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CSR looks to address problems with Starter Homes scheme - Hometrack analysis shows shared ownership ‘enfranchises’ 862,000 households into ownership in London
Commenting on the proposals outlined ahead of the Comprehensive Spending Review, Richard Donnell, Hometrack’s Research Director says:
Starter Homes won't assist buyers in most unaffordable markets
“The Starter Homes scheme, even with its 20% discount, will simply not reach the most unaffordable markets in southern England. Our analysis of the Starter Homes programme shows that 78 local authorities will fall below the maximum value caps for the scheme – these areas account for a fifth of all housing starts nationally in the last year. 57 local authorities in London and the South East will not be viable for Starter Homes with the balance in the East and South West.”
Shared ownership can open up demand for housing in high value markets
“The Government has looked to shared ownership to open up the pool of demand in these most unaffordable markets. Shared ownership’s part buy, part rent model enfranchises many more households into home ownership. Our cross tenure affordability analysis for London shows that shared ownership with a sales value of £435,000 enfranchises 860,000 households into home ownership on incomes of between £50,000 and the £90,000 cap
“The fundamental problem remains that house prices are being maintained at current unaffordable levels. Buying our way out of the housing crisis is not a viable long term option given the scale and variety of market forces at play across the housing market – we need to wean the new build market off demand side subsidies and deliver a land market that enables new supply. The devolution and city region policies can deliver the long term answer to the low house building problem.“
Latest House Price Index reveals that the recent Budget stimulated an +80% spike in buyer demand for property compared to the four year average.
Paragon has worked with Hometrack since 2014 and the expanded agreement means Hometrack will provide Paragon with its Automated Valuation Model and Rental Value Model services for portfolio valuation.
Acquisition will help Hometrack reach its vision faster and in a more comprehensive way. Hometrack will also welcome a team of experts from EDM to Hometrack who will play an important role as Hometrack's business continues to grow in the months and years to come.
Hometrack, the leading provider of insight and intelligence to the mortgage market, has announced an industry-first partnership with Ambiental and Terrafirma, two leading UK climatology specialists, to deliver a leading climate change risk solution for mortgage lenders.