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Housing Finance Conference Peter Marsh Chief Executive 19 March 2009

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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 Conference Peter Marsh Chief Executive 19 March 2009

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  1. Housing Finance ConferencePeter MarshChief Executive19 March 2009

  2. 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

  3. 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

  4. 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

  5. Regulatory style? Proportionate Confident, intelligent Tenant focused Co-regulatory Partnerships

  6. Global Accounts 2008HighlightsGrowth

  7. Global Accounts 2008 HighlightsInvestment

  8. Global Accounts 2008ChallengesInterest Cover

  9. Global Accounts 2008ChallengesCost control

  10. 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

  11. January 2009 Quarterly Survey – housing markets

  12. Interest costs

  13. 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

  14. Potential impact of sales declinesThe whole sector

  15. Potential impact of sales declinesThe traditional sector

  16. The Cost/Satisfaction Dilemma

  17. 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?

  18. Potential impact on rents of deflation

  19. 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?

  20. Questions: Efficiency Gains • £9 billion spent on management and maintenance: • What could this total be with a more rational stock holding?

  21. 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?

  22. Working in partnership to deliver Tenants Delivering better services to tenants Landlords TSA

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