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Thinking outside the box – Exploring innovations in affordable home ownership

Affordable home ownership has been an important part of government housing policy across all four UK countries for at least forty years, especially in England. Now, access to home ownership has deteriorated to the extent that the Conservative government in England is looking to expand its provision of ‘affordable’ home ownership to help two million more households into ownership. 

This new report for the Building Societies Association and CaCHE clarifies how government sponsored and market based ‘affordable’ products have worked to date and what can be done to improve the current situation.  The clear message is that the government needs to step up if the full potential of government and market based schemes is to be realised over the next few years.

Without further reform of existing schemes and the creation of a stronger evidence based framework within which to better structure and target them significant gaps will remain. Moreover recognising that there are market opportunities here government must help build confidence in and understanding of the need and demand for affordable home ownership products which can be delivered with scale.

Governments have in certain respects dominated the provision of affordable home ownership by default but that needs to change. The power of the market needs to be fully mobilised along with appropriate regulatory safeguards.

The report seeks to move the debate forward and includes a set of recommendations for the first steps in that process.

Authors: Christine Whitehead and Peter Williams

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Date: November 11, 2020 11:46 am

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