1. Gerard Lemos Lemos&Crane

2. Access for homeless and priority need Low rent Lifelong tenure Choice Mobility Mixed neighbourhoods Security Aspirations Social rented housing trade- offs

3. Access for homeless and priority need Low rent Lifelong tenure Choice Mobility Mixed neighbourhoods Security Aspirations Social rented housing trade- offs

4. This doesn’t work for: –Homeless people –Priority need –People in temporary housing –Existing tenants who want to move –First time buyers on low incomes in high cost areas Social rented housing trade-offs

5. More choice for homeless and priority need Access to home ownership for homeless and priority need More opportunities for existing tenants to move Access to affordable home ownership for first time buyers What do we need to achieve? Choice and assets

6. A new online auction for affordable housing to rent and buy Levelling the playing field through a virtual currency (UVs) for homeless, priority need and existing tenants UVs will only be used for housing; can’t be cashed in; equity always held by RSL On-line auction restricted to –homeless –priority need –existing tenants –first time buyers on low incomes in high cost areas A possible solution: Think e-bay

7. Opening Doors For You Sellers Existing tenants Social housing providers Buyers People in priority need Existing tenants who want to move First-time buyers Social housing providers Proposed Solution: Opening Doors For You

8. Needs assessmentUV allocation Band AHomeless or top priority need100,000 Band BPriority transfer60,000 Band CCurrent tenant30,000 Band DFirst time buyersNone How UVs are allocated

9. Mortgage Cash UVs Rent What buyers can buy with

10. BuyerSeller Tony (Band A) Tony is homeless and needs a place to live Muhammad (Band B) Owns a 10% stake in his property Errol (Band B) Errol and his family need to move urgently Fred (Band C) Owns a 20% stake in his property Sarah (Band D) Sarah and her boyfriend are first-time buyers Betty (Band C) Owns a 50% stake in her property For simplicity, the winning bid in all the auctions is deemed to be £200,000 Three example auctions

11. Seller: Muhammad and his family are tenants and own a 10% stake. Buyer: Tony and his family are homeless £200,000 Rent Mortgage UVs £80,000 £20,000 100,000 (Band A) Rent on £80,000 90% equity Social landlord £20,000 Buyer types Priority need

12. Seller: Fred lives on his own in a 2-bed. He owns a 20% share £ 40,000 Buyer: Errol is a priority transfer £ 200,000 £ 40,000 £ 20,000 60,000 (Band B) Rent Cash Mortgage UVs £ 80,000 Social landlord £ 60,000 cash Rent on £ 40,000 50% equity Buyer types Existing tenants

13. Seller: Betty lives on her own in a 2-bed. She owns a 50% share £ 100,000 Buyer: Sarah is a first-time buyer £ 200,000 £ 80,000 £ 20,000 £ 100,000 Cash Mortgage Rent Social landlord £ 20,000 cash Rent on £ 80,000 40% equity Buyer types First-time buyers

14. New resident Priority need New resident Existing tenant New resident First-time buyer Existing resident Buys a stake Rented property Key: Rented share Owned share 10% 50% 30% 0% Equity share over time

15. Unsecured credit from banks and credit unions Lower cost mortgages and secured credit Debt management and advice if things go wrong Insurance Financial inclusion (1) Access to responsible credit and insurance

16. Low cost savings products Low cost, low risk investments Equity shares and home ownership Pensions Financial inclusion (2) Acquiring assets

17. Social landlord Local authority Mortgage lenders Banks Independent Financial Advisor (IFA) Debt Advisor Tenant Citizen perspective

18. Social landlord Tenant Local authority Mortgage lenders Banks Advises and facilitates Independent Financial Advisor (IFA) Debt Advisor Citizen perspective

19. 1.New purpose for RSLs: promoting social mobility including financial inclusion 2.Social landlords should be encouraged to become financial inclusion agencies 3.All social rented tenancies to be made flexible tenure 4.Access to home ownership starting from 10% equity 8 steps to social mobility (1)

20. 5.First time buyers allowed to buy low cost home ownership 6.National on-line auction for all affordable housing vacancies; homeless people, priority need, existing tenants and first time buyers on low incomes 7.Financial incentives for tenants to leave social housing 8.Economic rents with housing benefit 8 steps to social mobility (2)

21. Comment and vote on the Opening Doors for You manifesto www.openingdoorsforyou.org.uk Housing White Paper New publication Action seminars for housing practitioners –Supporting tenants towards financial inclusion (11.10.07) –Maximising choice and mobility for tenants (20.11.07) Taking the work forward

22. Your questions