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New Savills research looks at how the housing market cycle may have an impact on affordable housing supply.
New research from our strategic partners Savills sees that in an increasingly favourable policy environment, housing associations and local authorities have great opportunities to help meet the Government housebuilding target of 300,000 homes per year in England by the mid-2020s.
Grant funding can take some of the sales risk out of the cross-subsidy housing delivery model. An increase in grant funding, shifts the balance of tenures away from market sale to more counter-cyclical (against typical economic cycle) submarket rented tenures.
Longer term grant funding gives housing associations the opportunity to take a more proactive approach to the land market. Building up a pipeline of land would give the sector more control of future affordable housing supply.
Local authorities have a growing role to play in affordable housing delivery. The Housing Revenue Account (HRA), the system for financing council housing, has had its debt cap removed. The number of local authority housing companies continues to grow. More partnerships and collaborations with local authorities may be needed in order to link up development capacity in housing associations and the private sector with the funding and land controlled by local authorities.
However with the housing market slowing and a reliance on Section 106 to fulfil development aspirations being risky, new approaches to delivery are desperately needed if the huge gap in affordable housing supply is to be filled.
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