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Housing Finance Conference Peter Marsh Chief Executive 19 March 2009

Housing Finance Conference Peter Marsh Chief Executive 19 March 2009 Our purpose? We are here to raise the standard of services for tenants : to champion the needs and aspirations of tenants - both those within and those as yet unable to access affordable housing

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Housing Finance Conference Peter Marsh Chief Executive 19 March 2009

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  1. Housing Finance ConferencePeter MarshChief Executive19 March 2009

  2. Our purpose? We are here to raise the standard of services for tenants: • tochampionthe needs and aspirations of tenants - both those within and those as yet unable to access affordable housing • to challengeproviders of affordable housing services to meet or exceed the highest standards of organisational effectiveness and service delivery • to promotechoicefor tenants and providers of affordable housing

  3. Our timeline? • December 2008: New regulator established • Jan - March 2009: “National Conversation” • Spring 2009: Informal consultation • Autumn 2009:Statutory consultation • December 2009: New powers for RSLs (Subject to timing of ‘orders’) • April 2010: New powers for LAs and ALMOs

  4. National Conversation: What tenants have told us • Polarised views on landlord performance • Repairs & Maintenance, rents and good quality homes are the big priorities • Keeping your promises is important • Opportunities for involvement • Mixed views on choice

  5. Regulatory style? Proportionate Confident, intelligent Tenant focused Co-regulatory Partnerships

  6. Global Accounts 2008HighlightsGrowth

  7. Global Accounts 2008 HighlightsInvestment

  8. Global Accounts 2008ChallengesInterest Cover

  9. Global Accounts 2008ChallengesCost control

  10. January 2009 Quarterly Survey – finance markets • The sector has £53.1bn total loan facilities in place, £39bn of these are drawn • There is £28.2bn of security in place to cover the un-drawn loan facilities • Over the next 12 months the sector plans to draw down a further £5.6bn of debt, £5.2bn of this is already in place • 87% of respondents said they had loan facilities in place that could fund their business plans for at least 12 months

  11. January 2009 Quarterly Survey – housing markets

  12. Interest costs

  13. FinancialFundamentals The most successful PFI in Europe? • Asset values are based on continuing existing use and represent a discount relative to market value. Private finance ranks above SHG – providing a further substantial cushion for lenders • Two thirds of rental streams are backed by the state via housing benefit • New supply is funded by social housing grant • Demand continues to outstrip supply by between 50-100% • This sector is resilient and able to withstand a further period of downturn

  14. Potential impact of sales declinesThe whole sector

  15. Potential impact of sales declinesThe traditional sector

  16. The Cost/Satisfaction Dilemma

  17. Questions: Choice • Sometimes the big things, sometimes the little things • - Paying more for extras • - Information • - Rationalisation • - Those who can’t get in • - Developer, owner, manager – which for you?

  18. Potential impact on rents of deflation

  19. Questions: Needs of tenants • Social rent • Intermediate rent • Shared Ownership • Shared Equity • Are we as clear as we should be about why we use our resources to subsidise differing needs?

  20. Questions: Efficiency Gains • £9 billion spent on management and maintenance: • What could this total be with a more rational stock holding?

  21. Questions: Opportunities • How will we look back at this moment - • Opportunities to take or leave: • Unsold stock; Impairment; Hard ball banks • or • Low cost of long-term money; low land prices; flexibility?

  22. Working in partnership to deliver Tenants Delivering better services to tenants Landlords TSA

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