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Buy Now-Pay Later Achieving Mobility in the Intermediate Market

Aims of Presentation. Initial findings of study for JRF into to what extent people move on from their initial LCHO purchase, and, if they do so, how? Based upon mixed method study (some administrative data CORE/RSR, Provider survey (30), owner survey (190), interview data key players (40), intervie

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Buy Now-Pay Later Achieving Mobility in the Intermediate Market

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    1. Buy Now-Pay Later? Achieving Mobility in the Intermediate Market Dr Alison Wallace, Centre for Housing Policy For Joseph Rowntree Foundation Housing Studies Association Conference University of York April 2008

    2. Aims of Presentation Initial findings of study for JRF into to what extent people move on from their initial LCHO purchase, and, if they do so, how? Based upon mixed method study (some administrative data CORE/RSR, Provider survey (30), owner survey (190), interview data key players (40), interview data owners (28). Brent/RBKC, Belfast area, Glasgow, Milton Keynes, Cardiff/Newport area, Cornwall.

    3. An Overview of Low cost Homeownership Schemes Northern Ireland – Centralised open market shared ownership scheme. Scotland – traditional shared ownership, rural Gro Grants, shared equity scheme Homestake. Wales- Homebuy from 1990s, traditional shared ownership, various discounted sales. England- traditional shared ownership, shared equity Homebuy (Ownhome, MyChoiceHomebuy), discounted sales

    4. Moving on- but how?

    5. Moving on Data limitations in field

    6. Moving on destinations Reasons for moving (larger home 30%, better neighbourhood 26%, family support 17%, expanding/starting family 15%) Tenure destination (13 full h/o, 4 SHO, 4 PRS, 2 Social housing, 1 family/friends) Property destination (two thirds a house, 44% a three bedroom) Point about larger home stock two/3 beds houses flats compared to new entrants flats/houses Point about larger home stock two/3 beds houses flats compared to new entrants flats/houses

    7. Who moves, who stays?

    8. What factors support or constrain move on?

    9. Household facilitators and barriers Employment prospects Becoming a couple Age Disposition to high cost places Family support “I think it works if you can pay them off, but if you’re on a low wage its hard…and its only people really struggling who go down this route” Council Worker, NI.

    10. Housing Market facilitators and barriers to move on Equity gains Closing the equity gap Saleability of shares Saleability of property “Given us enough to think about paying off debt and having a clean slate for the move” Brent owner “Basic problem is that the quarter share isn’t worth very much” Glasgow owner.

    11. LCHO provider barriers The resale process Moving within the intermediate market Maximising investment in home Product offer “Why don’t you sell the house that you’ve got and rent until you see what happens almost beggars belief from an agency that’s supposed to be helping people” Cornwall Owner.

    12. Conclusions Moving on for some Staying put for others Data problems Supporting LCHO moves Good practice guidance to RSLs Other products, loans, grants What are the consequences for future?

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