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Will The Housing Associations Be In Serious Trouble Soon?

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http://www.timesonline.co.uk/tol/life_and_...icle3693410.ece

There are, of course, two sides to every story, and Housing Associations are no exception.

Figures from the Housing Corporation show that associations are continuing to raise millions of pounds from the sale of properties to tenants and other first-time buyers, reports Public Finance (April 4). But although sales grew by 9 per cent in 2006-07 to

£542 million, the rate of growth is slowing down. Last year's expansion compares with an increase of 19 per cent in 2005-06. Peter Marsh, deputy chief executive of the corporation, says that registered social landlords are aware that sales may not continue at present levels because of tightening financial markets and mortgage problems.

Building (April 4) reports that the Housing Corporation believes housing associations are “more exposed than ever” to a downturn in the market and questions whether they can cope with a downturn. The corporation's report shows that all associations with more than 5,000 homes would have lost money in 2007 if it were not for private sales.

http://gridlock.gn.apc.org/ers-hacr.htm

What the experts say ... 10 things you should know about Housing Associations:

1: Housing Association Rents Are Rising Faster Than Council Rents

Rents for Council Flats rose 51% between 1990 and 1994 - Housing Associations' rose by 58.4% - they are now on average about 25% higher than Council Flats in England.

- John Lambert, Housing Policy Officer for the Welsh Federation of Housing Associations in Housing Today 6/3/97 [...in Wales HAs have kept rents down by losing money for new developments if rents are too high - this has not been done in England.]

"Councillors finally woke up to the fact that Associations had been charging higher rents than they needed to, [for the] building up of reserves to compete for grant."

- Pete Challis, Local Government Association vice chair of Housing in Housing Today 10/4/97

Attempts to limit rent rises [to inflation +1%] for transferred stock after the 5 year period of rent guarantee were scrapped after "mass opposition from lenders and valuers ... crucial changes mean that transfer associations will now be able to bring their rents up to levels which will cover their assets ... [instead of rents] typically £10 to £20 below normal association rent levels. ...

Bradford and Bingley housing finance manager Nigel Straw said lenders had now negotiated the 'security cushion' [that's a £10 - £20 rent rise for us tenants!] they needed. The changes meant lenders could now 'trade the business out of trouble' if necessary." - in Housing Today 20/2/97

2: Housing Associations Face a Repairs Bill Timebomb

"The [repairs] backlog is reaching such a state everyone must think social housing [HA homes] must last as long as the pyramids. At some point in the not too distant future, the quality of housing stock will have deteriorated beyond the point where lenders are prepared to inject private finance ..."

- Chair of the Housing Corporation, Sir Brian Pearse in Inside Housing 14/ 2/97

The current Housing Associations repairs reserve is £611m ... "We calculate a full major repairs reserve should be £3,800m. This means that many HAs are not making provision for major repairs which will be necessary over the next few years."

- Chair of the National Housing [Associations] Federation finance conference, Barry Natton, in Housing Today 20/3/97

"Are the new homes that are being built or bought going to last? The evidence suggests that space standards have fallen ... and there may be questions about construction materials. In a few cases Housing Associations are demolishing homes that were only recently built,"

- Pete Challis, Local Government Association vice chair of Housing in Housing Today 10/4/97

3: Housing Associations' Plans for Taking Over Estates Will Cost More in the Long Term

"...private finance is an unsubsidised loan not a grant and the long term loan costs are higher. And it is costly to set up - £500 for each tenant's home. For a given amount of subsidy and rent income in the long run extra real costs mean less investment. ... it makes sense to see how feasible the less drastic options are. ... Councils can borrow at a cheaper rate than alternative landlords, especially where the private landlord is borrowing on security of income from run down housing ... In short the "There is no alternative" mantra looks threadbare unless it is assumed that present government [i.e. Tory] policies will continue."

- Sheila Camp in London Housing News March 1997

" ... consultancy fees and profits to lenders and contractors would hike the cost of deals by 20% ... tenants would have to pay through higher rents and poorer construction standards. Employees would suffer lower wages and poorer conditions in the name of efficiency savings. ... When we talk about community ... ownership, we are fooling ourselves as well as those involved ..."

- Dexter Whitfield, director of the Centre for Public Services in Inside Housing 7/2/97

4: Housing Associations' Plans For Estate Privatisation to Force Up Housing Benefit Bill

"Transfers are costly to the public purse. Loan rates can be high and the movement of large numbers of people from rent rebates to rent allowances [e.g. Housing Benefit] could have a notable effect on the subsidy system ...The housing benefit implications are significant ..."

- Association of London Government quoted in Housing Today 27/2/97 [... there is a strong possibility that rents after a transfer may not be completely covered by Housing Benefit - the gap, and any service charge would have to be paid from sub - poverty line benefits. The cost of Housing Benefit is already spiralling out of control because private landlords use it as a way to force up rents - much of the rise in Council rents is due to this private sector subsidy forcing up the 'market rate' to which council rents are tied - everyone is laughing except working class council, housing association and private tenants!]

5: Housing Associations' Use of Private Finance Like Buying on Hire Purchase

"Instead of buying our assets outright, we're now leasing them, or buying them on Hire Purchase. The upshot is that we're becoming committed to an unknown series of payments stretching out into the future. ... the more successful the Private Finance Initiative party becomes , the bigger the hangover we might all be nursing in the end."

- Roland Wales in London Housing News May 1996

"Private finance has to be repaid, and higher private sector interest rates will push up costs. Therefore indiscriminate mass transfers could tend to reduce total long run investment because of the build up of costs arising."

- Peter O'Kane in London Housing News March 1997

7-10 at the link, note the date on this 97.

http://74.125.45.104/search?q=cache:ggfvze...lient=firefox-a

Tenants transfering to private landlords are promised a future free of the housing debt.In 2003 the Scottish Executive 'wrote off' £1 billion of council housing debt as homes were transferred to three new large Landlords [Registered Social Landlords] Within a few months, these same RSLs had acquired NEW, PRIVATE debt of - er, - £1 BILLION ! In 2004/5 this rose to £2 billion! [latest figures available].

Privately, ministers have told the Fat Cats that in future they can expect less State help and must raise money from other sources - ie., rents, banks and sales. RSLs in Scotland expect the amount of government financial support to fall in the next five years. Not a single housing association in Scotland can tell you what Government grants it might get after the next financial year. As the government reduces housing support, the malign influence of the Banks grows. While Housing Associations/RSLs often claim they are 'not for profit,' the Banks of course make no such pretence. The chief backers of RSLs in Scotland include the Royal Bank of Scotland, Clydesdale, Halifax, Barclays, and Dunfermline BS.

Banks already have security on thousands of former council houses in England, where stock transfer has a head start.Acton Homes Housing Association has transferred the 'security' of tenants' homes to the Prudential ! In Scotland, mergers and take-overs are reducing the number of housing associations. Last year, 1 in 5 RSLs in England was under official supervision, usually for bad management and accounting. When this is pointed out to the Scottish authorities, they shrug and say "it couldn't happen here."

Yet within 6 months of its creation in 2003, Scottish Borders Housing Association was in deep financial trouble. The terms of its loan from LloydsTSB was a significant factor. Glasgow Housing Association got into trouble and dumped its 'legally binding' rent promises. It has yet to build a single house for rent.

MINIMAL GROWTH OF RENTED HOUSING

But all this new money coming into Housing Associations - Does this mean a Rented Housing boom? - No such luck!! Up till 2005 RSLs were actually LOSING rental units. And can you believe that ALL the RSLs in Scotland COMBINED expected to increase the net number of 'units' held over the FIVE years to 2010 by just TWO percent ?! The main reason is the continued 'Right To Buy.' Even the Scottish Federation of Housing Associations complains: "For every new rented house built we are losing almost four."

http://www.insidehousing.co.uk/story.aspx?storycode=6500549

It is a time for reflecting on what we can learn. The over-emphasis on homeownership — it has become right to buy and wrong to rent — must be rethought. Providing mortgages to people who really cannot afford interest rate rises, combined with irresponsible lending based on five or six times income, must stop. Good quality, affordable rented housing must become the obvious alternative and homeownership at around 70 per cent must be seen as the limit.

Landlord boards must revise their risk maps. How many included a mortgage finance famine as a possible risk, let alone planned mitigation? How many boards have too many unsold shared ownership homes and outright sales with no buyers and based on unrealistic values? How many are tempted by the glut of unsuitable, poor-quality homes for sale?

Anthony Mayer, new chair of the Tenant Services Authority, has called these events a tsunami for social landlords. The regulator must identify those landlords in real trouble and act early if we are to learn anything from the Ujima debacle and preserve confidence.

Above all, the government must accept that the funding shortage started by the sub-prime events in the United States and aggravated by the greed of our banks and poor regulation by the Financial Services Authority, will result in a failure to meet build targets for a few years. Social landlords do not build; the building industry does and it is in meltdown.

http://www.guardian.co.uk/society/2007/sep/19/communities1' rel="external nofollow">

Landlords lend a hand - Social housing organisations are helping their tenants - the group most likely to borrow from loan sharks - escape a life of debt, says Tash Shifrin

Maybe the housing association haven't escaped the debt?

So will the housing associations soon be in major trouble requiring a massive bail out of public money???

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I CAN'T NAME NAMES AS I WORK FOR ONE BUT THE ANSWER TO YOUR QUESTION IS YES, THERE ARE AT LEAST TWO OF THE LARGEST HOUSING ASSOCIATIONS AT RISK OF MAKING A LOSS IN THE NEXT 12 MONTHS.

RENTS ARE REGULATED FOR MOST REGISTERED HOUSING ASSOCIATIONS BUT IN GENERAL THEY ARE RISING BUT THE REVENUE FROM RENTS IS HARDLY MEETING THE COST OF MAINTAINING LARGE PORTFOLIOS.

IF OUR HOUSING ASSOCIATIONS GET INTO TROUBLE THEN THE SH*T WILL REALLY HIT THE PAN.

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Our local council is trying to transfer it's housing stock to a 'stand alone' HA. We're doing pretty well at countering it's propaganda but I'd appreciate any advice and information anyone can give us. Of course, if a housing association gets into trouble over the next few months it would help our case against transfer. Does anyone know the current situation as regards money being available to fund transfers? Which banks are still lending ? (and which banks aren't)

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My local housing associations have been unable to sell their affordable 1/2 bed new build flats as nobody could actually afford them and are now renting them out.

They are also fudging the definition of keyworkers and the 50% shared ownership factor has been dropped to 25%.

Affordable housing is not actually affordable in the low wage local economy.

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Our local council is trying to transfer it's housing stock to a 'stand alone' HA. We're doing pretty well at countering it's propaganda but I'd appreciate any advice and information anyone can give us.

Stop scrounging and learn to spell its.

HTH.

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These 50% equity deals, like own 50% for £80,000 or something.

How open are the HA's to offers? Is it a fixed price or are they willing to negotiate in the current climate? Anyone know?

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My local housing associations have been unable to sell their affordable 1/2 bed new build flats as nobody could actually afford them and are now renting them out.

They are also fudging the definition of keyworkers and the 50% shared ownership factor has been dropped to 25%.

Affordable housing is not actually affordable in the low wage local economy.

Good post , and these buy half or quarter schemes are bad , by the time you pay rent on the other part and service charges if an apartment it is not cheap. Has all the drawbacks of owing but only part of the pluses.

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These 50% equity deals, like own 50% for £80,000 or something.

How open are the HA's to offers? Is it a fixed price or are they willing to negotiate in the current climate? Anyone know?

Obviously if prices fall then it's your equity that goes up in smoke, not the HA's. In a falling market it's a total scam. From what I've seen, these places are not selling at all and one HA is offering 3 months rent free(saving 750 in total!) to entice punters.

Don't even think about it.

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Obviously if prices fall then it's your equity that goes up in smoke, not the HA's. In a falling market it's a total scam. From what I've seen, these places are not selling at all and one HA is offering 3 months rent free(saving 750 in total!) to entice punters.

Don't even think about it.

ok :lol:

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Our local council is trying to transfer it's housing stock to a 'stand alone' HA. We're doing pretty well at countering it's propaganda but I'd appreciate any advice and information anyone can give us. Of course, if a housing association gets into trouble over the next few months it would help our case against transfer. Does anyone know the current situation as regards money being available to fund transfers? Which banks are still lending ? (and which banks aren't)

Ask for the housing associations constitution. Thye have to provide you with one, they won't have it...stall until you get it..they will HATE this.

They will spout 'affordable rent' etc with no increases over 5 years (a legal requirement), then rents will go crazy.

Look into the council housing employees records of dealing with the HA, look for links with the council and the HA meetings...spouses etc.

Alot of council housing managers go on the run soon after these deals are completed.

Ask for the price of the houses to be sold to the housing association. Ask for the forecasts of council income/expenditure over the next five years. Ask who did the valuations, and why they were chosen. Suggest all the valuations are too low...they will be. Stall again.

Get in with the local councillors, and find out who is the tenant representative on the board which will approve the deal.....look closely into that persons meetings with any council employees.

Goodluck

Edited by renterbob

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council round my area were selling , oops sorry , transferring properties in blocks of 100 for a whooping total of 6 grand a piece. fact , as got some good inside info. they wouldn't sell to me 4 that price. but now they won't maintain any as they are now trying everything they can to swing the vote . but it aint goona happen.

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Ah, the dubious joys of shared ownership:

Our shared ownership dream home turned into a disaster

Mira Bar-Hillel, Property Correspondent

08.08.08

A couple who got on the property ladder through a shared ownership scheme have dismissed the concept as a disaster.

Special needs teacher Andrew Howard, 29, and his partner purchased a 40 per cent share of a new flat in Leytonstone from Newlon Housing Trust less than two years ago.

When he was offered a new job in Norfolk he thought it would be a straightforward process to sell the property and relocate.

But their experience of ownership and trying to sell has left the couple, who have a two-year-old daughter, in despair.

Mr Howard paid £79,000 for his share of the £195,000 two-bedroom flat, which carried a monthly rent and service charge of £347 until it shot up to £433 in April.

The couple's problems began shortly after they moved in. They included:

• Rubbish not collected for five weeks because of poor access to the bin sheds.

• A lift out of service for 11 days.

• A broken front door which had no handle and remained unsecured for nearly two weeks.

Mr Howard said: "We could not do any repairs ourselves because we were mostly tenants. When we complained, Newlon were invariably rude and unhelpful and treated us as though we were the problem."

Things became much worse when they asked about selling their share of the flat, thinking the trust would buy it.

"When we suggested this, Newlon refused point blank, claiming they had no money to do so," said Mr Howard.

He made a formal application to sell in April but discovered that under the terms of the lease he had to give the trust first option and up to eight weeks to resell the property, for which it would claim an agent's fee of 0.75 per cent.

Mr Howard had the flat cleaned and painted ready for viewings but heard nothing from Newlon for two weeks.

The couple were then contacted by valuers, to whom they were asked to pay £300 in addition to paying Newlon's £400 legal costs and for a home information pack.

By early June the trust had still not put the flat on the market and told Mr Howard the eight-week period when it had sole agency rights would only begin when it appeared on a website marketing shared ownership homes. Newlon also said it had a list of interested buyers but these never materialised, claimed Mr Howard. He added: "In July, after many fraught phone conversations, Newlon finally allowed us to use our own estate agents, who at least tried to market the flat properly. "But by then the market had gone flat and the holiday season had started."

The final blow came this week, when Newlon assistant director Sunita Parbhaka told Mr Howard she wanted to contact their mortgage lenders, Nationwide, to "find a way to help you".

According to Mr Howard, she said she wanted to discuss repossession of the flat even though the couple had never been in arrears. Mr Howard said: "I am appalled a charity which is meant to help people like us would want to force us into repossession and extract money from us at every turn."

He now considers shared ownership, the flagship of Labour and Tory affordable housing policies, a "scam". He said: "With shared ownership you have 100 per cent liability and zero per cent rights."

A Newlon spokesman said it had tried to help the couple. He added: "We have not failed in our obligations to the owners of the flat, nor have we threatened them with repossession. We sympathise with people finding it hard to sell their homes in the current housing market."

http://www.thisislondon.co.uk/standard/art...ster/article.do

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They are in trouble already it is just being covered up. Housing Associations know they are watched by the media and as they don't declare profits most of this is pretty hidden. A government body regulates them and this body is aware of the problems.

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I must say I have just never understand the economics of housing associations.

I know they can borrow some low cost funds from the Govt but as far as I can see they rent out their property at low rents that do not come close to covering the finance costs and then make up the difference by selling off property every so often.

That model worked well for the last few years but now that house prices are falling they cannot sell off property any more and so the shortfall cannot now be made up by the constant stream of equity being withdrawn from the sales. As a result, housing associations seem to be going to the wall.

In the end, subsidised rents cannot be perpetually made up by ever rising capital vales - as private BTL landlords are also finding. One day Govt has to pump in fresh money to cover the subsidised portion of the rent in housing associations. Yet another example of New Labour building up a pile of debt while the good times rolled by mortgaging the nations assets and now there is no money left.

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I must say I have just never understand the economics of housing associations.

I know they can borrow some low cost funds from the Govt but as far as I can see they rent out their property at low rents that do not come close to covering the finance costs and then make up the difference by selling off property every so often.

The part you are missing is that developers are forced to sell houses to the associations at around a quarter of their actual value. So by continually appropriating this money, the housing associations are sustainable

homebuyers - pay double

labour party supporter - gets £200,000/year non-job at housing association

scrounger - gets subsidised rent and better security of tenure

I think this is how it works.

I imagine some of the housing associations have got a bit carried away with the non-jobs during the boom, so the amount they steal from the developers is no longer enough to cover their costs.

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Ask for the housing associations constitution. Thye have to provide you with one, they won't have it...stall until you get it..they will HATE this.

They will spout 'affordable rent' etc with no increases over 5 years (a legal requirement), then rents will go crazy.

Look into the council housing employees records of dealing with the HA, look for links with the council and the HA meetings...spouses etc.

Alot of council housing managers go on the run soon after these deals are completed.

Ask for the price of the houses to be sold to the housing association. Ask for the forecasts of council income/expenditure over the next five years. Ask who did the valuations, and why they were chosen. Suggest all the valuations are too low...they will be. Stall again.

Get in with the local councillors, and find out who is the tenant representative on the board which will approve the deal.....look closely into that persons meetings with any council employees.

Goodluck

Thanks for your advice renterbob, much appreciated. I'll watch all those points.

The proposed new housing association does not exist yet, the 'shadow board' is just being put together now. So far, our campaign has gone well and I think we'll get around 80% of the vote against transfer.

There's quite a strong campaign group here with tenant members, independant councillors and Libdems,

the local media and even the regional media have given us a lot of air time, plus we've put out leaflets etc. The council still seems to believe that by spending 1mil. on their transfer attempt they can sell off their stock and bring in about 40 million, the problem is that the more desperate they become the worse things get. Now they're panicking like people caught in a Nigerian scam with their own consultants suggesting that if they spend a little more money they can get a result. Btw, they are hoping to get 6 or 7k per unit.

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As a dedicated HPCer I regretfully have to pull this bit of bad news.

There will be no meltdown in Housing Associations. The finances are generally sound and the rents cover maintenance and finance costs.

A small number have problems where they have pursed over-ambitious development programmes in the last few years and assumed that the loans supporting these developments could be repaid by optimistic revenues from shared ownership sales. There has been one recent failure (Ujima) but there were several other HAs vying to take them over, as will happen with the next few failures.

The majority are in the position where if things do become a bit tight they can just stop their development programmes and they will then just tick along nicely.

This is the likeliest scenario and will mean that the government's targets for house building will be missed by a mile.

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Ah, the dubious joys of shared ownership:

http://www.thisislondon.co.uk/standard/art...ster/article.do

Brilliant post Captain, brilliant!!!

We know of a couple with such a flat...... it is falling apart at the seems, and new parking rules mean they can't park in the carpark (only the first few buyers can), and the council won't give them a permit, and the flat is one the new build 'green, no car' flats. This is in London - lovely place for young families to grow, be stabbed, and develop.

Chaos.

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no new money is being put into council houses. out of every pound in rent nearly all (about 70 pence in every pound) is taken from the councils and not put back into maintaining such properties. GOOD OLD LABOUR .so the decent homes standard by 2010 cannot be met. hence trying to force a transferr onto council house renters. The amount of money already wasted on consultants is mind boggling.This money could have been used to replaice windows ,door and bathrooms ect. But no ,the big money men want to make even more at other peoples expence. This is just pure greed from many of John presscots buddies, as this pie eating oathe thought all of this in the first place. Housing associations non profit . B******ks

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no new money is being put into council houses. out of every pound in rent nearly all (about 70 pence in every pound) is taken from the councils and not put back into maintaining such properties. GOOD OLD LABOUR .so the decent homes standard by 2010 cannot be met. hence trying to force a transferr onto council house renters. The amount of money already wasted on consultants is mind boggling.This money could have been used to replaice windows ,door and bathrooms ect. But no ,the big money men want to make even more at other peoples expence. This is just pure greed from many of John presscots buddies, as this pie eating oathe thought all of this in the first place. Housing associations non profit . B******ks

Yep, that's pretty much it.

In our case 50% of our rent goes to central government but even so the council will manage to reach the decent homes standard by 2010....we have some of the best housing stock in the country. The joke is that the council has commissioned a report from Savils (if you want lies it's a good idea to hire the best in the business!!!) which seems to suggest that our homes will mysteriously change into wattle and daub huts at midnight 31.12.2010. So obviously we have no choice but to vote for transfer according to them.

So, our Tory (Labour and Libdem do just the same) council is trying to sell 400 millions worth of houses for 40 million (even at current RTB prices) to what is in reality a private company and very few bat an eyelid. Could there be an element of corruption?

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Yep, that's pretty much it.

In our case 50% of our rent goes to central government but even so the council will manage to reach the decent homes standard by 2010....we have some of the best housing stock in the country. The joke is that the council has commissioned a report from Savils (if you want lies it's a good idea to hire the best in the business!!!) which seems to suggest that our homes will mysteriously change into wattle and daub huts at midnight 31.12.2010. So obviously we have no choice but to vote for transfer according to them.

So, our Tory (Labour and Libdem do just the same) council is trying to sell 400 millions worth of houses for 40 million (even at current RTB prices) to what is in reality a private company and very few bat an eyelid. Could there be an element of corruption?

Why are you so against a transfer to a HA? They generally do a far better job of maintaining houses and providing additional services than councils do. They are very highly regulated and if the regulator (currently the Housing Corporation) isn't happy with the way things are run they put the HA into supervision and replace the board with their own people.

The low price at which the houses are valued is because they come with social housing tenants and have to be re-let to social housing tenants. As they can't be sold for market price (without reinvesting the proceeds in more houses) or let at a market rent the valuation Savills will put on them is the discounted future rents.

The only dodgy thing about some HAs is the amount they pay their executives but as they have to publish this it can be challenged by the residents.

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Why are you so against a transfer to a HA? They generally do a far better job of maintaining houses and providing additional services than councils do. They are very highly regulated and if the regulator (currently the Housing Corporation) isn't happy with the way things are run they put the HA into supervision and replace the board with their own people.

The low price at which the houses are valued is because they come with social housing tenants and have to be re-let to social housing tenants. As they can't be sold for market price (without reinvesting the proceeds in more houses) or let at a market rent the valuation Savills will put on them is the discounted future rents.

The only dodgy thing about some HAs is the amount they pay their executives but as they have to publish this it can be challenged by the residents.

Thank you Frank.

Here are some of my objections, not in any order of importance. My rent is now used to cover repairs and maintainance and housing staff salaries. At present I don't need to pay interest or the principle on the cost of building this property. Why would anyone choose to do that, who would volunteer to feed money to bankers? (the original build cost has been covered many times over by rents )

I would have to change from a secure tenancy to an assured tenancy.

HA rents are generally 10 to 20% higher than council rents. Someone I know is paying 30% more (for the same thing) after his place was transfer two years ago.

HAs often asset strip by selling houses and building 'battery hen' flats on any piece of land that comes with transfer. In some cases whole estates are demolished and replaced by higher paying tenants and the original tenants evicted. (see - chainsaw suicide a few weeks back)

Eviction rates are twice as high for HAs compared to councils (4 per 1000 compared to 2 per 1000 according to Shelter.

Under the law (housing act 2006) the priority of HAs is to pay interest and principle on bank loans. Next is paying staff , welfare of tenants is of no importance . First priorty of councils is 'duty of care' to tenants.

The Housing Corporation is like the FSA but even more useless. All goverment departments are uniformly rubbish.

If I have a problem with the council I can ask my local councillor for help and there is now a reasonable level of accountabilty. With a housing a association you're fukced.

Tenant members first priorty is the interests of the HA, not their fellow tenants.

'Challenged by the tenants' ....and then what?

I have more of course but really just one or two of those points are enough.

And anyway I'm quite happy with the council.

Do you work for an HA?

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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