Characteristic of Global Affordable Housing

Affordable and social housing schemes are considered as the crucial part of UK housing market. Social housing schemes design houses for residential use that presents essentially secure and private place for the individual to live and exercise their personal activities. There are numerous ways to classify housing schemes for instance, according to the business standards; these include low-profit housing and general commercial housing. Moreover, they can also be classified according to the party standard which entails public housing and commercial housings and additionally according to the customer standards; these types of schemes include business housing and social housing.
Housings not only provide protection from external violence but they can also be characterized by commercial profit. Affordable housing is regarded as a crucial component of social housing schemes. These types of housings are provided to the people by the local government who acquire lower competition power in a social market. The governments of many countries make use of affordable housing policies in order to implement the social security system. Iglesias in his article has defined affordable housing as “the housing that that is officially limited to the use of individuals or families who congregate explicit income requirements. Furthermore, affordable housing schemes are particularly designed by the local or central government for low-earning families and individuals who acquire a lower competitive advantage in the housing market.

Some of the key features of affordable housing are listed below:

Involvement of the Government-Since the chief providers of affordable housings are not commercial real estate developers but the governments, projects of affordable housings are explicitly designed by the government authorities. The design of housings incorporate level of house price, building standards, housing types and location

Customers Fixed Price-The distribution of affordable housings is limited to low-income households and individuals. There are fixed principals designed by the governments which are based upon the background and income level of family members. Therefore, it must be acknowledged that affordable and social housing schemes are particularly designed for particular consumers.

Complicated Applicant Selection-In general, it is worth noting that at present the number of affordable housing supply is less than the demand. This is because if the supply overcomes the demand reduction of housing prices occur which in turn affect the commercial housing market.

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