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Housing Wealth in an Ageing Society 9 th April, York

Explore the changing demographics and housing wealth inequalities in an ageing society, examining future challenges. Population growth, economic trends, and housing wealth disparities are analyzed, with a focus on policy impact and intergenerational justice. The role of housing wealth, equity release, and implications for first-time buyers and last-time sellers are discussed. Addressing increased demands, reduced resources, and asset-based welfare sustainability is crucial for the future. Insights from the House of Lords emphasize informed decision-making for individuals and families in preparing for ageing.

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Housing Wealth in an Ageing Society 9 th April, York

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  1. Housing Wealth in an Ageing Society 9th April, York Beverley A Searle

  2. INTRODUCTION • Changing demographics • Housing wealth inequalities • Policy • Future challenges….?

  3. Population Growth 2000-2035:

  4. Population Growth 2000-2035: England

  5. Population Growth 2000-2035: Scotland

  6. Source: ONS

  7. Source: GROS

  8. Populations are ageing: 2000-2035 Source: New Times New Business

  9. Household Growth 2001-2033: England

  10. Household Growth 2001-2033: Scotland

  11. Single Person Households by age 2011 and 2021: England

  12. Single Person Households by age 2001-2033: Scotland

  13. Economic Trends 8% growth in stock

  14. Housing Starts and Completions: 2000-2010

  15. Housing Wealth inequalities: England 1993-2011 (% HoH) Source: SEH

  16. Housing Wealth inequalities: Scotland (% HoH) Source: SHS

  17. Economic Trends Base = 2000

  18. Young people are priced out of owner-occupation Source: DCLG Live tables; Nomis

  19. The value of housing has been growing unequally

  20. Housing Wealth Inequalities: Regional disparities Source: Savills

  21. Inequalities in housing wealth represent one of the starkest inequalities in Britain. (Hills, 2010, p246)

  22. Policy • What impact will housing policy have on intergenerational justice? • Rhetoric is a smoke screen • Transfer of private (housing) wealth growing in importance

  23. Mortgaged homeowners who re-mortgage* or extended original loan on their home Policy Source: Family Resources Survey, author’s analysis *Excludes re-mortgaging for better interest rates or to take out a more flexible mortgage

  24. The changing role of housing wealth: Data source: BHPS

  25. Policy • More frequent among younger (30s-50s) than older (50+) mortgagors • Families with dependent children (school age) • Relationship breakdown • Employed rather than retired • Finding it ‘difficult to get by’ …

  26. People who borrow equity have limited resources… Data Source: BHPS

  27. Policy: Average Equity Released Source: Savills

  28. Future Challenges… First time buys vs last time sales?

  29. Future Challenges: Summary • Increased demands vs reduced resources • Creates new ‘needs’ across all tenures • Availability • Affordability • Accessibility • Is asset-based welfare sustainable?

  30. ‘The Government cannot carry all these risks and costs, but there is much it can do to help people prepare: ... to make it easier to harness the value in people’s homes to support the costs and risks of later years’ ‘The Government should help people be better informed about… how best to use their own assets, so that individuals and families can analyse their own situations and make their own informed choices’ House of Lord (2013) Ready for Ageing?

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