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Housing Wealth in an Ageing Society 9 th April, York

Housing Wealth in an Ageing Society 9 th April, York. Beverley A Searle. INTRODUCTION. Changing demographics Housing wealth inequalities Policy Future challenges….?. Population Growth 2000-2035:. Population Growth 2000-2035: England. Population Growth 2000-2035: Scotland.

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Housing Wealth in an Ageing Society 9 th April, York

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  1. Housing Wealth in an Ageing Society 9th April, York Beverley A Searle

  2. INTRODUCTION • Changing demographics • Housing wealth inequalities • Policy • Future challenges….?

  3. Population Growth 2000-2035:

  4. Population Growth 2000-2035: England

  5. Population Growth 2000-2035: Scotland

  6. Populations are ageing: 2000-2035 Source: New Times New Business

  7. Household Growth 2001-2033: England

  8. Household Growth 2001-2033: Scotland

  9. Single Person Households by age 2001-2033: Scotland

  10. Economic Trends 8% growth in stock

  11. Housing Starts and Completions

  12. Housing Starts and Completions

  13. Trends in housing tenure

  14. Trends in housing tenure Source: Scottish Government

  15. Housing Wealth inequalities: England (% HoH) Source: SEH

  16. Housing Wealth inequalities: Scotland (% HoH) Source: SHS

  17. Economic Trends Base = 2000

  18. Economic Trends Base = 2000

  19. Young people are priced out of owner-occupation Source: DCLG Live tables; Nomis

  20. Reduction of low-deposit mortgages for first time buyers Source : Regulated Mortgage Survey, in Pawson and Wilcox (2012)

  21. Policy • Rhetoric is a smoke screen • Transfer of private (housing) wealth growing in importance • What impact will housing policy have on intergenerational justice?

  22. Inequalities in housing wealth represent one of the starkest inequalities in Britain. (Hills, 2010, p246)

  23. Mortgaged homeowners who re-mortgage* or extended original loan on their home Policy Source: Family Resources Survey, author’s analysis *Excludes re-mortgaging for better interest rates or to take out a more flexible mortgage

  24. Policy • More frequent among younger (30s-50s) than older (50+) mortgagors • Families with dependent children (school age) • Relationship breakdown • Employed rather than retired • Finding it ‘difficult to get by’

  25. Future Challenges… First time buys vs last time sales?

  26. Future Challenges… First time buys vs last time sales? Source: GROS

  27. Future Challenges: Summary • Increased demands vs reduced resources • Creates new ‘needs’ across all tenures • Availability • Affordability • Accessibility • Is asset-based welfare sustainable?

  28. ‘The Government cannot carry all these risks and costs, but there is much it can do to help people prepare: ... to make it easier to harness the value in people’s homes to support the costs and risks of later years’ ‘The Government should help people be better informed about… how best to use their own assets, so that individuals and families can analyse their own situations and make their own informed choices’ House of Lord (2013) Ready for Ageing?

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