SOCIALhousing
others may be looking for someone else to manage it for them – there may be an opportunity for managing agents,” he says. The sector could follow the development
of the hotel sector, where management companies and ownership of the properties are frequently separated. And it’s this that could pave the way for larger, institutional landlords to enter the market, attracted by the long term rental streams available (whether that’s the 1, 3, or 5 year periods of lease available from local councils, or the 20-40 year lifetimes of social housing joint ventures). Long-term income streams make social housing potentially a good investment for institutions such as pension funds which require a stable and predictable return on investment, and have generally focused on long-dated government bonds. Even in the market for leasing to local
authorities, the larger and more professional portfolio landlord appears to have a major advantage over both the ‘slum landlord’ with low quality accommodation (ruled out by the need to meet social
john taylor CEo, orChard & shipman
This is a point in time when there’s a lot of change. It’s an exciting time.”
Hometrack suggests the affordable rent regime together with private sector involvement could double the number of housing starts for affordable homes. Richard Donnell, director of Hometrack, says, “The potential to deliver more affordable homes is clear,” though he adds that “success is reliant on a range of critical success factors, not least closer working with local authority partners.” Hometrack’s analysis has been disputed
housing standards) and the amateur one- off landlord (often owning inappropriate types of property). The biggest opportunity for the private
sector clearly lies in major transfers of housing stock from local authorities (less often from HAs) to private sector owners and managers. A survey by research house
by some housing associations as relying on overly optimistic assumptions; whether current tenants can afford the new, higher, rents remains unproven. But whether the current changes in the sector deliver that growth in housing starts or not, what is clear is that there is a great deal of turmoil – and a great deal of opportunity. John Taylor in particular is looking
forward to it. “This is a point in time when there’s a lot of change,” he says; “it’s an exciting time.”
Add your own opinions online at:
www.propertydrum.com/articles/socialmix
16 OCTOBER 2011 PROPERTYdrum
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