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Housing Wealth in an Ageing Society 9 th April, York. Beverley A Searle. INTRODUCTION. Changing demographics Housing wealth inequalities Policy Future challenges….?. Population Growth 2000-2035:. Population Growth 2000-2035: England. Population Growth 2000-2035: Scotland.

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slide1

Housing Wealth in an Ageing Society

9th April, York

Beverley A Searle

slide2

INTRODUCTION

  • Changing demographics
  • Housing wealth inequalities
  • Policy
  • Future challenges….?
slide6

Populations are ageing: 2000-2035

Source: New Times New Business

slide10

Economic Trends

8% growth in stock

slide14

Trends in housing tenure

Source: Scottish Government

slide17

Economic Trends

Base = 2000

slide18

Economic Trends

Base = 2000

slide19

Young people are priced out of

owner-occupation

Source: DCLG Live tables; Nomis

slide20

Reduction of low-deposit mortgages for first time buyers

Source : Regulated Mortgage Survey, in Pawson and Wilcox (2012)

slide21

Policy

  • Rhetoric is a smoke screen
  • Transfer of private (housing) wealth growing in importance
  • What impact will housing policy have on intergenerational justice?
slide22

Inequalities in housing wealth represent one of the starkest inequalities in Britain.

(Hills, 2010, p246)

slide23

Mortgaged homeowners who re-mortgage* or extended original loan on their home

Policy

Source: Family Resources Survey, author’s analysis

*Excludes re-mortgaging for better interest rates or to take out a more flexible mortgage

slide24

Policy

  • More frequent among younger (30s-50s) than older (50+) mortgagors
  • Families with dependent children (school age)
  • Relationship breakdown
  • Employed rather than retired
  • Finding it ‘difficult to get by’
slide25

Future Challenges…

First time buys vs last time sales?

slide26

Future Challenges…

First time buys vs last time sales?

Source: GROS

slide27

Future Challenges: Summary

  • Increased demands vs reduced resources
  • Creates new ‘needs’ across all tenures
      • Availability
      • Affordability
      • Accessibility
  • Is asset-based welfare sustainable?
slide28

‘The Government cannot carry all these risks and costs, but there is much it can do to help people prepare: ... to make it easier to harness the value in people’s homes to support the costs and risks of later years’

‘The Government should help people be better informed about… how best to use their own assets, so that individuals and families can analyse their own situations and make their own informed choices’

House of Lord (2013) Ready for Ageing?