Building Homes, Bonds, and Brains.
Doing Something about A ffordable Housing for Homemakers.
Part 1.
Title: A Proposal for Public-Private Partnership in Housing Development
Introduction
The UK housing market is facing challenges in supply, affordability, and direct provision by local authorities. This article aims to address these issues by proposing a public-private partnership model that leverages bonds, mortgage finance, and the skills of key workers and first-time buyers' savings deposits. By combining public sector land, bond finance, and key worker housing with deposit savings and salary sacrifice schemes, we can create a virtuous circle of directing resources where they are most needed.
Historical Examples
The housing project undertaken by Fred Trump in Queens during the 1950s serves as a significant example of leveraging bonds to finance large-scale developments. This approach not only addressed the growing demand for housing but also had a notable impact on the local community. Similarly, the legacies of Fred Trump and Abraham Kazan underscore the complex dynamics of urban development, highlighting the enduring impact of visionary leadership in shaping urban communities.
To be known as the New York State Housing Finance Agency (HFA), this new entity raised funds through the sale of bonds to the public and loaned the proceeds to private developers of certain types of middle-income housing. Because HFA bonds were exempt from federal taxation, they would attract investors looking for ways to limit their taxable income; because of the tax exemption, buyers would be willing to accept a relatively low interest rate. Thus the HFA could afford to charge builders low rates on what they borrowed, which in theory would translate into lower home prices.
Challenges Faced by Local Authorities
A recent research report highlighted key challenges faced by local authorities in delivering housing directly, including lack of funding, land, and expertise. Concerns around risk appetite, increased costs of retrofitting existing housing, and complex financial landscapes were also identified as significant barriers.
The Minerva Model
The innovative Minerva model offers a new approach to affordable private rental housing tailored to meet the needs of the public sector and long-term landowners. By retaining freehold, generating income, and delivering genuinely affordable private rents, this model ensures sustainable long-term returns for all stakeholders involved.
Procurement Act 2023 and the Limmo Site
The Procurement Act 2023 presents a significant opportunity for commercial procurement joint venture partnerships, particularly at the Limmo Site in London E14. The call for competition and tailored consultancy services signal a new phase in commercial procurement practices, shaping the future of procurement within local authorities.
Addressing Backlogs and Building Capacity in Local Planning Authorities
Chronic underfunding and under-resourcing of local planning authorities continue to hinder progress. A more positive stance from the Government on the role of planners and property professionals, along with targeted funding and greater use of planning performance agreements, will be essential in addressing these long-standing issues.
Young First Time Buyers and Build to Rent
The introduction of shared ownership models and BTR's influence on the Middle-Class housing market are reshaping the dynamics of home ownership. With a change of focus to key worker shared ownership and other innovative schemes we must encourage industry players to advocate for and explore opportunities for collaboration and sustainable growth within the housing sector with Homemakers being front and center from origination through to lifetime management of local communities..
Conclusion
This proposal outlines a comprehensive approach to address the challenges facing the UK housing market through public-private partnerships, innovative financing models, and targeted interventions. By leveraging historical examples, addressing local authority challenges, and embracing new procurement opportunities, we can work towards creating a more inclusive and sustainable housing landscape for all.
Part 2, Drilling Down
Homes Not Housing Units!
The UK housing market is a complex and dynamic system that involves various stakeholders, including central and local government, house builders, SMEs, contractors, banks, housing associations, and crucially the often overlooked Homemakers.
Why Homemakers are crucial stakeholders.
In the context of housing and the housing crisis, a homemaker plays a crucial role in ensuring the stability and well-being of a household. A homemaker is typically responsible for creating and maintaining a comfortable, safe, and nurturing environment within the home. This includes managing household tasks such as cleaning, cooking, and organizing, as well as providing emotional support and care for family members.
In the face of a housing crisis, the role of the homemaker becomes even more significant. As families may be struggling to find affordable and adequate housing, the homemaker is often tasked with making the best of the situation and ensuring that the home remains a place of refuge and security. This can be particularly challenging when facing issues such as overcrowding, substandard living conditions, or the threat of eviction.
In many cases, homemakers are also called upon to advocate for their families amid the housing crisis. This may involve navigating complex housing systems, seeking out resources and support, and actively engaging in efforts to secure stable and affordable housing. Homemakers often become champions for their families, working tirelessly to ensure that their loved ones have access to safe and suitable living arrangements.
Furthermore, homemakers play a key role in educating and empowering their families in matters related to housing. This may include teaching children about the importance of housing stability, and financial literacy, and advocating for their rights as tenants. By instilling these values and knowledge, homemakers can help their families navigate the challenges of the housing crisis and work towards long-term stability.
It's important to recognize that the impact of the housing crisis extends beyond physical living conditions. The stress and uncertainty that come with housing instability can take a toll on the mental and emotional well-being of individuals and families. Homemakers often serve as a source of strength and resilience during these difficult times, providing a sense of stability and support within the home.
In addressing the housing crisis, it is essential to consider the vital role of homemakers in maintaining the fabric of family life. Their contributions go beyond traditional domestic duties; they are essential partners in navigating the challenges posed by inadequate housing. By recognizing and supporting the efforts of homemakers, we can work towards creating more stable and secure housing options for all families, thereby strengthening our communities as a whole.
The Housing Market and Affordability Crisis.
The market has experienced several fluctuations in tenure ratios over the years. In recent years, the housing market has been impacted by various factors, including the pandemic, which has led to urban flight. The pandemic has also highlighted the need for a great reset in the housing market to address the current housing shortage and affordability crisis.
In the debate surrounding what should properly be called “the housing affordability crisis,” there has been a common agreement among think tanks that a shortage of supply is the main cause of unaffordability. However, there has been little discussion on the role of demand-side factors such as interest rates and income inequality or the direction of Effective demand through Mortgages and indeed Site and Construction fiance.
In the recently published fourth research report by Professors Janice Morphet and Ben Clifford from the Bartlett School of Planning at UCL, the findings shed light on the current landscape of local authority direct provision of housing in England. The report, based on a survey of 231 individual local government officers working in 159 different local authorities, highlights some key challenges faced by local authorities in delivering housing directly.
One of the primary challenges identified is the lack of funding, land, and expertise. This echoes similar findings from previous surveys, indicating that these issues continue to hinder the direct delivery of housing. Additionally, concerns around risk appetite and the impact of increased costs of retrofitting existing housing on plans for delivering new housing were also highlighted as significant barriers.
Building, Bonds, and Brains is an outline of How Bonds coupled with brains can lead to a virtuous circle of directing resources where they are most needed. We start with POTUS45's father Fred Trump.
TRUMP Village, unlike every other property that famously bears that brand, was not named by — or for — the presidential candidate currently upending the Republican Party.
The Coney Island?complex, completed in 1964, was no luxury residence either. It was a modest brown-brick development, seven sturdy 23-story towers in a park, each containing carpeted hallways?but no air conditioning. The middle-class?homes were supposed to be nice but not?that?nice, given that the government?helped finance their construction.
The Limmo Peninsular, is there a place for Bonds in London Local Authority Housing?
The housing project undertaken by Fred Trump in Queens during the 1950s serves as a significant example of leveraging bonds to finance large-scale developments. This approach not only addressed the growing demand for housing but also had a notable impact on the local community. As we anticipate potential housing challenges in 2024, there are valuable lessons to be drawn from this project. Utilizing bonds as a financing tool, fostering collaboration between public and private sectors, and exploring innovative funding sources are key strategies to address housing shortages and affordability issues. By proactively assessing market needs, identifying demand areas, and implementing strategic investment plans, policymakers and industry stakeholders can work towards sustainable solutions for the ongoing housing crisis. Drawing upon the insights from historical projects, there is an opportunity to mobilize resources and expertise to meet the diverse housing needs of communities in the US and UK.
Traditionally the state backed its revenue bonds with its “full faith and credit,” meaning that in case of default, the state was legally required to make good on the bonds. Mitchell’s breakthrough was to create bonds backed instead by the state’s “moral obligation,” a seemingly subtle distinction that meant the state was not legally required to pay them off. As a practical matter, in order to protect its credit rating, the state would have to cover these bonds; nonetheless, because they technically were not a state obligation, they did not count against the constitutionally mandated debt ceiling and hence did not require voter approval. Government agencies could create as many such issues as they wanted; the only limitation would be whether or not Wall Street could move them.Among the first to use these new financial instruments were Trump and Kazan. In early 1962 both developers asked to transfer their projects from city administration under the Redevelopment Companies Law to the state-run HFA.
In the annals of New York City's real estate history, Fred Trump and Abraham Kazan emerge as influential figures who left indelible marks on the urban landscape. Fred Trump, renowned for his business acumen, strategically navigated regulations and financial arrangements to become a prominent real estate developer, particularly in Brooklyn. His focus on profit-making and adeptness at identifying opportunities solidified his position in the industry. In contrast, Abraham Kazan, a Russian immigrant, championed the cooperative housing movement, prioritizing affordable homes for working families over traditional profit-driven models. While Kazan's vision significantly contributed to the creation of housing units, it posed challenges in terms of succession and organizational sustainability. The legacies of Trump and Kazan underscore the complex dynamics of urban development, highlighting the multifaceted nature of real estate initiatives and the enduring impact of visionary leadership in shaping urban communities. As New York City continues to evolve, their contributions serve as a testament to the diverse approaches and philosophies that shape the city's real estate landscape.
How Donald Trump abandoned his father’s middle-class housing empire for luxury buildingThe very different lives and legacies of two Trump builders in New York.
The contrasting legacies of Fred C. Trump and his son Donald J. Trump in the realm of New York City real estate reflect the evolving dynamics of urban development. Fred's focus on providing government-backed affordable housing solutions in the outer boroughs stands in stark contrast to Donald's pursuit of opulent skyscrapers and luxury developments in Manhattan. While Fred catered to the middle-class with modest means, Donald aspired for grandeur and exclusivity. The transition from affordable housing to market-rate cooperative units at Trump Village exemplifies the challenges in maintaining middle-class housing amidst a sea of luxury real estate. This dichotomy serves as a testament to the ever-changing nature of urban development and the enduring impact of their respective legacies on New York City's real estate landscape. The evolution from government-backed initiatives to luxury-driven projects mirrors the shifting priorities within the industry, highlighting the broader changes in the real estate market over time.
In the recently published fourth research report by Professors Janice Morphet and Ben Clifford from the Bartlett School of Planning at UCL, the findings shed light on the current landscape of local authority direct provision of housing in England. The report, based on a survey of 231 individual local government officers working in 159 different local authorities, highlights some key challenges faced by local authorities in delivering housing directly.
One of the primary challenges identified is the lack of funding, land, and expertise. This echoes similar findings from previous surveys, indicating that these issues continue to hinder the direct delivery of housing. Additionally, concerns around risk appetite and the impact of increased costs of retrofitting existing housing on plans for delivering new housing were also highlighted as significant barriers.
The report also delves into the reasons why some local authorities are not engaging in direct delivery of housing. Lack of expertise, insufficient staffing resources, and concerns about risk were cited as reasons, along with the challenge of not being a stock-owning authority and the absence of a Housing Revenue Account.
Furthermore, the study explores the challenges faced by local authorities with wholly-owned or joint venture companies set up to support housing delivery. Understanding company roles, availability of specific development skills, and the cost of setting up a company emerged as ongoing challenges for these authorities.
The findings also point to the complex financial landscape for local authorities, with competing demands and challenges in maximizing affordable housing delivery without specific funding. Concerns around viability, build costs exceeding sales values, and low housing allowance rates were highlighted as significant obstacles.
The report provides insights from specific local authorities, such as Fylde Council, which has partnerships with registered providers to deliver affordable housing due to constraints related to land availability and internal staffing capacity. The council aims to ensure that new housing delivery includes a percentage of affordable housing, but challenges remain in meeting the housing needs of vulnerable populations, particularly those experiencing homelessness and individuals with complex needs.
Looking ahead, it is evident that addressing these challenges will require a multi-faceted approach. This may involve targeted funding support, capacity-building initiatives to enhance expertise within local authorities, and exploring innovative partnerships with registered providers and other stakeholders to maximize housing delivery.
As the government's focus on leveling up and building back better continues, it is imperative to address these barriers to enable local authorities to play a more effective role in directly delivering housing. By understanding and addressing these challenges, we can work towards creating a more inclusive and sustainable housing landscape for all.
In conclusion, the research report serves as a valuable resource for policymakers, practitioners, and stakeholders involved in housing delivery. It highlights the need for concerted efforts to overcome the barriers identified and underscores the importance of empowering local authorities to meet the diverse housing needs of their communities.
Reference:
Morphet, J., & Clifford, B. (2024). Local Authority Direct Provision of Housing: Fourth Research Report. Bartlett School of Planning, UCL.
The findings presented in this report offer valuable insights into the challenges faced by local authorities in delivering housing directly. These findings must inform policy and practice to enable effective solutions for addressing these barriers and advancing housing delivery across England.
As the NPPF takes center stage once again, the housing crisis and planning policy agenda are at the forefront of political discussions. However, the chronic underfunding and under-resourcing of the local planning authorities continue to hinder progress.
While the Planning Delivery Skills Fund (PDSF) provides some support, it is evident that the current funding measures are insufficient to address the magnitude of the problem. The focus on 'super squad' announcements seems more influenced by social media soundbites than practical solutions.
The future of local planning authorities will likely involve greater involvement from the planning consultancy sector, as they assist in clearing backlogs and play a more significant role in development management functions.
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Looking ahead, digitalization and the use of artificial intelligence may offer a silver bullet solution to streamline the planning system. However, in the interim, addressing backlogs and investing in capacity building are crucial steps.
A more positive stance from the Government on the role of planners and property professionals, along with targeted funding and greater use of planning performance agreements, will be essential in addressing the long-standing issues faced by local planning authorities.
In conclusion, a concerted effort is needed to address the challenges faced by local planning authorities, with a focus on building capacity and recognizing the vital role of planners in shaping our future.
MINERVA is One model many more are possible.
The innovative Minerva model offers a new approach to affordable private rental housing, specifically tailored to meet the needs of the public sector and long-term landowners Utilizing bonds as a financing tool, fostering collaboration between public and private sectors, and exploring innovative funding sources.
This model ensures that landowners retain their freehold, thereby preserving future land value and generating income that exceeds current market value. It also delivers genuinely affordable private rents, fulfilling landowners' planning obligations while providing long-term value and control.
Through a transparent and non-profit approach, the Minerva team manages the entire process from start to finish, ensuring that the vision becomes a reality. The model is fully funded by the private sector, offering secure long-term returns. It also allows for a mix of income and shorter-term capital receipts through site sales on other parts of the land.
The financial structure of the model includes target IRR returns for funders, pre-development funding, construction funding, and long-term stakeholder returns. The Minerva model also offers a comparison with the traditional development model, showcasing the benefits of retaining freehold and stable long-term income for landowners and funders.
The governance structure of each Minerva development involves a delivery vehicle with a primary objective to deliver sustainable long-term affordable rents and meet debt obligations. The vehicle is structured as a non-profit company managed by a board of directors, ensuring the involvement of long-term funders, landowners, and resident representatives.
The process involves establishing a non-profit delivery vehicle, obtaining planning consent, commencing construction, preparing asset management and letting strategy, completing development, and ongoing asset management.
The model's benefits are extensive, including advantages for landowners, local authorities, communities, and Homemakers. For landowners, it offers income-producing unencumbered developments on lease expiry, cash consideration exceeding market value, and the management of reputational issues. Local authorities benefit from the delivery of up to 100% affordable homes and workspaces in a transparent process. The Homemaker offer could encompass tenants including local individuals and families in work, with a focus on affordability and long-term security and a viable shared ownership structure targetting bringing down the average age and deposit level required for Key worker first-time buyer purchases.
The eligibility criteria prioritize individuals with a local connection, offering secure and transparent tenancy arrangements. The purpose-built design emphasizes the long-term viability of the development, communal facilities for the community's benefit, and well-integrated commercial spaces.
In conclusion, the Minerva model represents a significant step forward in providing affordable private rental housing that meets the needs of both landowners and the community. Its innovative approach ensures sustainability, transparency, and long-term affordability for all stakeholders involved.
The Minerva model was devised by Bond and local authority Finance experts, Janet Turner KC and Nick Butler. The original proposal is focused on genuinely affordable rental homes provision there are variations on the theme that could accommodate first-time key worker buyers as alluded to in the text.
2023 Procurement Act and the Transport For London Limmo Site.
Title: Procurement Act 2023 and the New "PFI" Initiative: A Major Development Opportunity at Limmo Site, London E14
The Procurement Act 2023 has ushered in a new era of commercial procurement joint venture partnerships, and the Limmo Site in London E14 presents a significant opportunity for interested applicants. Spanning approximately 5 hectares of brownfield land in the London Borough of Newham, the site is poised for a transformative development project that aligns with the Act's objectives.
The initial concept scheme for the Limmo Site outlines ambitious plans, including the construction of 1,500 homes across six 28-storey towers and three pavilion-style buildings. Additionally, the proposal includes the creation of 2 hectares of publicly accessible open space, a new cycle and pedestrian bridge connecting to Canning Town, and a continuous north-south river walkway linking Canning Town to Thameside West. These developments are set to redefine the landscape of the area and contribute to the overall urban fabric of London.
"Bridge the Gap: Tailored consultancy services for effective procurement. Enhancing public sector practices and driving successful outcomes."
In response to the TfL call for competition, interested applicants are required to register on the SAP Ariba portal and submit their registration details via email by the specified deadline. The estimated total value of the project stands at an impressive ￡2,040,000,000, underscoring the scale and significance of this opportunity.
Furthermore, there is a growing need for tailored services to meet the requirements of procurement authorities operating under the 2023 Procurement Act. The role of commercial client representative consultancy services has become increasingly vital, particularly for local authorities involved in public works contracts. However, accessing these services presents challenges, as many statutory undertakers lack the necessary budget to compete with the private sector for these essential roles.
Recognising this gap, there is an opportunity to provide consultancy services specifically designed to bridge this divide and support local authorities in fulfilling their procurement obligations effectively. By addressing the skill set and budgetary constraints faced by public sector organizations, these tailored consultancy services can play a pivotal role in enhancing procurement practices and driving successful project outcomes.
The Limmo procurement from TFL serves as a model to refine the consultancy roles and the business vehicle designed to access this substantial market. This initiative holds promise not only for the development of the Limmo Site but also for the broader landscape of procurement practices within local authorities.
In conclusion, the Limmo Site represents a significant development opportunity that aligns with the objectives of the Procurement Act 2023. The call for competition and the introduction of tailored consultancy services to meet the needs of procurement authorities signal a new phase in commercial procurement practices. As this initiative unfolds, it has the potential to shape the future of procurement within local authorities and contribute to the realization of impactful and sustainable development projects.
For further discussions on this transformative opportunity, I welcome the opportunity to engage in dialogue and exploration of potential collaborations.
NB 6. Lower Lea Crossing. 42-44 Orchard Place (Above) and 4. Goodluck Hope (Ballymore) are both Sites RLD Built out, or obtained full planning consent and sold on.
The discourse surrounding the "Housing Crisis" often neglects important actors and factors. These include the Absorption Rate, Last Time Buyers, Cash Buyers, Fiscal Policy (MIRAS and Stamp Duty), and Mortgage Lending and Credit creation by the Banking Sector. Additionally, the demography of an Aging population and high levels of net Immigration must be considered. While both the Demand and Supply sides should properly be analysed, there is a lack of popular or policy narrative literature on the segmentation of the Housing stock and its influence on prioritisation of choices and related resource and finance allocation for Land and construction across tenures.
The issue of affordable housing in the UK has been a growing concern since the mid-1990s. The traditional means of providing suitable housing has been through a combination of local authority provision, private landlords, and home ownership supported by mortgages. However, with the liberalization of the housing market since the 1980s and light-touch regulation of the finance sector, the financing and distribution of housing have changed considerably.
The UK housing market is a complex and dynamic system that involves various stakeholders, including central and local government, house builders, SMEs, contractors, banks, and housing associations. The market has experienced several fluctuations in tenure ratios over the years. In recent years, the housing market has been impacted by various factors, including the pandemic, which has led to urban flight. The pandemic has also highlighted the need for a great reset in the housing market to address the current housing shortage and affordability crisis.
In the debate surrounding what should properly be called “the housing affordability crisis,” there has been a common agreement among think tanks that a shortage of supply is the main cause of unaffordability. However, there has been little discussion on the role of demand-side factors such as interest rates and income inequality.
The UK housing affordability crisis has been a topic of discussion for several years now, with many experts agreeing that there is a significant problem. The issue is multifaceted, with various factors contributing to the current state of the market. Demographics, wages and employment, mortgage market, cash buyers, Bank of Mum and Dad, housing ladder, generation rent, student debt, and housing stock are all contributing to the current state of this aspect of our communities and civil life.
In conclusion, it is clear that there are several complex factors affecting UK house prices, and that a more comprehensive and collaborative approach is needed to address these issues. We must work together to find long-term solutions that will benefit both individuals and the wider economy. The UK housing market is a complex ecosystem that requires a holistic approach to address the current challenges.
Overall, we have sought to provide a thought-provoking analysis of the complex and interconnected issues surrounding housing and finance.
Giving Young First-Time Buyers The tools and opportunities to fight back against BTR Landlords.
BTR, or Build to Rent, is revolutionizing the dynamics of the Middle-Class housing market, potentially leading to a decrease in owner occupation rates. The introduction of shared ownership models, such as key worker shared ownership, Linking Mortgages, and New homes to Key worker shared ownership homes in JV procurement act schemes, could be expected to have a significant impact on the housing market. This shift is particularly relevant given the current mortgage deposit saving trends, with the average buyer now being 34 years old and the average deposit amount being as follows.
In the UK, the average age of a first-time buyer is 34, and the average house price for first-time buyers was ￡236,000 in November 2023, showing a decrease from ￡245,500 in November 2022. Additionally, the average first-time buyer deposit was ￡62,470 in 2022, representing an 8% increase from 2021.
The data further reveals that there were 362,461 first-time buyers in the UK in 2022, accounting for over half (52%) of all home purchase loans. The South East region had the highest number of first-time buyers in 2022, with 73,588 individuals entering the housing market. The average deposit for first-time buyers in 2022 was ￡62,470, equivalent to 21% of the average purchase price.
In light of these statistics, it is crucial to consider the significance of key workers within the housing market. As of now, it is estimated that twenty-two billion, six hundred eleven million, and four hundred ten thousand pounds (￡22,611,410,000) were invested in the housing market by way of deposit equity in 2022. Designing a program of shared ownership with capital growth presents an attractive proposition for key workers, enabling them to gain earlier entry into home ownership with savings which on average are not applied until Age 34.
The implications of these developments are far-reaching. With BTR altering the balance in the Middle-Class housing market and the waning of shared ownership models, there is a potential shift in the traditional landscape of owner-occupation rates. As such, it is essential for stakeholders and policymakers to closely monitor these changes and consider their impact on the overall housing market and home ownership landscape.
In conclusion, the waning of shared ownership models and BTR's influence on the Middle-Class housing market are reshaping the dynamics of home ownership. With key worker shared ownership and other innovative schemes a deliverable prospect, industry players must adapt to these changes explore opportunities for collaboration with Homemakers, and share the benefits of sustainable growth within the housing sector with those who ultimately pay for it namely the homemaking occupier.
Part 3. Call To Action
A Proposal for Public-Private Partnership in Housing Development
The UK housing market is currently grappling with a myriad of challenges, including supply shortages, affordability issues, and the limited capacity of local authorities to provide housing. In response to these pressing issues, this proposal aims to advocate for a public-private partnership that harnesses the potential of bonds, mortgage finance, and the expertise of key workers. By amalgamating public sector land, bond finance, and key worker housing with deposit savings and salary sacrifice schemes, we can establish a virtuous cycle that effectively allocates resources to where they are most needed.
Historical precedents offer valuable insights into the potential of leveraging bonds to finance large-scale housing developments. The housing project spearheaded by Fred Trump in Queens during the 1950s stands as a compelling example of how bond finance can address the escalating demand for housing while leaving a lasting impact on the local community. Additionally, the enduring legacies of visionaries such as Fred Trump and Abraham Kazan underscore the intricate dynamics of urban development, emphasizing the pivotal role of visionary leadership in shaping urban communities.
Local authorities are confronted with a host of challenges in directly delivering housing, ranging from funding constraints and land scarcity to a dearth of expertise. Moreover, concerns regarding risk aversion, escalating costs of retrofitting existing housing, and intricate financial landscapes pose significant barriers to effective housing provision.
The innovative Minerva model offers a promising new approach to affordable private rental housing tailored to meet the needs of the public sector and long-term landowners. By retaining freehold, generating income, and providing genuinely affordable private rents, this model ensures sustainable long-term returns for all stakeholders involved.
The new Procurement Act 2023 presents a pivotal opportunity for commercial procurement joint venture partnerships, The Limmo Site in London E14 is one of the first to launch under the new regime. The call for competition and tailored consultancy services heralds a new era in commercial procurement practices, charting the course for the future of procurement within local authorities.
Addressing backlogs and bolstering the capacity of local planning authorities is imperative. Chronic underfunding and under-resourcing continue to impede progress. A more favorable stance from the Government on the role of planners and property professionals, coupled with targeted funding and increased utilization of planning performance agreements, will be instrumental in tackling these long-standing issues.
The landscape of home ownership is undergoing significant transformations with the introduction of shared ownership models and the influence of build-to-rent (BTR) on the Middle-Class housing market. As key worker-shared ownership and other innovative schemes gain traction, industry players must adapt to these changes and explore opportunities for collaboration and sustainable growth within the housing sector.
In conclusion, this article delineates a comprehensive approach to tackling the challenges confronting the UK housing market through public-private partnerships, innovative financing models, and targeted interventions. By drawing on historical examples, addressing local authority challenges, and embracing new procurement opportunities, we can endeavor to create a more inclusive and sustainable housing landscape for all.
By Roger Lewis.