Housing Needs Assessment 2006 - Westminster City Council

More documents

Recommendations

Info

$Converted from C:\PCSPDF\PCS44459.TXT - Westminster City ...$

Westminster – Housing Needs Assessment 2006Figure 6.3 Income and household type and sub-areaSingle pensioner£17,9712 or more pensioners£40,241Single non-pensioner2 or more adults - no children£50,475£48,395Lone parent£23,9132 or more adults & 1 child2 or more adults & 2 or more children£59,941£63,571North West£35,612NorthCentral StripSouth CentralSouthAnnual gross household income(including non-housing benefits)£46,261£50,096£55,653£40,747£0 £10,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000Source: City of Westminster Housing Needs Survey 20066.5 Assessing affordability – existing householdsAll households were tested for their ability to afford either a mortgage or private rented housing inthe local area. These two measures were then combined to estimate households unable to affordeither form of private sector housing. The general methodology and results are presented below.(i) Mortgage affordabilityThe definition of mortgage affordability is shown below:Mortgage affordability: A household containing one person in employment is eligible for a mortgage ifthe gross household income multiplied by 3.5 is greater than the cost of the mortgage requirement. Ahousehold containing more than one person in employment is eligible for a mortgage if the grosshousehold income multiplied by 2.9 is greater than the cost of the mortgage requirement.PAGE 62
6. Financial information and affordabilityThe mortgage requirement is based on taking the level of savings and any equity away from theestimated property price and then checking the income level of the household in relation to thelikely amount of mortgage remaining. Income from housing related benefits is not included in theaffordability calculation. A worked example of the mortgage affordability test is shown below:A household containing a couple with one child would require, at minimum, a two bedroom property. Theminimum cost of such a property in the City of Westminster is estimated to be £275,000. If the couplehave £20,000 in savings then they would require a gross household income of £87,931 ((£275,000-£20,000) divided by 2.9) if both adults were in employment, or £72,857 ((£275,000-£20,000) divided by3.5) if one person is in employment.ODPMGuide‘A household is considered likely to be able to afford to buy a home that costs 3.5times the gross household income for a single earner household, or 2.9 times thehousehold income for dual income households.’ [Paragraph 6.17 March 2005Discussion Draft Guidance](ii) Private rental affordabilityThe definition of private rental affordability is shown below:Private rental affordability: A household is unable to afford private rented housing if renting privatelywould take up more than 25% of its gross household income (excluding housing benefits).A worked example of the rental affordability test is shown below:A household containing a couple with no children will require at minimum a one bedroom property. Theminimum weekly rental for this is £205. This means that the household must have a weekly gross incomeof at least £820 (£205 ÷ 0.25) to be able to afford the property.(iii) Combined affordabilityIt is important to assess the numbers who cannot afford either of the above options. This is themeasure of combined affordability, which is defined below:PAGE 63
Page 1:
CITY OF WESTMINSTER2006 HOUSING NEE
Page 4 and 5:
Westminster - Housing Needs Assessm
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21: Westminster - Housing Needs Assessm
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
First Surveys MarketResearch13 Darw
Page 230 and 231:
A12. Where do you and your partner
Page 232 and 233:
D SPECIAL NEEDSD1. Do you or any of
Page 234 and 235:
edroom(s)F5. How many bedrooms woul
Page 236 and 237:
a) b)Like ExpectDetached house.....
show all

Housing Needs Assessment 2006 - Westminster City Council

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?