Housing Associations and the PRS Great Eastern Quays, E6 Demand for - - PowerPoint PPT Presentation

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Housing Associations and the PRS Great Eastern Quays, E6 Demand for - - PowerPoint PPT Presentation

Oct 28, 2022 140 likes •304 views

Housing Associations and the PRS Great Eastern Quays, E6 Demand for the PRS in London Trend- based projections show Londons population growing by nearly two million people over the next 30 years, to just over ten million residents by

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SLIDE 1

Housing Associations and the PRS

Great Eastern Quays, E6

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SLIDE 2

Demand for the PRS in London

  • Trend-based projections show London’s

population growing by nearly two million people over the next 30 years, to just over ten million residents by 2032

  • Looking at one bedroom homes, the

median rent increased between 2011 and 2012 by 4% in Inner London and 3% in Outer London, but by 9% in London as a whole

  • The problem is that an increasing

number of us can’t afford to buy our first property. Some 70% of London first-time buyers are given support from

  • thers
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Demand for the PRS in London

  • More than half of households headed by someone under 35 are in the PRS
  • Over three-quarters of current renters want to own their own home within

10 years but only 17% expect to in the near future – New supply is limited – Median prices are 8.5 times median earnings – 25% deposit required – Mortgage lending still tight

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SLIDE 4
  • Fewer options for the squeezed middle
  • GLA support for growth in PRS
  • Institutional investors returning to PRS market
  • Still lots of barriers to growth

Demand for the PRS in London

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SLIDE 5

Wha hat do r t do renter enters s want? ant?

  • 79% of renters want to own a home
  • 60% would like a longer tenancy with break clauses and predicable rent

increases

  • 69% would like to be able to decorate their home
  • 68% would like stronger/clearer rules for landlords
  • 42% of families believe their children would have a better childhood if they

had more stability

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SLIDE 6

Notting Hill Housing Trust (“NHHT”)

NHHG Group Structure

Touareg Trust Student accommodation Notting Hill Home Ownership Shared ownership Various vehicles to build schemes Notting Hill Market Rent Market rent Registered with the HCA with Charitable Rules Presentation Market Rent Market rent

NHHG Properties Units Social Rented 16,437 Shared Ownership Housing 4,980 Temporary Housing 1,999 Supported Housing 1,453 Student Accommodation 995 Market Rent 666 Leasehold in Management 2,046

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Why INVEST in PRS?

  • Profit to meet NHHG overall objectives
  • Govt supports HA investment in PRS
  • Reduced grant funding – more profits needed
  • Catering for the wider housing need
  • And, those who just choose to rent
  • Building on core skills – but need to get it right
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Our current Market Rent stats

666 Properties 12 Boroughs Over 70% are 1 & 2 Bed Approx 75% of stock is 4 schemes

St James (182) Clayponds (138) Bakersfield (106) Coleridge (86) Ratbone (35) Claremont (19) NCR (17) Tankerville (17) Beaufort (13) Tandem (12) Croft Way (10) Street Props (7) Garnham (7) Caspian (6) Wick Road (6) Bedfont Lakes (5)

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Scheme Type of Renter Highest Lower Studio 1 Bed 2 Bed 3 Bed 4 Bed Total CASPIAN WHARF YPS 1040 1668 2 2 2 6 240 WICK ROAD YPS 1500 1250 1 5 6 ATLANTIC ROAD YPS 1800 1100 1 1 2 BAKERSFIELD YPS, Students, Couples, Protected 1900 830 46 31 27 2 106 BEDFONT LAKES Families, YPS, Couples 850 750 2 3 5 BRAY ROAD YPS 812 2 1 CARILLON YP 1040 1 1 COLERIDGE SQUARE Couples, YP 1350 770 24 28 33 1 86 GARNHAM STREET YP 900 650 6 7 CROFT WAY YP 1200 950 4 6 10 KINGS AVENUE YP 1516.66 1 1 RATHBONE MARKET Overseas Student, Couples, YPS 1600 901 7 7 21 35 ST JAMES Couples, HB, Assured, LME Sharers 695 1750 71 83 28 182 TANDEM YP 1275 1100 12 12 TANKERVILLE YPS, small families 1250 850 10 7 17 VALMAR ROAD YP 950 2 2 CLAYPONDS Students 940 1973 26 44 38 5 25 138 CLAREMONT YPS 1950 1800 1 18 19 BEAUFORT PARK YP 862 1450 4 1 13 NCR LME Sharers, Couples, HB, Assured 1225 320 5 6 6 17 65 229 245 90 29 666 10% 35% 37% 14% 4% 100%

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Rathbone Market St James

Existing Product

Clayponds Claremont Gardens Tennyson

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Alboran Bakersfiled Croft Way Ellyson House

Existing Product

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Pipeline and Resident Profile

  • Pipeline
  • Doubling in size – 952 in progress
  • 134 New homes in 2014/2015 – part of GBB
  • 123 New homes in 2015/2016 – including regeneration
  • 637 New homes in 2016/2017 – including Project Light
  • 58 New homes in 2017/2018
  • Current profile fits with Young Professionals and Couples
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New Product

Marine Wharf Kew Bridge Road

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Risk Factors in Failure

  • Insufficient start up funding
  • Buying a wrong product
  • Wrong staff and not commercially minded
  • Failure to integrate with other private sector work e.g. enforcement,

grant and licensing

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Service Offer

  • Quality well-maintained properties in good locations
  • Provide choice- Quick and easy property search

experience

  • Excellent direct customer service
  • Responsive maintenance back-up without delays
  • Flexibility on tenancy period to suit customer
  • Updated IT system
  • Service charge embedded in rent
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SLIDE 16

Any Questions?