At this stage in your market analysis, you will have collected data on various indicators of the characteristics and trends in your local housing market. As you have progressed through your analysis and consulted with relevant stakeholders and experts, you will have been forming a picture of the key drivers behind these market trends and attributes. Throughout the Housing Kit Database, examples have shown you how to interpret typical housing market trends (such as the rate of household growth, changes in the structure of households, and changes in the supply of low cost housing) and their impacts.
This evidence now provides the basis for deciding upon the most appropriate housing strategy for your area. If a clear picture of your local market has not emerged at this point, or if you have identified any outstanding issues, you may decide that further research or consultation is required.
In deciding on your key conclusions useful initial questions to consider are:
· Is there a reasonable balance between supply and demand?
· Is the housing being provided both affordable and appropriate?
If the answer to either question is No then it is important to develop some strategies to address these issues.
Answers to the more detailed set of questions below will help to identify appropriate responses when Preparing a Local Housing Strategy.
· Is a large new stock of housing likely to be required?
· Is this need for new stock related to employment trends?
· Is existing housing stock a good match for the demographic profile of the area?
· Is there a particular group who are missing out?
· Has there been a marked loss of low-priced stock in recent times?
· Are there large concentrations of low-income households in the area?
· Is affordability a major concern?
Identifying local opportunities
While undertaking the local housing market study, it is useful to compile a list of housing opportunities. This might be a list of some vacant sites in public ownership; it might be some rezoning opportunities, some public housing sites that are undeveloped, or some planning regulations that could be changed. These opportunities can then be taken up when preparing a Local Housing Strategy.
Next Step: Monitoring your assessment