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Housing Finance Conference Peter Marsh Chief Executive 19 March 2009 Our purpose? We are here to raise the standard of services for tenants : to champion the needs and aspirations of tenants - both those within and those as yet unable to access affordable housing

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Housing Finance ConferencePeter MarshChief Executive19 March 2009


Our purpose l.jpg
Our purpose?

We are here to raise the standard of services for tenants:

  • tochampionthe needs and aspirations of tenants - both those within and those as yet unable to access affordable housing

  • to challengeproviders of affordable housing services to meet or exceed the highest standards of organisational effectiveness and service delivery

  • to promotechoicefor tenants and providers of affordable housing


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Our timeline?

  • December 2008: New regulator established

  • Jan - March 2009: “National Conversation”

  • Spring 2009: Informal consultation

  • Autumn 2009:Statutory consultation

  • December 2009: New powers for RSLs (Subject to timing of ‘orders’)

  • April 2010: New powers for LAs and ALMOs


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National Conversation: What tenants have told us

  • Polarised views on landlord performance

  • Repairs & Maintenance, rents and good quality homes are the big priorities

  • Keeping your promises is important

  • Opportunities for involvement

  • Mixed views on choice


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Regulatory style?

Proportionate

Confident, intelligent

Tenant focused

Co-regulatory

Partnerships


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Global Accounts 2008HighlightsGrowth



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Global Accounts 2008ChallengesInterest Cover


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Global Accounts 2008ChallengesCost control


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January 2009 Quarterly Survey – finance markets

  • The sector has £53.1bn total loan facilities in place, £39bn of these are drawn

  • There is £28.2bn of security in place to cover the un-drawn loan facilities

  • Over the next 12 months the sector plans to draw down a further £5.6bn of debt, £5.2bn of this is already in place

  • 87% of respondents said they had loan facilities in place that could fund their business plans for at least 12 months


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January 2009 Quarterly Survey – housing markets



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FinancialFundamentals

The most successful PFI in Europe?

  • Asset values are based on continuing existing use and represent a discount relative to market value. Private finance ranks above SHG – providing a further substantial cushion for lenders

  • Two thirds of rental streams are backed by the state via housing benefit

  • New supply is funded by social housing grant

  • Demand continues to outstrip supply by between 50-100%

  • This sector is resilient and able to withstand a further period of downturn



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Potential impact of sales declinesThe traditional sector



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Questions: Choice

  • Sometimes the big things, sometimes the little things

  • - Paying more for extras

  • - Information

  • - Rationalisation

  • - Those who can’t get in

  • - Developer, owner, manager – which for you?



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Questions: Needs of tenants

  • Social rent

  • Intermediate rent

  • Shared Ownership

  • Shared Equity

  • Are we as clear as we should be about why we use our resources to subsidise differing needs?


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Questions: Efficiency Gains

  • £9 billion spent on management and maintenance:

  • What could this total be with a more rational stock holding?


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Questions: Opportunities

  • How will we look back at this moment -

  • Opportunities to take or leave:

  • Unsold stock; Impairment; Hard ball banks

  • or

  • Low cost of long-term money; low land prices; flexibility?


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Working in partnership to deliver

Tenants

Delivering better

services to

tenants

Landlords

TSA


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