HA celebrates most successful development year with over 1,000 new homes
Published by Max Salsbury for 24dash.com in Housing and also in Development
Sovereign Housing Association has recorded its most successful year of development, completing over 1,100 new homes.
The 37,500-home provider built 1,104 new homes in 2013/14 across the south and South West, despite a fall in government funding.
The homes Sovereign built in the last financial year surpassed the 1,034 it provided in 2012/13, and included homes for 'affordable' rent, market rent and outright sale, as well as social rent and shared ownership.
Phil Stephens, Sovereign’s development and commercial director, said: “There is a huge need for more housing – especially affordable housing - across our operating area and, given rising house prices and the cost of living, I am proud we’ve been able to provide homes to more than 1,100 households in the past year.
“Operationally it is still a difficult market so our partnerships with developers, local authorities and the government’s Homes and Communities Agency have been crucial in getting these homes built.”
In 2013/14, Sovereign built:
• 569 new homes for social rent
• 183 'affordable' rent and intermediate rent homes (rents up to 80% of the market rate)
• 256 shared ownership homes
• 70 market rent properties
• 26 homes for outright sale at our Beechfields View development in Torbay
“The funding situation is very challenging, but by adopting a commercial mind set and diversifying our portfolio, we have been able to continue to deliver our ambitious development programme, and so meet a very real housing need,” Phil Stephens added.
The development programme is a combination of Sovereign’s own schemes, joint ventures and Section 106 opportunities with developers as well as properties funded by the Homes and Communities Agency.
Sovereign expects to exceed 1,000 homes built next year, with firm commitments to build at least 1,053 in 2014/15.