Real Estate & Planning academics interviewed by Fortune magazine
15 May 2015
REP academics Professor Gavin Parker and Dr Anupam Nanda were interviewed by Fortune magazine about their research which critically examines the shared ownership housing schemes in England.
Professor Gavin Parker and Dr Anupam Nanda from the School of Real Estate & Planning were interviewed by Fortune magazine about their research which critically examines the shared ownership housing schemes in England. The magazine contacted Anupam and Gavin to comment on the schemes following reports that similar schemes are to be introduced in Spain.
Planners in England routinely include shared ownership (SO) housing in the affordable housing element of new developments. Government policies in a number of European countries have also backed intermediate housing market mechanisms as a solution to housing affordability. However, the academics say that “the model, in theory, is good, but in practice, doesn’t really work" and "the vast majority remain partial owners because the total costs make saving up to purchase the property very difficult, and selling a shared ownership can be especially difficult in weak property markets."
The article highlights that "there are differences between the UK and Spanish situations. In the UK, there is an urgent need for housing, so non-profit associations build houses and condos specifically for shared ownership. In Catalonia, as in the rest of Spain, the problem is more a matching issue between existing housing and buyers with modest incomes."
The full article in Fortune is available here
The research paper by Dr Anupam Nanda and Professor Gavin Parker is published in the journal Planning Practice and Research