Housing and Home: Financialisation and Social Impact Report

This report provides a comprehensive analysis of the UK housing market, delving into key aspects such as the introduction to housing and home, home cultures, and home ownership dynamics, including property-owning democracies. It further examines the financialisation of housing, exploring the various funding sources and the role of government and capital markets. The report also investigates the gendered aspects of home, the visualisation of the home, and the socio-political relationships within property development and estate renewal. Additionally, it addresses dispossession issues and explores housing alternatives like Community Land Trusts. The report offers a detailed overview of the UK housing landscape, examining its social, economic, and political dimensions.

Housing and Home

Table of Contents
INTRODUCTION....................................................................................................................... 1
TASK ......................................................................................................................................... 1
1. Introduction to Housing and Home ..................................................................................... 1
2. Home cultures: the meaning of home..................................................................................2
3. Home ownership: Property owning democracies: ...............................................................3
4. Financialisation of housing.................................................................................................. 4
5. Gender of home................................................................................................................... 5
6. Visualising the home........................................................................................................... 6
7. Socio-political relations of property developers...................................................................1
8. Estate Renewal.................................................................................................................... 1
10. Dispossession: The Great Social Housing Swindle............................................................2
11. Housing alternatives: Community Land Trusts and Self-build...........................................3
CONCLUSION............................................................................................................................ 4
REFERENCES............................................................................................................................ 5
l壱

l壱INTRODUCTION
Housing is the concept which includes houses and buildings to provide accommodation
to the individuals of UK. There is huge role is played by the Housing Association of the UK in
development of housing and home. Such associations are independent and non profit
organisations which main aim is to provide low cost social housing for needy individuals of UK.
The role of UK government is important regarding financialisation of housing projects. There
are many regulations are provided by the government which makes the work of housing
association more difficult in development of new houses. The major source of funding is central
government grants. In 1990, 75% of the total cost of developing new affordable homes is
provided by the government. Another method of financing which is used by the government is
zero grant model in which government invests generous levels of repayable equity in HA homes.
The Homes and Communities is the central agency which provides the functions regarding the
regulation of the activities of social housing providers of England (Smith, 2012).
In the present report explain about, introduction to housing and home, home cultures,
ownership of the homes including property owning democracies, financialisation of housing
projects in UK, gender of the home, visualising the homes, social and political relation between
property developers and estate renewal. Also, dispossession as great social housing swindle and
housing alternatives.
l壱TASK
l弐1. Introduction to Housing and Home
Housing is the concept which includes apartments and buildings collectively to provide
the accommodation to people. It also includes the activity related to planning of accommodation
by the authorities. The authorities which are handling the activities regarding development of
houses in UK is called as housing ministry. The basic meaning of house is to provide the shelter
to the local individuals of society.
Due to continuous increasing the prices of house the situation of housing crisis arising in
UK. Housing represents as the largest non-profit asset in UK which is having the value of £ 5.1
trillion.
The whole work regarding the development of the home in UK is on Housing
Associations. They face many difficulties regarding achievement of their goals. Such
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associations are not profit organisation and their main aim is to development of new homes for
needy individuals. It helps to overcome from the situation of home crisis.
In development of new housing estate large number of funds are required by Housing
Associations. The sources from which funds are received are central government grants, capital
market, subsidies, rent income etc. Large number of funds are received from the government. In
1990, 75% of the project is financed by the government. After passing the time, this scenario is
changed. In 2010, only 35% of the project cost is financed by government.
Another important source of finance which is used by the Housing Associations is capital
market. Due to having their good credit ratings long term funds are raised from the bonds market
in development of the affordable homes. Such activities not only helps to overcome from
Housing crisis but also help in improving the future of such Housing Associations (Forrest,
2013).
Due to providing the large number of regulations and legislations by government the
efficiency of Housing Associations is decreased. Now, they have to fulfil large number of
regulations such as Quality Indicators, code for sustainable homes, secured by Design and
lifetime Homes. It is also analysed by the association that large number of variations are noticed
in cost per unit regarding management of the stock. Through adoption of effective strategies,
opportunities are available to save their cost and improve their earnings.
l弐2. Home cultures: the meaning of home
There is huge importance to understand about home culture regarding the development of
Housing Association of UK. It helps in development of the ability to invest in building new
homes in the future period of time. Identification of such culture helps to understand about
architecture, design and domestic space. Large number of difficulties are faced by the
associations in fulfilling their missions and achievement of their predetermined goals. So,
determination of home culture provides the opportunity in making their future bright and
development of housing infrastructure in UK.
Home
It is considered as dwelling place which is used for permanent and semi permanent
residence of an individual, family and house hold. The homes are of different kinds which helps
in development of housing infrastructure in UK. Such different types are often called as house,
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apartment, building, houseboat and other portable shelter. Homes are considered as the place of
comfort and protection.
Government plays an important role in development of the homes. Various regulation
and legislations are provided which is required to adhere by associations in development of
housing estates. Homes are typically provide the space and areas for sleeping, preparation of
food, eating and hygiene. The conventional modern houses includes the different facilities like
bedroom, bathroom, kitchen, cooking area and living room. The design and structures of homes
are frequently changed as per the consequences of globalization, urbanization and due to other
social, economic, demographic and technological reasons. There are also some cultural factors
which influence the style of building and patters of domestic space which is available in homes.
Home Culture
The culture of home defines about the different aspects like architecture, design and
domestic space. It is considered as peer review which helps in understanding about domestic
sphere, its artifacts, across time frames and cultures and spaces or relations. Homes are
considered as highly fluid site where humans are reside which reflects about their identities and
values (Altman and Werner, 2013). Due to studying of different home cultures helps in
exploring different aspects which are mentioned below:
·The different relation between body and building
·Consumption
·material culture
·meaning of home
·moving cultures
·social consequences of planning and architecture
Importance of studying about the home cultures
There are large number of benefits are gathered by the society and associations of UK for
effective development of housing facilities. Such different benefits are defined below:
·Increase the opportunities regarding collaboration with other associations in development of
their facilities and infrastructure of UK.
·Identification of the different needs of individuals and provide such kind of house and homes
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·3. Home ownership: Property owning democracies:
Nowadays, it has been seen that it is difficult for Britishers to purchase their own homes
but according to the foundation report, one out of three residents have their own homes I.e.
about 40% of population of British are carrying ownership of their homes. The areas in which
the less owners are there ins Yorkshire and the west Midlands. The politicians also give their
maximum efforts in providing ownership to the people through introducing new housing
schemes which will be provided at reasonable rate. The financial services firm legal and general
has launched an investment fund whose main focus is to provide accommodation on rental basis.
It changes overall British housing market. There are millions of property owners have a vested
interest in buying the property but may failed due to high prices. The political parties are are also
tries to connect with families in order to provide them housing facilities through lending them
loans.
It is the campaign started by the government that every individual of the UK have their
own house. They take many initiatives which helps in development of cost efficient housing
projects and development of the living standard of individuals of country (Brown, Altman and
Werner, 2012).
l弐4. Financialisation of housing
It is important process which provides the information regarding the funds required in
development of affordable housings in UK. There are large number of sources which helps the
housing association in development of new homes. Such sources are named as central
government grants, linnet regulations, bank loans, capital market etc. So, the contribution of
such different sources in development of housing facilities in UK is defined below:
·Central government grants: The major source of finance for housing projects in UK is
government grants. It is observed that, before 1990, 75% of the housing projects are financed by
the governments. Such amount of grant decreases as per passing the time. In 2010, only 39% of
the overall cost of project is financed by central government. Another major support which is
provided by the government in the development of housing facilities is capital subsidies.
Another model is developed by the government to finance the housing project which are known
as Zero grant model. Under this model, government invests in different level of repayable
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equities instead of providing grants. They also provide the subsidies to the associations regarding
the development of the affordable housing facilities.
·Capital market: Another important source which is used for financing the housing activities is
capital market. Housing associations of UK use their good credit ratings to acquire long term
funding from the capital market. It is observed that, In 2014, Notting Hill Housing Trust of UK
borrowed around £ 250 million from the bond market. From such amount £175 million is used
regarding the development of new 1400 homes till 2020 and remaining £ 75 million is used
regarding refinance of their existing debts.
·Bank Loans: Banks plays an important role in providence of loans to the association in
development of new housing facilities. Such kind of financing is considered as private financing.
Bank also provides the loans at special rate to such associations to improve their existing
performance and contributes in achievement of their predetermined targets.
·Other sources: There are many other sources which provides funding for new affordable
houses includes contribution provided under section 106 through agreements and governments
departments, local authorities and other agencies, selling and leasing of their surplus or under-
deployed land at below-market rates.
Role of governance
There is huge role is played by governance to provide finance to The Homes and
Communities Agency which regulates the functions of social housing providers. The core
functions which are provided by HCA are mentioned below:
·Disposal of the government land for the purpose of housing and assets with the aim of
financing land as equity through development of local partnerships.
·Development of skills and expertise among house developers, ascertainment of the sources of
private funding and providence of land and guarantee to provide their support in development
process
·Maintenance of coordination among the different functions of local and central government
(Roy, Rousseau, Fortier and Mottard, 2013).
·5. Gender of home
As per the World bank group works with public and private sector customers and clients
to close and helps to interact with customers with different gender or groups such as male or
female. There is lasting impact fall upon visualising the home and residential. It is important to
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analyse the gender diversity and the needs in respect of emerging the scope of gender home and
virtualisation of home. This is a concept which was introduced to remove the diversification and
classification of gender in general perspective.
Perspectives and assumptions differ in respect of gender home. There was changes seen
in order to define determine the aspects of housing production and the labour processes which
remain associated with the help of valuable antidotes. There is an approach called as Ball's
approach which helps to prioritize the production. Class relations were recorded as the
assumptions regarding solving the issues such as consumption issues, impose a masculine frame
and marginals and liberalizers consumption issues. As per the architectural journal of the 1980
there was a mass discussion happen regarding designing houses with in either the public or
private sector.
Lack of discussion is one of the main reason which enhanced the issues regarding the
essentialist and the aspects of gender home. It for better formation and implication it is important
to frame an effective structure in professional way. Second reason was associated with the
production process of architectures and the designs. Architectures and designs plays vital role in
phrasing the design of homes and visualising homes. Tailor made solutions are provided subject
to resolving issues and conflicts which occurs in production process. A contrast situation found
in respect of evaluating the effectiveness of production process. Low priority that architects
assign designs which remain computed by increasingly defensive position (Zhao, Lü and De
Roo, 2011).
l弐6. Visualising the home
Respective of home depends upon creative and innovative ideas subject to forming the
structure of home. Idea of home is found vast and wide. There are some intimacy of homes as
personal and private spaces as well expressing the public and political dimensions of home.
Visualisation of home indicates towards the physical appearance and visualisation of home such
as photography or image form. Home is a place which provides an experience of free living. It is
considered as elusive concept. Visualisation of home depends upon the mindset, thinking and
creation of every individual. This was the concept which was introduced to emerge the status
and scale of underprivileged and no home people.
Personal sensibility plays vital role in respect of home as private and domestic space. It
can also be seen as a larger public scale. Home gains and a political dimension. National, ethnic
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and cultural sense helps to frame the physical appearance of home or visualising the home. It is
essential to understand the shape aspects of government belongings and ownerships related to
land, government and language. It is a process which helps to determine the structure of homes.
Various methods are used subject to achieving the aims and objectives.
Creative and innovative ideas and thinking helps in manufacturing the visual plan form
making home and structure. It starts with framing the initial stage and completing the last stage.
This process is basically combination of unique ideas and thinking and supporting tools which
remain essential to analyse the comparability of concept. There is a collaboration found in
respect of non profit organisation such as material produced which are installed subject to
defining the public and private place. Government of UK also working in the direction of
visualising the home and helps to correlate the image from starting to end.
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l弐7. Socio-political relations of property developers
Socio-political makes huge impact on the development of property which helps in
identifying the attitude and behaviour of people towards purchasing property for their residential
purposes. Social factors includes the interest of people to buy residential property at such places
where there are more in demand. There are various factors which are putting off both local and
international buyers from committing to purchases to some extent until they clear the picture that
which country is more preferable to purchase property which brings profitable result to them in
near future.
Such factors includes land weakness, high inflation, weakening metal prices, arising
trade deficit, high level of crime, political in-fighting. Increase in the input cost such as labour,
electricity, water, property rates and taxes and raw material as well as lack of skilled employees
and infrastructure. For example if the inflation rate increases then the prices of property will
automatically rising due to which the working class household founds difficulties in purchasing
property for their own residential purposes. Due to high economy rate of UK, the prices of
property increases due to which the people are failed to purchase which brings demotivation and
dissatisfaction among them (Dufty-Jones, 2012).
l弐8. Estate Renewal
These are considered as area based programmes which helps in improving the housing
stock. This includes the activities regarding building of the environment and local supports with
the aim of providing large number of benefits to the local residents. There is huge impact of such
renewal programmes on the development of the local economy.
Government plays an important role in the development of estate renewal programmes
which covers the large number of objectives relating to social, economic and environmental
benefits for communities. There are wide range of impact is ascertained through such
programmes, but the major effect is shown on local economy which is mentioned below:
·It helps in creation of the large number of employment opportunities and provides the
opportunity to earn large number of income. It can be achieved through improvement of the
existing residents and changing of the mixture of area.
·Increasing the value of properties
·Improvement of the other areas

Estate renewal programmes helps in increase the price of the property and land. It is not
necessary that through such programmes the nearby property is also developed and get benefits
of such programmes.
The important things which are included in the definition of Estate Renewal are
mentioned below:
·Such programmes includes the properties which are refurbished or rebuilt. Such programmes
are not only limited for public housing estates.
·It also includes the programmes which are build regarding the development of particular areas.
It also includes the element of regeneration.
Things which are excluded from the definition of Estate Renewal are mentioned below:
·In Estate Renewal programmes, contaminated lands are not included
·Area based changes and development which does not include the element of physical
regeneration
·Relocation of the residents from the depriving to the less depriving areas which doesn't include
the element of physical regeneration
l弐10. Dispossession: The Great Social Housing Swindle
This topic provides the information regarding failure of the government which causes
large number of shortage of housing in Britain. The major focus is provided on the behaviour of
council estates which are working in London. This provides the information regarding their
negligence and demolition for future housing projects. Th main aim is to attain the long term
benefits of the Right to Buy policy which is implemented by the UK in 1980. It helps in building
large number of houses and remove the situation of home crises in UK (JIANG and ZHENG,
2011).
It provides the information regarding failure of the government policies in effective
development of the housing estate. It shows the struggle of the individuals and community
against private builders and local government of country. Such struggle helps them to save their
homes from demolition.
It provides that housing is the fundamental human right which is required to be in the
budget of every common individual of UK. The basic aim behind providence of such
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information is to bring awareness among the individual about the their exploitation from past
thirty years and helps in making their future more bright.
The benefits which are achieved by the individuals of UK through their struggle and the
change which is happen over the period of time is defined below:
·In 1980, Right to Buy scheme is introduced which provides that it is basic necessity that every
individual of UK have their own home and it is the duty to provide affordable housing facilities.
At that time, 42% of the population is live in council housing.
·In 1996, it is noticed that after the implementation of Right to Buy scheme 30% of tenants are
exercised their rights and 2.2 million homes are transferred into private ownership.
·In 2017, the change is seen where noticed that less than 8% population of UK live in Council
Housing and 40% of ex-council flats are sold through the use of Right to Buy scheme are rented
by the private landlords more expensively.
·It is observed that, £ 3 billion of the surplus is earned by the large housing association in 2015.
·1.7 million are such individuals of UK whom are still waiting to register in council housing
·In 2016, large number of individuals in UK are homeless in UK. The number of individuals
which are deprived from the housing facility is 4134 (Abramsson, 2012).
·It is also noticed that more than 200000 number of buildings are empty from six months.
·11. Housing alternatives: Community Land Trusts and Self-build
Housing alternatives means the different options which are available in front of the
individuals regarding preparation of their houses in UK. The two main method on which large
focus is provided are community land trust and self-build.
Building the scheme is considered as the most exciting phase while developing a project.
It is considered as complex and expensive process. Early preparation of the projects helps to
gather large number of importance like advice and support of professional expert.
CLT identifies the different styles of partnership models to provide their functions with
housing associations in development of effective scheme. The success of the project depends
upon the attitude of CLT to take risks and effective control over the operations. Delegation of
the risk also transfer some control.
The two kind of alternatives which are defined below are community land trust and self-build:
·Self-build and self-finish: It is also known as custom build. These are considered as the
specialist area of development in which some CLT are curious to explore such places. It includes
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