Shared equity schemes: evaluation reports

Footnotes

1. OMSE and NSSE are part of the Low-Cost Initiative for First-Time Buyers, which originated as 'Homestake' in 2005.

2. OMSE commenced in 2005/06, NSSE in 2007/08 and HtB in 2013/14.

3. The term additionality refers whether a policy intervention has achieved something that might not otherwise have happened. In this instance what is of specific interest is the extent to which households buying a home through the shared equity schemes would not have been able to do so without this assistance, and whether newly build properties that have been sold through HtB and NSSE would not have been built without the financial support provided by the schemes.

4. https://www2.gov.scot/Topics/Statistics/About/Methodology/UrbanRuralClassification

5. Scottish Government (2019) Help to Buy (Scotland) monitoring information report 2018-2019, Scottish Government (2019) Open Market Shared Equity Scheme monitoring information on characteristics of households 2016/17, 2017/18 and 2018/19.

6. Barker et al, 2004 & 2006; Leishman, et al., 2008: Hilber and Vermeulen, 2010; Affordable Housing Commission, 2019.

7. Since 2014, the share of first-time buyers paying up to £250,000 has changed little whereas those paying up to £120,00 has declined from 49%, down by 7%.

8. Comparison with all HtB buyers is based on monitoring information reports for 2016/17 to 2018/19 (www.gov.scot/policies/homeowners/help-to-buy). Published data on the characteristics of buyers prior to 2016/17 is based on a minority of cases and is considered to be approximate. Comparison with all OMSE buyers is based on the monitoring report for 2016/17 to 2018/19 (www.gov.scot/publications/open-market-shared-equity-monitoring-characteristics-of-households-report-2016-17-to-2018-19/). Data on the characteristics of all NSSE buyers is not available.

9. Based on 2017/18 and 2018/19 only - data on the household profile of all HtB buyers is not available for 2016/17.

10. Based on 2017/18 and 2018/19 only - data on the household profile of all HtB buyers is not available for 2016/17.

11. https://www.gov.scot/publications/help-to-buy-scotland-monitoring-information-report-2018-2019

12. www.gov.scot/publications/open-market-shared-equity-monitoring-characteristics-of-households-report-2016-17-to-2018-19/.

13. Respondent numbers for NSSE and OMSE buyers were too low for further subgroup analysis.

14. This includes respondents describing their ethnicity as one of the following: Mixed/multiple; Asian, Asian Scottish or Asian British; African; Caribbean or Black; or Other.

15. Findings are based on self-reported information. However, results provide a useful point of comparison with published data summarised in chapter 3 (see table 5) and is the most reliable price information available for NSSE and OMSE sales. This self-reported price data has also been used in more detailed analysis of differences in buyers' experience of using shared equity schemes in chapter 5.

16. It was not possible to break down results year by year for NSSE due to insufficient volume of responses. However, for HtB and OMSE there was no significant upward or downward trends by year.

17. Note that interest is not charged on equity shares provided through the Scottish Government scheme, but is charged after 5 years under the UK Government scheme.

18. Estimates based on survey respondents who have increased their equity share and were able to provide information on their current equity share.

19. Respondent numbers were insufficient to produce results separately for NSSE and OMSE buyers.

20. Quantitative findings in this chapter have been reported as actual numbers, rather than percentages, because of the low base size.

21. The share of sales to first time buyers using Help to Buy increased from 66% in 2013-16 to 82% in 2018/19.

22. https://www2.gov.scot/Topics/Statistics/About/Methodology/UrbanRuralClassification

23. Numbers of NSSE survey respondents are insufficient to present detailed analysis.