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Developer gets £9m affordable payment phased "because of Brexit"

28th July 2016

Planners have accepted a developer’s request to pay a £9 million affordable housing contribution in phases because of Brexit.  The applicant asked to pay one third of the contribution paid on commencement,  one third after 18 months, and one third on first occupation given “current uncertainties” in the financial and debt markets created by Brexit.  Viability consultants for Westminster Council wanted full payment from the off.  The decision was left to th...

ExtraCare confirms £35m deal

25th July 2016

ExtraCare Charitable Trust – operating over 4,000 mixed tenure homes - has completed a £35 million private placement with BAE Systems Pension Funds Investment Management Ltd (BAPFIM).  ExtraCare confirms that the additional funding will build on the recently announced £150 million Lloyds Bank re-financing.  The sum partly repays the Lloyds facility, whilst increasing the total funding to £155 million supporting ExtraCare’s growing portfolio and is for a per...

Millennials paying more rent than Baby Boomers

18th July 2016

Millennials will have paid around £53,000 in rent by the time they reach 30. A study conducted by the Resolution Foundation shows those born between 1981 and 2000 will spend £44,000 more than the average rental expenditure paid by a baby boomer (someone born between 1946 and 1965) by the same age. The information comes from the Resolution Foundation’s Intergenerational Commission’s latest report. It shows Millennials are battling against a combination of increasing rental...

Organisation celebrates Living Wage accreditation

14th July 2016

Stockport Homes announce its accreditation as a Living Wage employer. It has also embedded into procurement processes that contractors pay the Living Wage, or if they would be willing to implement the Living Wage for their staff. The Living Wage Foundation will be working with the organisation to put a plan in place to achieve this over the next three years. The Living Wage is an hourly rate set independently and updated annually. Currently the figure is set for £9.40 per hour inside London,...

Still time for Bacs

14th July 2016

Social housing providers still have time to take advantage of a national housing rents campaign, which aims to deliver vital time and cost savings for those in the sector. The initiative aims to promote Direct Debit as the most cost and time efficient method of making and collecting housing rent payments and is open to housing associations, local authorities, and arms-length management organisations (ALMOs), Developed and run by Bacs Payment Schemes Limited (Bacs) - the not-for-profit organisation beh...

London rents now a 'major risk' to UK economy

14th July 2016

A new report by housing charity Peabody and the CBI shows that Londoners living in social housing contributed at least £15bn to the capital’s economy in 2015 alone. But with rents outstripping wages in every London borough and a severe shortage of new affordable homes being built, vital workers are being forced out of the city. This, according to the report, creates a real risk of damaging London's economy. The analysis of social housing residents’ occupations in the capital shows th...

Peabody confirms £125m funding facility

12th July 2016

Peabody Trust has signed a £125m funding facility to support its liquidity position and the development of new housing in London. The announcement is pitched as strengthening the position of social housing the sector can still secure funding pipelines. Peabody will initially issue £10m of notes from the facility, with the ability to issue the remaining notes at any time over the next three years with a choice of maturities up to 20 years - unlike a bank facility there is no commitment...

Milestone for personal credit company

12th July 2016

Places for People Financial Services is celebrating 10 years of providing affordable loans. Since 2006, Places for People Financial Services has bridged the gap between traditional high street loan providers and alternative high-interest lending facilities. Over the past decade, the company has been able to provide more than £7m in affordable personal credit, through more than 8,500 personal loan agreements. Its competitive APR rate of 69.9% has generated more than £2m in customer savi...

Stonewater secures £50m Lloyds deal

5th July 2016

A £50m deal has been agreed between Stonewater and Lloyds Bank Commercial Banking. Lloyds is providing the five-year revolving credit facility to help finance Stonewater’s plans to deliver a mix of 5,000 affordable new homes for shared ownership and rent across England by 2027. “As an organisation that is currently primarily funded through the capital markets, revolving facilities are important in managing liquidity and reducing overall funding costs,” says John Bruton, Sto...

Sharp rise in over-50s renting

4th July 2016

So-called ‘silver-splitters’ are said to be behind a big rise in the number of over-50s living in rented homes. New research from Saga Home Insurance shows the number of over 50s renting has risen sharply in the last five years. Nearly a third (32%) of people aged 50 and over currently rent - up from just over one in four (26%) in 2011 - according to the findings among more than 13,700 people in this age group from across the UK. Saga suggested that divorce rates could be partly behind the...