Despite the scale of the sector there is today a widely recognised chronic shortage of all types of social housing in England and Wales, with approximately 4.5 million people having qualified for social housing and currently sitting on local authority housing waiting lists. In 2015/16, only 17,500 new social homes were delivered in England and Wales. Further demand is evident with the number of vulnerable people on housing waiting lists and we are committed to meeting this demand.
A Rising Sector
Between 1 April 2018 and 31 March 2019, there were 45,692 new houses started on site under programmes managed by Homes England and 40,289 houses completed. These are the highest levels of starts for nine years and the highest levels of completions for four years.
Of the starts on site, 30,563 (67%) were for affordable homes, a 10 per cent increase on 2017-18. These are the highest numbers of affordable home starts for five years. Similarly, 28,710 (71%) of housing completions in 2018-19 were for affordable homes which is an 11 per cent increase on 2017-18 figures and the highest numbers for four years.
A total of 17,772 affordable homes started in 2018-19 were for Affordable Rent – a 4 per cent increase on the previous year – and 11,560 were for schemes including Shared Ownership and Rent to Buy – a 24 per cent increase on 2017-18. The remaining 1,231 were for Social Rent, a 12 per cent decrease on the previous 12 months.
Of the affordable homes completed, 18,895 were for Affordable Rent – representing a 4 per cent decrease on the previous year, whereas the 8,854 completed under affordable housing schemes including Shared Ownership and Rent to Buy represent a 75 per cent increase on 2017-18.
These fluctuations reflect the tenure balance allocated in the early years of the 2016-21 funding period with funding parameters subsequently opening up to Affordable Rent and Social Rent.
Reaching Far and Wide to Deliver Affordable Housing across the U.K.
The Abbey Investments Team have acquired a wide knowledge of the social housing market through working with Registered Providers across the country and delivering numerous affordable housing schemes, either as part of a wider development scheme or stand alone projects.
Following local and national policy, Abbey Investments sees an opportunity to work with both private and social organisations to promote and deliver the much needed volume each successive Housing Report has identified.
Drawing on their land, planning, construction and finance skills Abbey Investments also looks to partner with Local Authorities to understand their Affordable Housing needs, across sectors, and work with them to deliver appropriate schemes in the right locations for the right individuals and families and ease the burden on both housing waiting lists and budgets.
