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Kent Housing Group 3 rd February 2011

Kent Housing Group 3 rd February 2011. The Implications of the Spending Review and Emerging Policy for Housing. Chris Cobbold Director of Housing Practice Group chris.cobbold@dtz.com. The Policy Deluge. The Abolition of the RSSs New Homes Bonus Local Standards Framework

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Kent Housing Group 3 rd February 2011

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  1. Kent Housing Group3rd February 2011 The Implications of the Spending Review and Emerging Policy for Housing Chris Cobbold Director of Housing Practice Group chris.cobbold@dtz.com

  2. The Policy Deluge • The Abolition of the RSSs • New Homes Bonus • Local Standards Framework • The Spending Review • Local Growth

  3. The Policy Deluge • Local Decisions – Social Housing • LA Financial Settlement • Localism Bill • Self financing for Council Housing • ...etc • ...etc

  4. The RSS Boomerang • July – the RSSs revoked • 160,000 homes ditched • 300,000 by end of 2011 • Revocation ‘unlawful’ • Localism Bill published • Inter-regnum

  5. Planning for Housing without the RSS • Local Plans have to be ‘sound’ • Sub-Regional Market analysis • Key Elements of Analysis • Economic Drivers • Demographic Drivers • Housing Need • Land Supply – Capacity • Where are you in the LDF process?

  6. The New Homes Bonus • Average Council Tax • Band D = c£1,440 • Paid a year in arrears... • ...for 6 years • Plus £350 for each affordable home • New homes and empties

  7. The New Homes Bonus – what is it worth? • 250 homes pa • £1,400 pa • £350k in 2012-13 • Grows by £350k pa • By 2017-18 receive £2.1 m

  8. Issues • Managing community expectation • Expenditure outside CSR Period • Impact of a change of government? • Borrow against anticipated income? • Potential to forward fund infrastructure • How much additionality?

  9. The Local Standards Framework • Building regulations and standards • Simplification and standardisation • A menu approach • Housebuilders and LAs to work together • An agreed Local Standards Framework • National Planning Policy Framework 2012

  10. The Spending Review – the NAHP Existing commitments on NAHP - £2.4 bn

  11. The Affordable Rent Programme • Affordable Rent from 2011 • Up to 80% of market rents • Shorter term tenancies • New development and empties • Re-lets can be changed to AR • New ‘Flexible Tenancy’

  12. Opportunities and Challenges • Stretches NAHP resource • Enhanced RP borrowing • Impact on scheme viability • Social rent • Impact on HB budget • Different providers

  13. Other Features of the Spending Review • £2 bn for Decent Homes • Reform of the HRA • Borrow against rental streams? • For repairs, improvements, new building • Link to prudential borrowing? • New housing on LA land • £100 m for Empty Homes • 3000 homes • £33k per home

  14. Other Features of the Spending Review • DFGs • £720 m • Not ring fenced • Preventing Homelessness - £357 m • £200 m for continuation of Mortgage Rescue Scheme • £6.5bn for Supporting People

  15. Local Growth: Realising Every Place’s Potential • Tax Increment Finance • Mixed use regeneration • Local Enterprise Partnerships • Role in strategic planning • ‘Transport, housing and planning’ • ‘strategic housing delivery.... • ...pooling, aligning funding streams’! • Business Increase Bonus • Business Rate Retention

  16. Reform of Planning • Presumption in favour of sustainable development • Communities ‘centre stage’ in planning • Neighbourhood Plans • Right to Build • Streamlined Local Development Plans • Streamlined National Planning Framework

  17. Regional Growth Fund • £1.4 bn over 4 years • Objectives • Stimulate enterprise and private sector jobs • Focus on areas over dependent on public sector jobs • Includes infrastructure investment... • ... ‘to improve housing supply • Round 1 bids emphasis on jobs

  18. Local Decisions: A fairer future for Social Housing • New tenure for Affordable Rent • Fixed period • Continuation subject to review • Broader tenancy options for LAs • Existing secure tenants unaffected • Flexible Tenancy option for LA relets • Time limited, minimum 2 years • LAs to prepare Tenancy Strategy • New Tenancy Standard

  19. Local Decisions: A fairer future for Social Housing • Management of waiting lists • Foster mobility of social tenants • House people in the PRS • Regulation of social housing • Reform of the HRA

  20. Self Financing for Council Housing • HRAs to be run as social businesses • Move to self financing by April 2012 • step 1 – value the business • step 2 – estimate current housing debt • step 3a – surplus value paid to the government • step 3b – surplus debt paid off by government • Rental growth formula specified • Controls on HRA borrowing • Freedoms to dispose of assets • But 75% of RTB receipts to HMT

  21. To summarise: Affordable Housing • Less money • More flexibility • Greater scope for innovation • New forms of provider • Increased local decision making • Greater diversity of provision

  22. To summarise: Planning • Enhanced uncertainty • Push LDFs forward • Establish new evidence base • Work sub-regionally • Unlikely to deliver more housing

  23. Mortgage Availability and Cost – significant constraints continue on mortgage lending Volume of Mortgage Approvals August 2001 – Aug 2010 Value of Mortgage Approvals August 2001 – Aug2010

  24. Current Position: The market remains subdued by historic standards Index of Sales Volumes 4 Quarter moving average: Prime London defined as Kensington & Chelsea, Westminster and Camden Boroughs

  25. Conclusion • Local Authorities and their partners are going to have to work harder still to get the homes their communities need • The Kent ForumHousing Strategy identifies what needs to be done

  26. Questions and Comments

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