In June 2005 DTZ Pieda were commissioned by the Government to review existing equity release schemes. The report and summary were published in April 2007 and can be viewed on the following link:
Local authorities are expected to offer packages of assistance to help ensure that resources can be used more efficiently and effectively to help more people with reduced reliance on public funding. This could include equity release schemes although this is at the discretion of the local authority.
The following table shows the average grant provided through the Housing Corporation’s National Affordable Housing Programme for each of the homebuy products in the financial year 2007-08.
Product Average grant (£) Social Homebuy 12,210 New Build Homebuy 21,399 Open Market Homebuy 28,854
Average grant (£)
New Build Homebuy
Open Market Homebuy
Information on affordable homes by constituency is not available. Information for Test Valley local authority, which covers Romsey and Andover, is in the following table. The figures include social rent and intermediate affordable housing new build; they exclude affordable housing acquisitions.
New affordable homes—new builds 1997-98 50 1998-99 45 1999-2000 47 2000-01 73 2001-02 38 2002-03 117 2003-04 24 2004-05 56 2005-06 69 2006-07 81 Source: Registered social landlord new build figures from the Housing Corporation, local authority new build completions from P2 returns.
New affordable homes—new builds
Source: Registered social landlord new build figures from the Housing Corporation, local authority new build completions from P2 returns.
Planning Policy Statement 3 Housing (PPS3) expects local planning authorities and regions to take a positive, plan-led approach to providing the right quantity of housing, both market and affordable, to address need and demand in their areas, and the right quality and mix of housing for their communities, based on a robust evidence-based approach. This is why PPS3 asks local planning authorities to carry out strategic housing market assessments, which should then inform the planning process.
In particular, PPS3 requires authorities to assess local need for affordable housing so that they can set appropriate targets for the amount of housing to be provided in their plans, including specifying the size and type of housing such as those for families that, in their judgment, is likely to be required.
Local planning authorities can enter into planning obligations with persons with an interest in land (“developers”); to provide affordable housing in line with the needs identified in their local development plans; to restrict the occupancy of a new residential development in accordance with their local development plan policies; and restrict the sale of affordable housing units to specific organisations (for example a registered social landlord), and define affordable housing in ways to ensure that the units are sold or rented at prices that are affordable to the local community.