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| Overview |
| Levvel was appointed on 18 May 2009 to undertake a comprehensive viability study within a specific tight timescale in order to update the previous viability study undertaken in 2005 by DTZ. The study has fed into the Core Strategy document which informed, specifically, the affordable housing policy and therefore a specific timetable had to be met with a non-negotiable submission deadline for the draft report of 20th June 2009 which Levvel met. In addition the study incorporated an update to the housing needs information that had been prepared by the Council. Levvel's final report was published in July 2009. The study included an assessment of future economic projections and was submitted in 6 main sections adressing the following: |
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| Paper One - The Study Methodology |
| Summary of the purpose of the study and identifying the key outputs,
contextualising it within the policy framework, summarising the methodologies
that will be used and outlines the stakeholder engagement and liaison protocol. |
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| Paper Two - Review of Housing Need and Affordability |
| Commentary on current levels of identified need within the Borough based upon waiting list data and contextualises it with regard to historic levels of need identified from a number of sources. The affordability of a range of open market dwellings and tenures is examined and the potential for intermediate housing products to meet any identified 'affordability gaps' is outlined. The relationship between housing need and predicted levels of supply is discussed, and finally key issues for future policy consideration are detailed. |
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| Paper Three - Policy Context, Current and Projected Economic Conditions |
| The policy context, national, regional, sub regional, and local is explored with regard to the provision of affordable housing. Current economic conditions and the effect upon the housing market at a national level are then examined. This is followed by a focus on the economic position as it relates to Fareham. Historic market data is used to assess possible future scenarios for the housing market in the area (upside, middle upside, middle historic, middle downside and downside) which are used to 'future proof' policy options within the overall context of the economic position. |
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| Paper Four - Affordable Housing Viability Study |
| This assesses the impact upon economic viability of a range of affordable housing policy options with combinations of thresholds, site sizes and densities, percentage quotas, tenure mixes and grant assumptions. It details the methodology and summarises the assumptions used in respect of values and costs to development. It outlines the conclusions drawn from this work. |
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| Paper Five - Appendices |
Detailed appendices in respect of the following:
- tender brief and instruction;
- modelling assumptions;
- sales value methodology;
- stakeholder engagement methodology and results;
- site selection methodology;
- modelling results tables;
- scenario testing and descriptions of upside, middle upside, middle historic, middle downside and downside scenarios.
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| Paper Six - Policy Recommendations |
| This comprises recommendations for policy based upon interpretation of the
results of the affordable housing viability study and the need to achieve
additional affordable housing without restricting the flow of land coming forward
for residential development. |
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| Additional Site Advice |
| Following the report, Levvel has been retained to provide specific site viability advice in affordable housing negotiations. |
