “It’s a step on the ladder” , yet Cambridge University found ( 2012 ) that over 12 years only 27,908 had staircased to 100%, and in many rural areas freehold ownership is expressly prohibited. They concluded that many shared owners simply cannot afford to buy their property in full,

Storm clouds are looming over Britain’s housing market

Government intervention has inflated house prices to unsustainable levels; a crash is now predicted - and those on lowest incomes will suffer. The Conservative ideological obsession with home ownership, and antipathy to social housing, blinds them to the need for a balanced housing market that supports the needs of both the poorest and of business. Help to Buy was exposed in June 2019 by the National Audit Office (NAO) and excoriated on Left Foot Forward. It’s worth repeating some of that analysis again, Around three-fifths of those using Help to Buy could have bought a property without it, over 8,000 of those using the scheme had household incomes over £100,000 and more than 20,000 had incomes over £80,000. 1 in 5 of those using Help to Buy aren’t even first-time buyers. It’s boosted the profits of Britain’s biggest property developers. And of course since then, the scheme has been extended to 31st March next year. The NAO noted then that the government had indicated that it “wil

How to issue a bond: nine tips for housing associations

Make time This path is so well trodden it is difficult to see over the sides of the trench. The legal documentation has developed over many years so there is virtually no opportunity to change it. In addition, investors need to know heir investment is secure and so satisfactory title must be demonstrated. Depending on the type of organisation and the quality of your records, this can be inordinately difficult. There is no shortcut, so start early. Do your homework The financial world is just that, a different world. Investors will know more about you than you do about them. Most are knowledgeable about housing associations and what they do not know, their in-house analysts will discover. Any credit rating (and Moody’s dominates the market) will be used to verify their analysis and may give comfort that their understanding is correct. And comfort gives confidence. Confidence can lead to a lower rate of interest – but don’t bank on it. Learn the language Coupons aren’t supermarket money-

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