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• Home Ownership Solutions for Low Demand Areas

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Summary

This report presents the findings of a study of home ownership in low demand areas carried out by the Centre for Urban and Regional Studies (CURS) and Halifax Bank of Scotland (HBOS) for the Office of the Deputy Prime Minister (now Communities and Local Government) and the Council of Mortgage Lenders.

During the late 1990s there was increasing evidence of a lack of demand for certain types of housing and housing in certain neighbourhoods in both social and private housing sectors. As part of its response the Government established nine Pathfinder areas to spearhead the development of policies to deal with these problems. In 2003 the Communities Plan, Sustainable Communities: building for the future earmarked £500 million for action in the Pathfinder areas over the period 2002/03 to 2005/6.

The Housing Market Renewal Pathfinders, the Office of the Deputy Prime Minister (ODPM) and the Council of Mortgage Lenders (CML) identified the need for further research and development work:

• To identify the financial housing situations faced by private sector residential property owners in the Pathfinder areas.
• To quantify the extent of lenders' current exposure in these areas.
• To identify, test, and recommend solutions to facilitate housing market renewal in areas of low demand housing.

The findings and recommendations in this report are those of the consultant authors and do not necessarily represent the views or proposed policies of Communities and Local Government.

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