Fiona Woods
speaker
106 appearances
6 recordings
1 series
first heard Dec 2011
last heard May 2012
Fiona Woods’s voice in public audio — every appearance, attributed to the second.
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Appearances
And I'm not finished yet.
There's another category called intermediate housing.
This includes things like shared ownership, also known as part-buy, part-rent.
Well, the properties themselves aren't necessarily cheaper.
Well, you might reasonably assume that cheaper than the market rate would mean a house that would say usually costs £220,000 would be £200,000.
Well, that's not the case.
Shared ownership properties are valued at the going market rate.
What makes them affordable is the way you pay for them.
Rather than taking out a mortgage on the whole thing, you buy a bit at a time and pay rent on the remainder.
Because the rent part is subsidised, the idea is that your monthly repayment will still be cheaper than if you take out a regular mortgage.
Yes, and these properties aren't necessarily at the cheaper end of the market.
In fact, we looked at one shared ownership scheme in Hackney in London, where one-bed flats are valued at between £200,000 and £250,000.
Now, when I asked a local estate agent what the average cost of a one-bed in this particular part of the borough is, they put it at a lot less than that, more like £170,000 to £200,000.
Well, that particular housing association said it's a fair price for a house of that standard, that it was independently valued and is comparable with similar properties.
Yeah, and one more interesting fact we stumbled across has to do with how affordable housing units are counted.
If you dig down into the statistics, you find a bit of a quirk.
When an additional affordable home appears in the government statistics...
it doesn't necessarily mean an additional house or living space has been provided.
So, for example, an existing social tenant who buys their home through Right to Acquire is counted as an increase in affordable housing, despite no housing being created.
Yes.
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