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Affordable rentí to derail development

Social landlords in the north and midlands are set to be the biggest losers under the government’s new affordable rent regime. Housing associations in the north of England are carrying out financial modelling to see whether the government plan for affordable rents at 80 per cent of market rents will allow them to develop adequate numbers of homes. The government believes the plan will enable 150,000 homes to be built between 2011 and 2014. But because the difference between social rent and affordable rent varies in different parts of the country, the potential income from the new regime for landlords will vary significantly. Estimates by the Chartered Institute of Housing show that an increase to 80 per cent of market rent (but limited to the new local housing allowance caps) will allow associations to generate an additional £1.5 billion pounds of borrowing capacity and build 15,000 homes a year. Read more:

 

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