Home Ownership
follows:
The H.O.S. programme is at present envisaged as
1979/80
8,373
1980/81
2,913
1981/82
5,512
1982/83
4,820
1983/84
4,526
1984/85
6,308
1985/86
4,900
6,940
44,292
1986/87
Total
This is about 16% of the total housing production during the period, and should be largely self-financed. If funds for the rental programme continue to be tight, one possible option is to convert a further 10% of the rental programme i.e. about 3,000 flats a year, to Home Ownership.
The development costs, and hence the selling prices, of the Home Ownership Scheme have increased at a much higher rate than wages between Phase I and II, and will increase still more for Phase III. If the Home Ownership Scheme continues on its present lines, it will not, as originally intended, provide for the families just above the waiting list maximum income.
The graphs being presented are:-
(a) Increasing costs of land and building compared with
the wages index;
(b) Decreasing sizes of flats affordable by the target
groups, as a result of (a);
(c) The correlation of Phase II, and Phase III, Home Ownership Scheme prices to the target groups;
(d) The built-up of development costs for various Home
Ownership Schemes;
(e) The scope for allocating more Home Ownership Scheme flats to families otherwise eligible for rented housing.
It is relevant to note that, according to the recent Labour Force Survey, about 85% of all families not in public housing appear to have a family income below the new maximum limit for the Home Ownership Scheme. In addition, there is a very substantial potential demand for public housing
/in future.
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