Clergy Housing Options for Future Investment March 2019.

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Presentation transcript:

Clergy Housing Options for Future Investment March 2019

Today I want to Update Synod on Stock condition survey for our property portfolio Our proposals regarding investment

Synod proposal David Burgess to move the motion “ that this synod delegates due authority to the Finance Committee to pursue the necessary financial options to fund an improvement programme across our diocesan housing stock”

Our commitment to Clergy Housing Protect asset value Provide safe, warm comfortable home Decent Home Standard

Stock Condition Surveys Progress to end of February Surveys carried out 57 Percentage of stock 33% Picking up quinquennial, immediate repairs Lifecycle costing

Stock Condition Surveys Progress to end of February (costs based on poor and fair ratings) Emerging Extent £Survey £Forecast External decoration (5) All £35K £105K Kitchens (20) 56% £94K £282K Bathrooms (20) 80% £144k £432K Windows (20) 45% £35k £105K Heating (mostly radiators) 81% £31K £93K Total forecast spend £1.01m

Financing options Depends on scale of investment We will consider some or all of the following:- Enhanced rental income through systematic vacancy lettings. Up to a 1% increase in Parish Share staged over three years (0.33% per year) A reduction to DMGF funding of 10% followed by flat rating A reduction in Episcopal discretionary posts by 1, from 2021 onwards A small contribution from the established clergy housing revenue budget Selective disposal of housing stock Investment in realisation of non-incumbents of housing assets

Next stages Survey complete in summer Move quickly Lever in funding Design and tender programmes

Synod proposal David Burgess to move the motion “ that this synod delegates due authority to the Finance Committee to pursue the necessary financial options to fund an improvement programme across our diocesan housing stock”

Clergy Housing Performance Report March 2019

Budget (Rental income) We want to establish a separate budget around our long term rental properties A better route for investment in stock Incentives to push for a surplus for reinvestment Budget will also cover property transactions

Properties for rent and sale We are actively working to improve the time it takes to put a short term vacancy on the market Proactively monitor lettings and sales performance Add new agents into the mix