Developments in the provision of housing finance in the UK
Recommended reading for providers and designers of housing. The results of the housing finance changes in the UK included a wider range of institutions involved, significant developments in the source and delivery of that finance, as well as important changes in government policy opening up social housing to the private finance market, targeting subsidy more directly at particular groups of individuals and introduction of specific supply subsidies to new private rented sector. The considerable unease with certain outcomes is dealt with.
Financing social housing without guarantee: An English case study
The paper examines the way that the market for private finance for social housing has matured over the eight years since its introduction. It reports on two surveys of private lenders in 1993/94 and 1996 respectively which show how the range of lenders has increased, the different approaches that particular categories of lenders have for evaluating financial viability, and the changing terms and conditions on which loans are available. The results of the surveys suggest that the market has become more competitive, with falling margins and greater consistency among lenders' approaches to evaluating the financial strengths of housing associations. There is, however, concern that lenders may be offering such good terms because of the lack of other business in recession but also because the regulatory role of the Housing Corporation is seen as protecting lenders so that fundamental market risks do not have to be fully evaluated.
Unemployment, Housing and Household Structure Among Young Adults
ABSTRACT Differentials in unemployment among young adult males are shown to be particularly associated with two factors: housing tenure and early childbearing. Even after controlling for factors such as social class and area of residence, local authority tenants have unemployment rates two or three times as high as owner-occupiers of a similar age. For movers between tenures these differentials are even greater; movers from owner-occupation to local authority tenancy have four times the unemployment rate of those moving in the opposite direction. Large differentials by the family situation of young people are also found, with childless married couples having particularly low unemployment rates. These two aspects are connected by the effect of childbearing filtering couples into different tenures. Finally, the implications for increased social polarization between the two major tenures, and the likely effect on future tenure levels, are discussed.