House price forecasts are important for several parties. For example, (potential) owner-occupiers want to know whether or not it is a good time to buy or sell a home, and decisions of policy makers and commercial parties may depend on house price expectations. In this paper we are not primarily...

Asset Liability Management (ALM) models for housing corporations work on the basis of stochastic scenario models for important risk and return drivers such as interest and inflation rates, construction costs and sales prices of houses. Given the situation of the housing corporation (current real...

By performing strategic risk analysis studies, investors can obtain insight into the risk ñ return characteristics of the current asset portfolio and into the most important risk drivers. Furthermore, via strategic risk analyses, investors can obtain insight into the relative effectiveness and...

PurposeThere is increasing debate about how to finance the increasing costs of our ageing societies. Much attention in Europe has recently focussed on the extent to which households would be willing to use home equity conversion products. The question to which extent home equity can contribute...

The Clientís Choice Programme offers tenants freedom of choice in tenure. With this programme, a housing corporation offers tenants the choice between a traditional rent contract, fixed rent or fixed rent increase contracts for a five- or ten-year period, socially bound ownership, and ownership...

In this paper we present the world’s first social housing property index. The index is designed to be consistent with the IPD indices, but includes extra analysis tailor-made to the needs of social housing corporations. The index not only reports the receivable direct property return, but also...

We describe an ALM model for housing associations. This model uses simulation to assess the associationsí risk and return profile. We show the pitfalls of just using a few scenarios. Finally, we show how this model can be used to obtain insight into the influence and effectiveness of specific...

Housing corporations are not after a financial gain but allocate (consciously if not unconsciously) a part of their available capital in order to achieve a range of social objectives. The real problem is that it is often very difficult to compare these objectives. Do we choose for an extra...

In recent years, Dutch housing corporations have introduced a number of innovative types of sale. These innovative types of sale have in common that a house is sold to the tenant at a discount. In this way, buying a house becomes affordable for lower-income households. And the housing...

With asset liability management (ALM), all the relevant asset and liability classes are managed in an integrated fashion. We describe an ALM model for housing associations. This model uses simulation to show the development of a housing association, usually measured as solvency and...