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  3. London South Bank University (LSBU)
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  7. Personal Finance (BAF6PFI)

Lecture notes

Property - PERSONAL FINANCE - Lecture 6 notes

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Personal Finance is an option module for students studying Accounting and Finance. This document covers: historical context in buying property, social sector, shared ownership (part-buy, part-let), properties from Local Authorities and Housing Associations, young owner-occupiers, recent lending po...

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  • May 29, 2021
  • 6
  • 2020/2021
  • Lecture notes
  • -
  • Property, personal finance

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Module: Personal Finance


Lecture 6 – Property


Learning Outcome
 Home ownership in the UK
 Advantages and disadvantages of renting and buying a home
 Types of mortgages
 Properties as investment
 Suitable home ownership


Buying – historical context
 In the 1950s and 60s lending was controlled
 There was an expansion of home ownership in 1979 under the government’s
‘right to buy’ initiative. This initiative gave council tenants the option to
purchase their home which they were renting from the council.
 1980s relaxation of regulations allowing more varied mortgages
 1980 – 2000 tax relief given on mortgage interest payments
 2000 – 2008 could borrow up to 125% value of a property. It meant that
people had extra money to do things such as make improvements on the
property or purchase a second property. However, it also got them into more
debt.


Social Sector
 There has been an emergence of Housing Associations (HAs) due to local
authorities not having enough social housing properties for people to rent.
 The Housing Associations built and rented out properties to people who
couldn’t afford to buy or rent privately.
 Properties from the Local Authorities and Housing Association are highly
subsidised so that people on low income can afford to rent these homes.
 Housing Associations and Registered Social Landlords are non-profit
organisations.
 There is a reduced contribution from this sector:
o Right-to-buy legislation isn’t applicable on these new builds
o Risk transfer away from local authorities to Registered Social
Landlords in terms of maintenance and repairs
 However, they offer part-buy, part-let also known as shared ownership. This is
a scheme where you would buy a percentage of the property and then you
would rent a percentage of the property.

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