Jusuf DervovicHome Options ManagerNotting Hill Housing

Assets and Opportunities

MORI survey March 2007

http://www.nottinghillhousing.org.uk/news.aspx?id_Content=938

What do social tenants want?

Ready to Buy15%

Pragmatists33%

Locked-in renters

23%

Lifestyle renters14%

Aspirational homeowners

15%

Tenants’ Aspirations

• Desire to consider home ownership

• Explain options

• Affordability advice

• Action planning and support

Home Options

• Disposable income - save or consume?

• Behave like an owner - save and maintain

• Accumulate lump sum plus interest

• Bonus for keeping home in good condition

RentPlus

• Shared ownership is no longer Low Cost

• £200,000 flat 50% share - £29,000

p.a. 25% share - £24,000

p.a. 10% share - £20,000

p.a.

10 Per Cent Shares

• Marketing generated 2,058 enquiries

• 595 desk top valuations

• 114 applications

• 27 homes sold – more than any other RSL

• Reinvest in new homes

Social HomeBuy

• Stylish, well designed city apartments

• Great value - £150,000

• First-time buyers, younger people and down-sizers

Affordable City Living

New Build Homebuy

• Part buy - part rent

• Buy between 25% - 75%

• Pay subsidised rent on remainder

• Staircase up to 100%

• Receive an enquiry about Home Options

• Arrange appointment for one to one advice

• Give information pack and explain the service

- Establish where they are

- Find out where they want to be

- Agree moving forward

• Provide ongoing support

How Home Options Works

• 247 tenants received advice

• 114 tenants attended face to face meetings• 9 completions

- 5 Social Homebuy- 2 New Build Homebuy- 1 Open market Homebuy- 1 Private Sale

• 47 active applicants

Home Options So Far

Your response

• How well are you marketing and selling home ownership options?• Do you have a segmentation strategy for targeting potential buyers?• Are you offering 1-2-1 or other advice service?