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Housing Market Intelligence – Wirral Area Mapping Project
Wirral’s Area Mapping Project (WAMP) is a Housing Strategy led partnership which together with local Registerd Social Landlords and other key service providers such as Education, Community Safety and Primary Care Trusts and enables Wirral to have a better grasp on housing market change.
A key aspect of the project is the use of geographical Information Systems (GIS) to map a wide range of data including decent homes, vulnerable households, property prices, crime & grime, anti-social behaviour, property types, health, education, affordability, household incomes etc, and build layered maps that can help target resources.
WAMP is funded through Wirral’s Housing Market renewal Initiative (HMRI), and produces quarterly HMRI reports and area profiles to ensure local market changes and drivers affecting markets are regularly monitored, and enable strategic responses to be developed to meet the needs of local communities and neighbourhoods.
To deliver its strategic housing function, Wirral must have a sound understanding and knowledge of its local housing markets and it’s interaction with the wider sub region. This information is essential to effectively deliver our local strategic priorities and meet our objectives for transforming local housing markets in Wirral through investment programmes such as Housing Market Renewal Initiative.
WAMP works closely with similar projects in Liverpool City Council and Sefton Council to ensure sub regional monitoring of the housing market takes place.
For further information:
GIS Housing Market Intelligence Officer
0151 691 8244
Related websites:
http://www.newheartlands.co.uk
http://www.jdi.ucl.ac.uk/crime_mapping/index.php
http://www.odpm.gov.uk/stellent/groups/odpm_communities/documents/page/odpm_comm_029029-03.hcsp
Low cost home ownership
Homeshub: Shared ownership and Homebuy
There are a number of Government initiatives to help first time buyers and other eligible groups get a foot on the property ladder.
HomesHub has been set up as the one stop shop for affordable home ownership on Merseyside.
Contact HomesHub to find out about shared ownership and other initiatives designed to help first time buyers get a foot on the property ladder:
Website – www.homeshub.co.uk
Email – homeshub@plusgroupltd.org.uk
Shared Ownership
Shared Ownership (also called Newbuild Homebuy) are newbuild or refurbished properties developed to be sold on a shared ownership basis. The purchaser buys a share of the property, usually 50% or 75% and pays rent towards the share not purchased, which is usually retained by a housing association.
Because the rent is set at low level, shared ownership is usually a much more affordable option than buying the property outright.
When the buyer is in a position to, they are able to increase the share they own or buy the property outright.
This is called staircasing.
HomesHub holds a database of people interested in shared ownership, linking people to appropriate developments as and when they are launched.
Open Market Homebuy
Open Market Homebuy helps eligible applicants to buy a property on the open market that otherwise they could not afford. Unlike shared ownership, these are properties advertised for outright sale on the open market. A successful applicant would usually raise a mortgage for 17% with one of the participating lenders; the 25% gap is filled by two equity loans.
One equity loan is from the same lender, and this is interest free for 5 years. The other equity loan is from the Government through HomesHub, and this is always interest free.
When the property is sold or the home owner wants to buy the rest of the share, the property will be valued at that time and a percentage of the value repaid. If the property has increased in value this is the equivalent of paying APR on a loan.
Social Homebuy
Some housing associations operate a Social Homebuy, this allows eligible tenants to buy the home they rent at a discount either outright of on a shared ownership basis. This can help tenants without the Right to Buy or Right to Acquire. Contact HomesHub or your landlord to find out more.
First Time Buyers Initiatives
These are specific developments where a proportion of the properties are allocated for the First Time Buyers Initiatives.
Buyers purchase a percentage of the property (at least 50%) based on their salary, and no rent is paid on the share not purchased for the first 3 years.
For information on any of the above – please contact HomesHub
Who is eligible?
For each initiative, how affordable the option is for the applicant will be assessed. It is always recommended that applicants speak to an Independent Financial Advisor to ensure they get the best advice. Broadly the following groups are eligible:
• First time buyers with a local connection
• Housing Association and Local Authority tenants
• Older people looking to downsize, but struggling to afford to do so
• Home owners who are moving because of a relationship breakdown
For further information:
HomesHub
0845 603 4559