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……………………………………………………………………………………………. A Time for Innovation: Developing new housing policy mechanisms . Contents. ……………………………………………………………………………………………………. Divided society not ‘Big Society’ in housing The new housing policy reality New policy mechanisms Changing role for government

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a time for innovation developing new housing policy mechanisms

……………………………………………………………………………………………..……………………………………………………………………………………………..

A Time for Innovation: Developing new housing policy mechanisms

slide2

Contents

……………………………………………………………………………………………………..

  • Divided society not ‘Big Society’ in housing
  • The new housing policy reality
  • New policy mechanisms
  • Changing role for government
  • Can the ‘Big Society’ contribute?
slide3

……………………………………………………………………………………………………..……………………………………………………………………………………………………..

No ‘Big Society’ in Housing

slide4

Home ownership has moved far out of reach

……………………………………………………………………………………………………..

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The younger generation is living in private rent

……………………………………………………………………………………………………..

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Affordability varies dramatically by Local Authority

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Source: Hometrack

slide7

Trouble is being stored up for the future

……………………………………………………………………………………………………..

Mortgage payments as a proportion of gross household income among low to middle income mortgagors

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The new housing policy reality

……………………………………………………………………………………………………..

  • Private rent no longer a ‘pass through’ tenure but sector not fit for purpose
  • Strategic approach to housing can no longer focus just on social housing and FTBs
  • Large numbers will reach old age with no assets
  • Welfare reform destablising the situation of the least well off
  • Government has limited money
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……………………………………………………………………………………………………..……………………………………………………………………………………………………..

New mechanisms and the role of government

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Can private finance save the day?

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Institutional investment in market rent

VS.

Social housing

bond issues

slide11

Private investment linked to product innovation

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Government needs to play different roles

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  • Government as guarantor not grant maker eg. debt guarantee
  • Government as co-investor on an equity basis – a new approach to best value
  • Government as enabler through local flexibility on planning and use of public land
  • Government as quality improvement engine – a something for something deal with developers
slide13

Is there a role for the ‘Big Society’ in innovation?

……………………………………………………………………………………………………..

  • Ansar Finance Group – community based co-investment
  • Rural rent to buy in the Highlands
  • Community self build and other community land trust initiatives
  • Possibility for buy to let landlords to invest locally to increase supply
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……………………………………………………………………………………………………..……………………………………………………………………………………………………..

THANK YOU

Vidhya Alakeson

Deputy Chief Executive

Resolution Foundation

[email protected]

020 3372 2953

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