1. ………………………………………………………………………………………………………………………………………… A Time for Innovation: Developing new housing policy mechanisms ……………………………………………………………………………………………..

2. ………………………………………………………………………………………………………………………………………… Contents …………………………………………………………………………………………………….. Divided society not ‘Big Society’ in housing The new housing policy reality New policy mechanisms Changing role for government Can the ‘Big Society’ contribute?

3. …………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………….. No ‘Big Society’ in Housing

4. ………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………….. Home ownership has moved far out of reach

5. ………………………………………………………………………………………………………………………………………… The younger generation is living in private rent ……………………………………………………………………………………………………..

6. ………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………….. Affordability varies dramatically by Local Authority Source: Hometrack

7. ………………………………………………………………………………………………………………………………………… Trouble is being stored up for the future …………………………………………………………………………………………………….. Mortgage payments as a proportion of gross household income among low to middle income mortgagors

8. ………………………………………………………………………………………………………………………………………… The new housing policy reality …………………………………………………………………………………………………….. Private rent no longer a ‘pass through’ tenure but sector not fit for purpose Strategic approach to housing can no longer focus just on social housing and FTBs Large numbers will reach old age with no assets Welfare reform destablising the situation of the least well off Government has limited money

9. …………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………….. New mechanisms and the role of government

10. ………………………………………………………………………………………………………………………………………… Can private finance save the day? …………………………………………………………………………………………………….. Social housing bond issues VS. Institutional investment in market rent

11. ………………………………………………………………………………………………………………………………………… Private investment linked to product innovation ……………………………………………………………………………………………………..

12. ………………………………………………………………………………………………………………………………………… Government needs to play different roles …………………………………………………………………………………………………….. Government as guarantor not grant maker eg. debt guarantee Government as co-investor on an equity basis – a new approach to best value Government as enabler through local flexibility on planning and use of public land Government as quality improvement engine – a something for something deal with developers

13. ………………………………………………………………………………………………………………………………………… Is there a role for the ‘Big Society’ in innovation? …………………………………………………………………………………………………….. Ansar Finance Group – community based co- investment Rural rent to buy in the Highlands Community self build and other community land trust initiatives Possibility for buy to let landlords to invest locally to increase supply

14. …………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………….. THANK YOU Vidhya Alakeson Deputy Chief Executive Resolution Foundation vidhya.alakeson@resolutionfoundation.org 020 3372 2953