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Housing Associations Market Report - UK 2014-2018 Analysis

  • February 2014
  • -
  • AMA Research
  • -
  • 105 pages

Summary

Table of Contents

AMA Research are pleased to announce the publication of the Tenth edition of the report ‘Housing Associations Market Report – UK 2014 – 2018 Analysis’. The report incorporates original input and primary research, and represents an up-to-date and perceptive review of the market and its development.

This unique report provides a quantitative and qualitative analysis of the Private Registered Providers market (more generally known as Housing Associations) focusing on market size and trends, housing mix, new development pipelines and future prospects.

Key issues include:

Review of UK Social Housing Market – Local Authority and Housing Association sectors – size, structure, growth, political issues, future trends.
Identification of major Housing Associations in England, Scotland, Wales and Northern Ireland.
New Build – Review of government programmes including NAHP/AHP – prospects for 2014-2018 construction activity.
RMI – expenditure levels, trends and forecasts, progress of Decent Homes programme.
Future prospects –changing roles of Housing Associations and local authorities, stock transfer, public/private funding, new build programmes.
The overall Housing Association market is estimated at almost 3 million dwellings in 2013/14 – around 10% of UK housing stock. The sector offers major opportunities for contractors and building material suppliers and the market has grown through a combination of LSVTs and new build. In addition, the Decent Homes programme has stimulated improvement of existing homes, driving demand for a wide range of materials.

Areas of particular interest include:

Market activity levels with forecasts to 2018, including stock, new build completions, and refurbishment.
Review of Affordable Homes Programme – 2015 – 2018: – 165,000 dwellings - budgets, build levels, finance options, key HAs with development grants.
Top 30 HAs with development pipelines/volume estimates – profiles of top players.
Analysis of the housing mix in housing associations – social rental, shared ownership, care homes, student accommodation.
Review of key market influences and schemes – HCA funding, Right to Buy, Get Britain Building, Affordable Rent to Buy etc.

Key areas covered in the report :

HOUSING ASSOCIATIONS MARKET
Review of social housing structure. Market size in stock terms from 2006 with forecasts through to 2018. Overview of total UK housing stock/share by sector, regional mix. Mix between LA’s and HA’s – changing trends.
Market size - Social Housing new build starts and completions - forecast through to 2018.
Analysis of Repair Maintenance and Improvement on Housing Association properties – Total RMI spend up to 2016 – breakdown of major repairs, planned maintenance etc. Decent Homes Programme – backlog volumes, funding support up to 2018.
Review of key market influences – economic factors, government policies, housing affordability, Large Scale Voluntary Transfers, Right to Buy, etc.
Key regulatory and funding organisations and their role (HCA, National Housing Federation etc). Planning issues,
Future prospects for the market.

HOUSING ASSOCIATIONS
Review of major Housing Associations – dwelling stock, key characteristics, regional strengths, market positioning etc in England, Scotland, Wales and Northern Ireland.
Market shares of major Housing Associations in each of England, Scotland, Wales and Northern Ireland – mix of stock by HA size and region in 2013.
Housing Associations developing their business models - regional breakdown within shared ownership, key care home providers amongst the Housing Associations, Housing Associations providing purpose built student accommodation etc.

SOCIAL HOUSING DEVELOPMENT PLANS
Overview of £3.3 billion HCA funding in 2015-2018.
Review of key government affordable housing programmes – current 2011-2015 AHP programme, new AHP (Affordable Homes Programme) - investment levels 2015-2018. Split by year by value and volume. Review of programmes in England and Scotland.
New Build programmes – targets, grants awarded to key HAs – key players in the development market
Top 30 HAs with development pipelines/volume estimates up to 2020.
Private financing – sources of private finance, major lenders, areas of significant expenditure. New entrants/schemes. Leading HAs with recent bond issues in 2013.

SPECIFICATION AND BUYING PROCESS
Specification process – key influencers on the process.
Growth of buying consortia – Alliance – procurement initiative between Procurement for Housing, Fusion 21 and Northern Housing Consortium.
Influence of Government initiatives on buying and specification – partnering arrangements, framework agreements (New Build frameworks), PEI (Procurement Efficiency Initiative) – 13 consortia.
Key contractors – key schemes, value of contracts. Future trends and changes.

Housing Associations form the largest not-for-profit grouping in the country, working closely with both private and public organisations. The sector has grown dramatically following the large-scale voluntary transfer (LSVT) of council homes in the 1990s. Housing Associations in England now own some 2.8m homes - around 93% of all UK H.A. stock and around 10% of total housing stock.
In 2013, total UK Housing Association stock increased to 2,798,000 units with increases in all types of housing. Around 75% of market stock owned or managed by Housing Associations is general needs housing, which is primarily social rental accommodation.

The Housing Association sector is diverse, with around 1,700 associations in the UK varying in size from under 10 homes to more than 50,000. However, over 95% of homes are managed by the top 400 Housing Associations with at least 1,000 social homes each.
The top 30 Housing Association groups in England accounted for around 1.3m units in 2013, around 48% of the market. Since the previous edition of this report in 2011, the top 30 groups have gained over 267,000 units, reflecting continued consolidation with larger groups gaining share.

Housing Associations are currently facing a period of unprecedented change in the sector, with changes to the welfare system and the introduction of the Affordable Rents Model representing new risks and challenges. At the same time, the Government has moved towards a period of greater self-regulation in the sector.

In addition, registered providers now face reduced capital grants for housing development, with the affordable housing budget cut by 60% over the 2011-2015 period. As a result, many Housing Associations have been forced to take on increasing amounts of borrowing and risk by seeking alternative models of finance including the bond and equity markets to fund development.
In the 2013 Spending Round, the Government announced a further investment of £160m in 2015-16 to help towards completing the Decent Homes Programme and plans to further boost the Right to Buy Scheme by introducing Right to Buy Agents to help purchasers and provide £100m to establish a fund to increase sales by improving access to mortgage finance.
Post 2015, the Government has announced plans for £3.3bn of capital investment to build 165,000 new affordable homes under a new 3-year Affordable Homes Programme (AHP) to 2017-18. The extension of the AHP will see around £957m of funding each year from 2015-16 to 2017-18, and a £400m Affordable Rent to Buy scheme, to deliver 165,000 new affordable homes. Over the 3 years 2015-2018 this is a reduction in total funding of around 27% on the current AHP.
Going forward, the most successful Housing Associations will be those that can adapt their business models and extend into a wider range of land and development activities such as self-build and co-operative housing.

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