Homeownership is not a sustainable option for people who are homeless
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Presentation given by Howard Springett, Citizens Advice, UK at a FEANTSA conference on "People who are homeless can be housed: An insight into successful practices from across Europe", Cardiff, Wales, 2008
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Homeownership is not a sustainable option for people who are homeless
- 1. UK/USA experiences last 13 yrs • Policy of extension of home ownership • Achieved by cheap credit plus • Lowering credit score necessary • Advent of Sub Prime lending plus • Turbocharged Securitisation • Separation of loan originator & long term loan / note holder
- 2. Credit Crunch • Set back aspirations of marginal home owners (for our lifetimes) • A very high cost “money trap” • Failure of New Labour / Democrat home ownership policy. • Need to rebalance housing tenures away from home ownership • “Renting the way forward”
- 3. Necessities for Home Ownership • Capital deposit • Either capital for balance or • Available credit (mortgage) • For mortgage, high enough credit score
- 4. For the Homeless • Access to capital, presumably shared ownership. • Access to credit, depends on – credit history – stable housing & employment history – dynamic affordability on day 1 and for life of loan, real income at least flat – a willing provider, who?
- 5. What do the homeless want ? real / needs. • Home, with security of tenure • Lowest risk • Stability, time to get “on feet” • Potential later flexibility • One step at a time!
- 6. What do homeless want? perceived ? • Less discrimination • To be like others • Access “to asset based welfare” • Not to be left out of wealth creation • But a new risk - reward future • Kiss principle, “keep it simple ------”