By Neil Merrick
13 November 2005
Land and assets owned by the Homes and Communities Agency fell in value by more than £1bn last year, it was revealed this week.
The value of property and land earmarked for development dropped from £1.84bn to £764m. This led to it incurring an impairment charge of £542m, according to the HCA’s annual report.
The agency blamed market conditions for the reduction in the value of its assets, most of which were inherited from English Partnerships when EP was disbanded last December along with the Housing Corporation.
The recession hit the agency’s ability to raise money, with proceeds from selling development assets falling from £333m to £51m. It was also forced to write off a £12.6m loan to a developer that went into liquidation.
The report also showed that more than 53,000 homes for rent or affordable sale were completed during the 12 months to March 2009, while starts were made on a further 44,000. Housing associations received £350m to buy 9,600 unwanted homes from private builders.
Sir Bob Kerslake, HCA chief executive, said: ‘This been a year of considerable achievement despite tough operating conditions.
‘We will continue to deliver against our targets, identify new funding streams and new ways of working, and maximise the impact of every pound of public money we invest.’
Housing minister John Healey, meanwhile, has confirmed that legislation will be introduced before Christmas to extend the regulatory powers of the Tenant Services Authority to local authorities from April 2010.
The TSA’s new regulatory framework, published on November 12, promises a system of co-regulation, which will empower tenants to hold social landlords to account.
The TSA said the framework will result in less red tape, with about 50 circulars being withdrawn. Consultations continue until February.
13 November 2005
Land and assets owned by the Homes and Communities Agency fell in value by more than £1bn last year, it was revealed this week.
The value of property and land earmarked for development dropped from £1.84bn to £764m. This led to it incurring an impairment charge of £542m, according to the HCA’s annual report.
The agency blamed market conditions for the reduction in the value of its assets, most of which were inherited from English Partnerships when EP was disbanded last December along with the Housing Corporation.
The recession hit the agency’s ability to raise money, with proceeds from selling development assets falling from £333m to £51m. It was also forced to write off a £12.6m loan to a developer that went into liquidation.
The report also showed that more than 53,000 homes for rent or affordable sale were completed during the 12 months to March 2009, while starts were made on a further 44,000. Housing associations received £350m to buy 9,600 unwanted homes from private builders.
Sir Bob Kerslake, HCA chief executive, said: ‘This been a year of considerable achievement despite tough operating conditions.
‘We will continue to deliver against our targets, identify new funding streams and new ways of working, and maximise the impact of every pound of public money we invest.’
Housing minister John Healey, meanwhile, has confirmed that legislation will be introduced before Christmas to extend the regulatory powers of the Tenant Services Authority to local authorities from April 2010.
The TSA’s new regulatory framework, published on November 12, promises a system of co-regulation, which will empower tenants to hold social landlords to account.
The TSA said the framework will result in less red tape, with about 50 circulars being withdrawn. Consultations continue until February.
