The Perfect Storm Bob Walder

Perfect storm? some context

Some figures… Total turnover£ 100 m Of thisSocial housing lettings£ 84 m Other income£ 16 m Operating cost Management service & staff£ 30 m Maintenance & improvement£16.5 m Depreciation£ 11 m Other£ 14 m Total£ 71.5 m Operating Surplus£ 28.5 m Funding costs(£ 24.5 m) Net surplus£ 4.5 m

 Issues with land availability and cost  Increasing number of households  Lack of mortgage availability  Uncertainty of funding for new homes Housing crisis - causes

Private enterprise Housing association Local authority ENGLAND72,87643,1641,830 North East3,5961, North West5,3934,11790 Yorkshire and Humber 6,3283, East Midlands7,9721, West Midlands5,6682, East of England11,3664,23420 London5,60814, South East14,5687, South West11,8074,143150

Housing crisis - causes

Average (mean) house prices 2011 Average (median) incomes 2011 Gross annual income needed for a mortgage (75% at 3.5x) Ratio of house prices to incomes Households on waiting list 2011 ENGLAND£236,518£21,346£50, ,837,042 East Midlands£160,997£20,030£34, ,439

Squeezed middle

On top of that – Welfare Reform  Bedroom tax and benefits cap – from 1 st April 2013  Non-dependant deductions  Universal Credit – October 2013

Helping our customers

Our response

It could be a lot worse…

Some figures… Total turnover£ 100 m Of thisSocial housing lettings£ 84 m Other income£ 16 m Operating cost Management service & staff£ 30 m Maintenance & improvement£16.5 m Depreciation£ 11 m Other£ 14 m Total£ 71.5 m Operating Surplus£ 28.5 m Funding costs(£ 24.5 m) Net surplus£ 4.5 m

Thank you