Agenda Reports Pack (Public) 15/10/2012, 19.00 - Meetings ...

Building a Housing Ladder of Opportunity - Housing Strategy3.6 Due to the high cost and restricted access to the home ownershipmarket, it may not be possible for residents to reach the top of theladder. It may also be the case that residents do not wish to reach thetop of the ladder for personal reasons or simply move further afield tofulfil their aspirations, e.g., to live in a suburban location or move tonew employment. Whilst the Council respects the right of residents toexercise choice, there will be limits as to what choices they canexercise at the expense of the public purse. Whether through the needto repay debt associated with historic capital expenditure on affordablehousing or through financial limits imposed by the housing benefitsregime, the Council has to ensure that available public and socialsector housing assets and resources are used to maximum effect.3.7 In that vein, the Council’s approach to flexible tenancies is aboutensuring that there is more movement between the affordable rentedsector and other tenures, providing the necessary level of supportwhere it is needed.Increasing Affordable Home Ownership: A Reinvigorated Right to Buy3.8 Delivering the reinvigorated right to buy will be central to tackling socialand economic polarisation on the Council’s housing estates. Exercisingthe right to buy is a simple and effective means to realising tenants’aspirations; increasing wealth; and encouraging ambition. TheGovernment’s maximum discounts of £75,000 for eligible households isexpected to lead to increased interest in the right to buy locally whichthe Council plans to both meet and encourage.3.9 In tandem, the Council will continue to work with partner organisationsto develop innovative approaches whereby tenants through communitycontributions can build up additional equity that can be used at somepoint to increase the discount on homes sold under the right to buy.Housing Allocation Scheme3.10 The Council intends to radically change the way it prioritises andallocates accommodation to applicants on its housing register. Specificobjectives the Council wants to achieve following the adoption of thisdocument and its broader approach are as follows:• Gives additional preference to working households and applicantssuch as former Armed Forces Personnel who are making acommunity contribution• Adopting a Housing Allocation Scheme that realistically reflectshousing options available to applicants• Introduces a ‘Assisted Choice’ approach, modifying a system whichhas allowed the registration of applicants who have no realisticprospect of successfully bidding for affordable rented housing14Page 374