Publication - Research and analysis

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

Published: 21 Jan 2011
Part of:
Research
ISBN:
9780755999316

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.

137 page PDF

826.0 kB

137 page PDF

826.0 kB

Contents
The Evaluation of Low Cost Initiative for First Time Buyers (LIFT)
APPENDIX 10 - SUMMARY OF LIFT OUTCOMES

137 page PDF

826.0 kB

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