The Evaluation of Low Cost Initiative for First Time Buyers (LIFT)

This is the final report of an Evaluation of the Low Cost Initiative for First Time Buyers. It evaluates four schemes: Open Market Shared Equity; New Supply Shared Equity; Shared Ownership; and GRO Grants.


APPENDIX 10 - SUMMARY OF LIFT OUTCOMES

The table below summarises the outcomes that each LIFT scheme has achieved in relation to:

  • housing outcomes for individuals;
  • wider housing market outcomes;
  • wider social outcomes; and
  • unintended negative outcomes.

Individual Housing Outcomes

Wider Housing Market Outcomes

Wider Social Outcomes

Negative Outcomes

Shared Ownership

Meeting aspirations of home ownership

  • 502 households moved into home ownership
  • 247 households sustained home ownership due to shared ownership
  • 55% were first time buyers
  • Two thirds happy with the quality of their home
  • Almost half feel shared ownership was the right option for them

Reducing pressure on social rented accommodation

  • 262 social rented properties freed up as people move into shared ownership
  • Estimated reduced pressure on waiting list of 46, with 8 with realistic chance of being housed

Introducing mixed tenure in areas with low owner occupation

  • Half feel that they live in mixed area
  • Minority believe they live in a strong community

Mobility

  • Minority feel concerned about housing mobility or feel trapped
  • Some concern about the 20 year rule reducing feelings of security

Security of housing situation

  • Prevented eviction for a minority of purchasers

Assisting buyers in pressured market areas

There is not enough evidence to determine outcomes in this area at this stage

Safety

  • Minority experiencing antisocial behaviour or community safety issues

Affordable housing

  • Over half believe housing is affordable
  • 4.5% repossessed or converted to MtR

Mental Health

  • Minority experiencing stress due to housing circumstances

GRO

Affordable housing

  • Almost all believe housing is affordable

Stimulating the private housing market

  • 50% of purchasers first time buyers
  • 225 new households formed and purchased through GRO
  • 45% of purchases in 15% most deprived areas

Creating mixed communities through tenure diversification

  • Half feel that they live in a mixed area
  • None feel that they live in a strong community

Mobility

  • Almost half feel concerned about housing mobility or feel trapped
  • Minority feel isolated

Meeting aspirations of home ownership

  • 494 households moved into home ownership
  • 373 households sustained home ownership due to shared ownership
  • Around half were first time buyers
  • Half of purchasers happy with the quality of their home
  • Almost all feel GRO was the right option for them

Addressing shortages in supply

  • 867 new build properties developed

Regenerating older urban communities

  • There is not enough evidence to determine outcomes in this area at this stage

Mix

  • A third reported issues as a result of mix or lack of integration
  • Half reported issues of properties being let to private renters

Security of housing situation

  • Minority feel more settled or secure in their housing situation

Assisting buyers in pressured market areas

  • There is not enough evidence to determine outcomes in this area at this stage

Settled children and young people

  • Minority say that their children have become more settled and secure in their education

Reducing pressure on social rented accommodation

  • 35 social rented properties freed up as people move into shared ownership

NSSE

Helping first time buyers on low incomes into owner occupation

  • 2,260 households moved into home ownership
  • 144 households sustained home ownership due to shared ownership
  • 88% were first time buyers
  • Over half were happy with the quality of their home
  • Almost all feel NSSE was the right option for them
  • Most believe their housing is affordable
  • Very low levels of repossession

Reducing pressure on social rented accommodation

  • 385 social rented properties freed up as people move into shared ownership
  • Estimated reduced pressure on waiting list of 634, with 178 with realistic chance of being housed

Mixed communities

  • A third feel that they live in a mixed community
  • A quarter feel that they live in a strong community

Mobility

  • Minority feel concerned about housing mobility or feel trapped
  • Some concern about the 20 year rule reducing feelings of security

Providing options for those whose homes are being demolished

  • There is clear evidence that NSSE is being used to provide options for people affected by demolition
  • Quantitative information about the extent of use of NSSE for purchasers affected by demolition is not available

Stimulating the private sector housing market

  • 88% of purchasers were first time buyers
  • 1,033 new households formed and purchased through NSSE
  • 23% of purchases in 15% most deprived areas

Quality of life

  • Over a third say their quality of life has improved
  • A fifth are more independent

Safety

  • A fifth experiencing antisocial behaviour or community safety issues

Meeting particular housing needs

  • At least three disabled people accessed the scheme (not all with particular housing needs)

Financial Situation

  • Small minority saw wider financial benefits as a result of their new home

Mental health

  • Small minority experiencing stress due to housing circumstances

OMSEP

Helping first time buyers on low incomes into owner occupation

  • 3,098 households moved into home ownership
  • 96 households sustained home ownership due to shared ownership
  • 93% were first time buyers
  • Almost all happy with the quality of their home
  • Almost all feel OMSEP was the right option for them
  • Almost all believe their housing is affordable
  • 0.25% repossessed or converted to MtR

Reducing pressure on social rented accommodation

  • 448 social rented properties freed up as people move into shared ownership
  • Estimated reduced pressure on waiting list of 605, with 61 with realistic chance of being housed

Mixed communities

  • A fifth feel that they live in a mixed community
  • A fifth feel that they live in a strong community

Mobility

  • Small minority feel concerned about housing mobility or feel trapped
  • Some concern about the 20 year rule reducing feelings of security

Meeting particular housing needs

  • At least 157 disabled people accessed the scheme (not all with particular housing needs)

Stimulating the private sector housing market

  • 93% of purchasers were first time buyers
  • 1,437 new households formed and purchased through OMSEP
  • Just 13% of purchases in 15% most deprived areas

Quality of life

  • Almost half say their quality of life has improved
  • A quarter are more independent

Safety

  • Small minority experiencing antisocial behaviour or community safety issues

Financial situation

  • Small minority saw wider financial benefits as a result of their new home
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