New research released by Genesishomes, one of the country’s leading housing associations, reveals how the market for ‘affordable housing’ has changed in recent years.
Many people wrongly assume that the terms ‘affordable’ or ‘social’ housing apply solely to those on low incomes or in greatest need of somewhere to live.
While this has traditionally been the case, housing associations have been broadening their markets to include greater proportions of the adult population.
The information, based on analysis of more than 2,500 Genesishomes applications, shows:
> almost half of applicants looking for homes have a household income of between £20,000 and £30,000 per year, with a further 11% in the £40,000 - £60,000 income bracket
> 47% of applicants are under 30, with a further 34% aged between 31 and 40
> more than 24 different job sectors are represented in these 2,500 applications, with 20.4% working in a management or administration, 8.2% in finance and 6.8% in marketing, media and publishing
> nearly half of applicants currently rent while 40% live with family and friends
Sharon Cummings, Deputy Director at Genesishomes, says: “The market for affordable housing has changed enormously over the past five years with more and more people finding themselves unable to buy a home outright.
“We have responded to this by broadening the eligibility criteria for our part-buy/part-rent (New Build HomeBuy) developments. The result is a wider spectrum of applicants from all walks of life.”
Ms Cummings continues: “There’s now many more people who can benefit from our part-buy/part-rent schemes.
“Of course, we still have a strong core of key workers applications but many other people can qualify. We have applications from accountants, architects, engineers, journalists, pharmacists and TV producers. We’ve even had a reptile breeder apply.”
“In many cases, as long as it’s your first or only home, you have a household income of less than £60,000 and you have savings of around £3,500, you are likely to be eligible. It is as simple as that.”
She adds: “Furthermore, part-buy/part-rent is THE smarter way to get on the housing ladder. Many people don’t realise that you can actually save money if you purchase property in this way.
“Very often the combined monthly mortgage payments and government subsidised rent is less than private, rented accommodation.
“Not only that, but even if prices continue to fall, you can still come out on top if you staircase – ie buy more shares in your property. This is because a reduction in house prices will reduce the cost of additional shares. Then, once the market has recovered fully, you end up with a greater share in your home than if prices had been rising.”
Notes to editors
• Male/female applicant split is approx 50/50
• 81% of applicants are aged up to 40 years
• 47% of applicants are under 30
• 48% of applicants have an household income in the range £20,001 - £30,000, 21% less than £20,000, 19% £30,001 - £40,000
• 48% of applicants are private or social landlord tenants
• 40% of applicants live with family and friends
Genesishomes is part of Genesis Housing Group. As one of the largest and most diverse housing groups in the UK, it provides homes and services to tens of thousands of people across London and the South East. It builds a range of high quality developments and caters for a wide range of buyer groups, including those priced out of the market. Genesis is always looking to deliver more affordable homes to sell and has almost 6,000 homes in its development pipeline with 1,000 being brought to the market in the next year. For more information visit www.genesishomes.org.uk
For more information please contact:
David Taylor or Samantha Nash
020 7034 4723/22
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