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Diminishing Partnership Housing by: ex Cllr Bill Powell
[email protected] www.fairshares.plus.com/fair-housing
Housing Portfolio (2005 to 2007)
North Warwickshire Borough Council.
‘Free Land’ for Housing?
R = Social Rent (subsidised)
Discounts should be ‘in perpetuity’??
M = Open Market (mortgage)
M M MR RM
Affordability: Current Menuat 30% of Income
House£100,000
Income p.a. Required
AffordabilityRelative %
£ Weekly payment
£ Weekly including
Maintenance
Mortgage28 year £ 23,600 Reference £ 136 £ 164
‘Shared Ownership’ £ 16,500 70 £ 95 £ 123
Open Market Rent £ 16,500 70 £ 95 £ 95
RSL Rent £ 11,600 50 £ 67 £ 67
NWBC Rent £ 9,000 38 £ 52 £ 52
Affordability: Land Trust Menuat 30% of Income
House£100,000
Income p.a. Required
AffordabilityRelative %
£ Weekly payment
£ Weekly including
Maintenance
Mortgage28 year £ 23,600 Reference £ 136 £ 164
Co-Rent & Buy 28 yr £ 18,600 80 £ 107 £ 135
Co-Rent £ 12,200 52 £ 70 £ 70
Social Co-Rent £ 9,200 40 £ 53 £ 53
UK Housing in CRISIS
• Elderly living longerDivorceLate marriage
• Prices up 38% in one year• Low / Variable interest rates• Fewest built since WW2 (1945)• First time buyers can’t afford
NEED = 100,000 more homes p.a.?
Snapshot of ‘HAVE’s vs. ‘HAVE NOT’s
18 25 45 5535 65AGE
Pension
IncomeSupport
Rental
Mortgage
Engineer PhD
NursePension
£
No Hope
LOW INCOMENursesFiremenTeachers
IRREGULAR INCOMEWaitersFruit PickersMusicians
RENT POVERTY
The ‘Missing Middle’
Purchase by Mortgage
0 5 15 25YEARS
£ x 1000's
300
200
100
£ per m onth
00
660
Ho
use
Pri
ce
Mr Jonesforced sale
Equity Mr
Sm
ith
'sE
qu
ity
Loan
Pay
men
ts
Winners
Small Mortgage
BIG Mortgage
FREE Housing
BORROW
World Cruise!
Losers
WAGE LOSSIll HealthJob Loss
PARENTHOOD
DIVORCE
INCREASE %interest rate
HOME
REPOSSESSED
£
££
£ £
365Units
1 UnitBought
RentRent
Investor
Partnership – Year 1
£
££
1 UnitBought
Rent
365Units
Rent
Investor
Partnership – Year 27
£ £
Mrs JONES
‘Career Break’
Parent: for 5 Years
Miss JONES
Student Nurse
In training: RENTS
Trained: BUYS 8 units p.a.
Mr & Mrs JONES
Retire with 365 units.
SELL: 16 units p.a.
Flexibility
Purchase in Partnership
0 7 21 28YEARS
Rent & Buy
£ X 1000s
300
200
100
£per m onth
1000
660
BankEquity
Pay
men
ts
Hou
seP
rice
14
Rent only
Equity Equity
Inve
sto
r
So
cial
Lan
dlo
rd
Occ
up
ier
Social Landlord
Social Units
Rent Free
‘Never’ Sold
+Maintenance Charge
‘Affordable’ Rent = £ 231 per month
Income Required = £9,263 p.a.
Social Housing in Partnership
Free Land??
Savers & Occupiers in Partnership
Local Housing Partnership LLP
Community LandTrust
Property Investment Fund Ltd
Shares
Depos
its SA
VE
RS
OC
CU
PIE
RS
Maintenanc e
Other LHPs
Mutual HousingCo-op
Key Elements Buy & Sell Units
Indexed Values
Financial Partner
Mortgage not required
Low Deposit
Co-Ownership
AND
Community Land Trust
Single Tenure
Staircase UP & DOWN
Shared risk & reward
Equity NOT Loan
no Credit Hurdle
Start out Renting
Shared Commitment
Holds Community Interest
for Rent, Buy, and Sell.
3% Inflation options
3% Inflation options
3% p.a. Deflation
3% p.a. Deflation
3% p.a. with Social Share
3% p.a. with Social Share
Who's who?
Pat Conaty & Rosemary Foggitt (Common Futures)David Rodgers (Co-operative Development Assn)
Bob Paterson (Salford Uni + govt. pilots)Toby Lloyd (Researcher)
Carl Taylor (Redditch Homes)Chris Cook (Limited Liability Partnerships)
Adrian Moran (Housing Corporation)Jock Coates (Oxfordshire CLT)
David Murray (Wolverhampton CLT)Charles Barlow (Warks Rural Community Council)
David Seviour (ex Leicester Housing Assn)Tarek El Diwani (Ansar Finance)