Inside Housing, the leading weekly magazine for housing professionals in the UK, recently reported that another large social landlord was considering no longer building homes for social or affordable rent.
Second association mulls ditching sub-market rent
With some large housing associations withdrawing from the development of social housing at sub-market rents and moving to the more lucrative private market it means that affordable rented housing is nearing a crisis point. With falling subsidies and the risks inherent in Welfare Reform there is a risk that more housing associations may follow suit.
Seaside Homes, Brighton’s only not-for-profit housing company, remain committed to providing social rented housing at sub-market rents. We believe our financial model and those like it could help to stop this trend. New financial models are required to raise investment and we welcome the new ‘Living Rent’ models that are being developed which link rents to income levels. It is particularly encouraging to see Brighton & Hove City Council’s Housing & New Homes Committee starting to debate these models. Let’s hear more…
Seaside Homes was established by Brighton & Hove City Council to refurbish the council’s leased housing stock.
- By using commercial loan finance rather than council funds
- Over 400 council properties renovated
- £3.6m pa saving on nightly booked accommodation to the council
- £13.9m capital receipt paid to the council
- £7.4m invested in the council’s leased housing stock
