1. The Perfect Storm Bob Walder

2. Perfect storm? some context

3. 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

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

5. Private enterprise Housing association Local authority ENGLAND72,87643,1641,830 North East3,5961,254440 North West5,3934,11790 Yorkshire and Humber 6,3283,252260 East Midlands7,9721,818140 West Midlands5,6682,632340 East of England11,3664,23420 London5,60814,152280 South East14,5687,562110 South West11,8074,143150

7. Housing crisis - causes

8. 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£50,68211.11,837,042 East Midlands£160,997£20,030£34,4998.0116,439

9. Squeezed middle

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

11. Helping our customers

12. Our response

13. It could be a lot worse…

14. 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

15. Thank you