Rok continues to increase its share of the social housing market.

Rok has won a place on the £25 million Framework South West to carry out a range of new build social housing work in the South West of England.

Partners on the FSW consortium include Devon & Cornwall Housing Association (DCHA), North Devon Homes, Ocean Housing, Tor Homes and West Country Housing Association.

Rok and DCHA recently embarked on a major programme together in Cornwall to provide 218 affordable homes in rural areas. This tailored package of projects brings together the benefits of collaborative working; producing cost savings through quicker build times, supply chain partnering and bulk purchasing.


Other recent awards for Rok include four new build agreements with YORbuild in Yorkshire and Four Housing Group in the North East. It has also secured response maintenance frameworks with Blackpool Coastal Housing Association and reactive void and planned maintenance with North Wales Housing Association.


With more than 50 offices nationwide, Rok’s Housing team now provides new build and maintenance services to some 250 Registered Provides and Local Authorities. It expects to construct in excess of 1,500 affordable properties this year while also maintaining and repairing a further 40,000 using a national team of locally based, directly employed technicians.


A large proportion of Rok’s work comes from a growing list of around 35 housing frameworks, which are helping to fulfil the increasing demand for new and improved rented and low cost homes across the country.

Rok’s approach to affordable housing provision means its can offer customers a comprehensive range of housing services including land sourcing, new build construction, planned maintenance, refurbishment and reactive repair work in either occupied or empty properties.

Martin Donnachie, Rok Managing Director for Housing said: “The last 12 months have been a difficult period for all within the construction industry. However, I’m confident that Rok’s approach to housing provision will see us grow our business and market share significantly over the coming months. This will be achieved through cost certainty and consistency in our operational delivery which helps to create a genuine customer experience unlike that of any other. “

Mears gets £300million Partnership Contract with Family Mosaic Housing Association

Mears, a leading social housing repairs and maintenance service provider to Local Authorities, announced that it has been appointed as preferred bidder by Family Mosaic , subject to the completion of the standstill period. The value of the award is £300 million for a ten year period.

The contract relates to more than 20,000 homes in London and the Home Counties and is expected to commence in October 2010.

Mears, as the principle partner will provide a single 24 hour call centre service for all tenants of Family Mosaic and be responsible for responsive, void, gas maintenance, property surveying and estates management services.

Family Mosaic is a current client of Mears and is one of the largest Registered Social Landlords in the UK, providing homes and housing services to around 45,000 people in over 20,000 homes across London and the Home Counties. Family Mosaic offers a diverse range of housing and support related services including; general needs housing, sheltered housing, housing with extra support, a temporary housing department, leasehold management and a tenant support service.

Commenting, Bob Holt, Chairman of Mears said:

“The provision of value for money services to the public sector is vital both for the UK economy and the future of Mears. We have long held the view that in terms of quality of service Mears are second to none. This award further demonstrates the positioning of Mears as a first class public sector partner.
We have been working on behalf of Family Mosaic since 2004. This award represents the biggest contract award in Mears’ history. We look forward to continuing to serve the tenants of Family Mosaic for many years to come.
Mears social housing bid pipeline for contract tenders remains in excess of £3 billion and we continue to target customers who share our view of long term partnering arrangements. This together with our recently announced London Borough of Lambeth contract, takes our contract wins this month to £500 million.“

NAO identifies some shortfalls in "The Decent Homes Programme"

It is estimated that over a million social homes have been improved by the Department for Communities and Local Government’s Decent Homes Programme, which aims to improve the condition of homes for social housing tenants. The Department has also provided funding to improve conditions for vulnerable households in private sector accommodation. But the National Audit Office (NAO) has warned that there are weaknesses in the information collected by the Department which has reduced its assurance that value for money was being achieved.

A National Audit Office report to Parliament has found that the Government’s Programme has made progress and that, as of April 2009, 86 per cent of homes in the social sector were classed as decent. The Programme has also brought wider benefits such as improved housing management, tenant involvement and employment opportunities.

There is however much left still to do. The original target was that all social sector homes would be decent by 2010, but by November 2009 the Department was estimating that approximately 92 per cent of social housing would meet the standard by 2010, leaving 305,000 properties ‘non-decent’. 100 per cent decency would not be achieved until 2018-19.

The National Audit Office has concluded that there are weaknesses in the information collected by the Department, warning that information gaps create a risk to value for money. Weaknesses in the Department’s information are illustrated by uncertainties over the total cost of the Programme to itself or to the sector and the number of properties improved.

The Department is committed to funding the Programme and is currently reviewing the funding mechanism. But, unless a plan is put in place to appropriately fund housing repairs, there remains a risk that a backlog will again build up, reducing the value for money of what has been achieved so far.

More Government cash for new council homes.

UK Housing Minister John Healey announced 73 councils covering every region of England will share an extra £122.6million for new council home building. Councils will match this second round Government grant bringing investment in this round to £246million , and total public investment in the programme as a whole to over £500million to build more than 4,000 new council homes for 8,000 people.

In a clear break with council houses of the past, John Healey also confirmed that many will be new family homes, whilst all will be highly energy efficient and add to the mixed make-up of local neighbourhoods.Mr Healey has required all councils receiving Government funds to offer apprenticeship and local job recruitment schemes, creating thousands of jobs including apprenticeship places.

Thirty-five of the 73 councils receiving funding in this second wave will extend their council house building work which is already underway after successful round one bids, while 38 councils receive this government backing for the first time. Eighty-six councils bid for the second round of house building with projects totalling more than double the funds earmarked.

On a visit to the Thames View Estate in Barking this week, John Healey said:

"Councils have shown they'e ready and willing to build new homes, so I'm ready to back them. This year's Government spending for affordable housing will be the largest for at least two decades.

"More affordable homes for rent are needed in every part of the country. We're using the power of public investment to help economic growth by building the homes we need and creating jobs and skills for the future. And we must get the most for every taxpayer's pound, so I am requiring all councils getting this government money to offer new jobs and apprenticeships to local people.

"Today's announcement also signals a new style of council housing that adds to the mixed make-up of local neighbourhoods. Forty per cent of the homes being built will be three and four-bedroom family homes which are designed to high energy efficiency standards and will often be built alongside existing private housing."

Homes and Communities Agency chief executive Sir Bob Kerslake said:

"The level of interest has been tremendous and demonstrates the appetite of local authorities to lead directly on affordable housing supply. Deciding between the bids has been challenging, but the outcome is a really strong set of schemes that meet a high standard. I am particularly pleased with the number intending to deliver to a higher energy efficient standard."

Connaught pre-tax profit up 39%

Connaught, a leading provider of integrated property services to both the public and private sector in the UK, today announces its preliminary results for the 12 months to 31 August 2009 showing that pre-tax profits were up by 39%.

The main financial highlights were:

• Revenue of £660m (2008: £553m) up 19%
• Operating profit of £48.4m* (2008: £35.9m) up 35%
• Operating profit of £32.6m (2008: £26.9m) up 21%
• Profit before tax of £42.5m * (2008: £30.7m) up 39%
• Profit before tax of £26.7m (2008: £21.7m) up 23%
• Diluted earnings per share of 23.5p* (2008: 17.5p) up 34%
• Diluted earnings per share of 13.5p (2008: 12.2p) up 11%
• Dividend of 3.16p per share (2008: 2.68p) up 18%
• Revenue up 19% to £660m (2008: £553m) driven by strong organic growth of 17%
• Social Housing revenues up 18% to £528m (2008: £447m), entirely organic growth
• Compliance revenues up 25% to £132m (2008: £106m), with organic growth of 11%
• Adjusted operating profit * up 35% to £48.4m (2008: £35.9m)
• Social Housing operating profit *up 22% to £31.2m (2008: £25.4m)
• Compliance operating profit * up 48% to £20.5m (2008: £13.8m)
• Group adjusted operating margins * increased to 7.3% (2008: 6.5%)
• Order intake of £760m with 93% of Social Housing market forecast revenues already secured for 2010.
• Continued growth of the order book which now stands at £2.8bn (2008: £2.6bn).
• Pipeline at £4.0bn (2008: £3.6bn)

* before amortisation of acquisition intangibles and exceptional items

Mark Tincknell, Chairman, saidof the results:"I am delighted to announce another year of excellent results. Connaught has maintained a clear focus on its goal of building a sustainable business which consistently delivers shareholder value...The Group is well positioned in attractive markets which are large, defensive, fragmented and naturally consolidating. Our integrated solutions model creates real cost savings and provides us with significant competitive advantage in everything we do."

He added:"This strong positioning in attractive markets is reflected in our growing order book which now stands at £2.8 billion, providing excellent future earnings visibility. Connaught is in good shape to deliver consistent and sustained earnings growth for many years to come".

HCA unveils 2 year house building programme

The Homes and Communities Agency (HCA) have said that £13.6billion would be invested into housing and plans to deliver 117,000 new homes in England by March 2011.

Unveiling the two year plan this week

HCA chief executive, Sir Bob Kerslake, said: “This Plan sets out our stall for the next two years. We will continue to put a premium on new and affordable homes, but we are about building communities as well so regeneration, improving existing stock and promoting sustainability will also be critically important.

“We will continue to be creative in identifying new forms of funding and new opportunities for delivery. Despite the continued challenging market conditions and tightening public finances, we are determined to deliver on our targets.

“The HCA has a far wider remit than its predecessors, touching on every walk of life, and this is reflected in the breadth and scope of our Plan. The advantages of a single national housing and regeneration agency are already coming through and will become stronger over the period of this Plan.”

The Agency plans to spend £6.75billion between April 2009 to March 2011, directly delivering 117,000 new homes, the vast majority of which will be for affordable rent or sale.

Within the affordable housing budget, over 63,000 of the new homes will be for social rent with nearly 43,000 for affordable sale via HomeBuy. An additional £350million will be available to local councils to build new homes for social rent.

The HCA also wants to create 319,000 sq m of employment floorspace to help create new jobs; and to bring an area equivalent to 1000 football pitches of brownfield land back into productive use.

Nearly £1.7billion will be spent bringing council stock up to a 21st century standard via the Decent Homes Programme and a further £918million will be invested in infrastructure, including in the Thames Gateway. The 12 Housing Market Renewal areas will see investment of £657million.

Government announces further £250 million affordable housing boost

Housing Minister John Healey today confirmed a further boost for affordable housing with almost £250 million to provide 3,400 affordable homes and create around 5,000 jobs. Every region of the country will receive funding which is shared between 43 housing associations and other bodies operating across 97 local authority areas.

This funding comes the day after Mr Healey gave the green light to the biggest programme to build new council homes for almost two decades.

Together Mr. Healey's two announcements add up to a half billion pound boost to public housing to provide 5,400 new affordable homes, creating around 10,000 jobs. Projects in all regions of the country will benefit from the government investment, with 122 local authority areas receiving a share of funding for much needed homes. The funding will be distributed through the Homes and Communities Agency, the Government's housing delivery body.

John Healey said: "We are ready to use the power of Government and the benefit of public investment to help the country pull through recession by building the homes people need and creating the jobs that keep people in work.

"The £250 million funding I am announcing today will help tackle the shortage of affordable homes across the country, so associations can build the homes that families need. It will also provide a much needed shot in the arm for construction jobs.
"Yesterday I gave the green light for the biggest council building programme for nearly two decades with nearly £250 million public investment. Together we'll now see nearly 5,400 new affordable homes built across England, with work on many sites starting this year."
All the new homes will be affordable said the Minister with more than four in five built for low cost rent and the rest for first time buyers.

Successful projects that have been allocated funding include;

Council house finance reforms announced

Housing Minister John Healey today published plans to 'dismantle' the current council housing finance formula and replace it with a 'devolved' system that will enable councils to keep all their rental income and gain the freedom to manage their housing to meet local needs.

The consultation on reforming the current Housing Revenue Account (HRA) subsidy system proposes a devolved self-financing model which removes the need to redistribute revenue nationally while continuing to ensure that all councils have sufficient resources.

Councils will finance their own business from their own rents and revenues, in exchange for a one-off allocation of housing debt.
By freeing councils from the annual funding decisions in the current system, councils will be able to plan long term and improve the quality of services to their tenants.
Councils currently provide around 2 million rented homes and, alongside, housing associations they provide decent, secure and affordable accommodation for over 8 million people.

John Healey said: "Over £33billionn has been invested in improving council and housing association homes since 1997 and by the end of next year we expect 95% of these homes to be warm and weather-proof. If we are to maintain these improvements for the long term then it is imperative to reform the system which finances council housing....The proposals I am publishing today will free councils from annual funding decisions so they can plan long term and improve the management of their homes, secure greater efficiencies and improve the quality of services to their tenants."

Olympic Houses Snapped Up

Ever wondered what would happen to houses built for the Olympic Village, well, Triathlon Homes, a joint venture between First Base and housing associations Southern Housing Group and East Thames Group, will buy 1,379 affordable homes in the Olympic Village for £268.7m

According to reports in the press, The Olympic Delivery Authority (ODA) confirmed today that it had entered into a presale agreement with Triathlon Homes. The investment includes a £110m grant from the Homes and Communities Agency (HCA), equity from Triathlon Homes, and lending from a banking consortium.

This funding is separate to the ODA’s budget and the remainder of the homes being built for the Athletes Village will be funded through the public-sector funding package announced by the government last month.

After the Games, the Village will comprise 2,800 homes and after the games Triathlon Homes’ 1,379 flats will provide a range of affordable housing options including affordable rented, intermediate market rented and part-buy part-rent (shared ownership) homes, together with shared equity housing.

Tenants wishing to enter the flats will have to hop skip and jump across the large sand pit...

New housing minister speaks

Speaking publicly for the first time in his new position public speech, John Healy, housing minister, defended the government’s record on social housing saying that he wanted to increase the visibility of its £8.5billion investment over the current spending period.

Addressing the Chartered Institute of Housing’s annual conference,the minister promised: ‘There’s going to be a great deal of scope for local authorities to do more to meet the economic and housing needs in their area.’He said his decisions would be based on the principles that local authorities should have more ‘flexibility in finances’ and see more control devolved to local areas.

The minister said he wanted to offer more devolved control to housing associations and councils and give them more responsibility for longer-term planning. He said that councils could be expected to play a bigger part in building homes, but also wanted them to take a "wider role."

Mr Healey is the third minister to hold the housing brief since Ms Flint addressed the conference just one year ago. He commented: ‘A London cabbie once told me it took him three years to learn the knowledge. I know I haven’t got that long.’

Mears Wins £290m social housing deal

Mears, the social housing repairs and maintenance provider, has reportedly agreed a deal worth up to £290million to upgrade 12,500 council homes over 10 years for Brighton and Hove City Council.

The Contract Journal has revealed that Mears beat four bidders to be named preferred contractor and proposals to appoint the firm will go before the council’s cabinet on 9 July. The contract is due to be signed off over the summer and will start in April 2010.

The contract will cover major planned upgrades such as new kitchens and bathrooms, window replacements, electrical rewiring and cyclical decorations.

Under the deal Mears will set up apprenticeships and a training academy in order to attract a more diverse workforce, especially women. A local kitchen manufacturing workshop will be established and the scheme is expected to support the development of social enterprises by employing local businesses and labour.

The council is also insisting that they introduce measures to reduce the amount of waste sent to landfill, help residents lower their heating bills and tackle fuel poverty.Other commitments include Energy Performance Certificates for all properties being let.

Many new build homes may not meet standards required for social housing

Many thousands of surplus new build homes in England are being rejected by housing associations because they are not of a high enough standard a report by the BBC revealed.

There are around 4.5million people on housing waiting lists and the government has set up the Clearing House Fund to help housing associations in England buy some of the surplus housing stock that private developers fail to sell.It is estimated there could be as many as 100,000 unsold new-build homes in the UK.

Associations across England have already bought about about 5,000 homes and have funding to buy the same again but have find that a large number are not up to standard.

Gavin Smart, of the National Housing Federation said: "It's very hard to put a number on homes we are rejecting...But it would be a significant proportion because private developers simply do not have to build to the same standards as housing associations...Many of the homes that we are being offered would not meet those standards and quite sensibly housing associations looking at those homes are saying they are not of a suitable quality for them to purchase."

In order to be accepted by housing associations, developments have to meet high environmental standards, as well as being built to high specifications and to a minimum size.The UK builds the smallest homes in the developed world.

Private developers say there is nothing wrong with their properties, pointing out they are built for a different market and that private homes do not yet have to meet the same standards as those built for social housing.

Both the Royal Institute of British Architects and the Chartered Institute of Housing believe the government should force all builds to have higher minimum standards.

Government Committed To Build More Houses

The government has revealed new plans that could enable councils to manage funds raised through council-owned properties.

Under a proposal announced by housing minister Margaret Beckett, councils would be able to keep the money raised through renting and selling homes to fund new developments. Currently
as much as 75 per cent is pooled into the Treasury instead of into local authorities.

Beckett said 'We are determined to keep house building going in the current climate, as the long-term need for more homes is not going to disappear...These new freedoms will encourage councils to play a bigger role in driving forward the delivery of new affordable homes for families in housing need.'

The government also recently announced plans to enable councils to bid for a share of the grants given to social landlords to subsidise the cost of new housing.

Kier To Focus On Social Housing

Kier Group is set to move away from private home development anf concentrate is efforts towards social housing and its construction business. Its focus now is to be on "partnership housing", acting as a contractor for public agencies looking to build social units.

Chief executive,John Dodds said, "There's a sea-change in how we're running the business...The traditional model of housebuilding,buying land, putting up a house, selling it on spec is something that will disappear from our business."

Prior to the downturn, Kier had been the 15th-largest housebuilder in the UK, building about 2,000 homes a year. In the past two months its housing activity levels have been down by 76%, in line with other developers.

Kier's landbank of 6,000 units is now being examined, possibly with a view to converting it to other use.The move would free up cash to invest in its more resilient construction and support services business, which provided the bulk of its £2.4bn sales in the year to June, up from £2.1bn the year before.Pre-tax profits of £63.4m (£77.6m) were dragged down by land writedowns of £31m and redundancy costs.

SNP Pledge £25 Million to Social Housing

HUNDREDS of new council houses will be built across Scotland under multi-million– pound government plans being announced.Nicola Sturgeon, the Deputy First Minister, unveiled the initiatives at the SNP's spring conference in Edinburgh, the first since the Nationalists' election victory last May.

She told a packed conference hall in Edinburgh that the Scottish Government's goal to build 35,000 new houses every year by 2015 would need "all hands on deck" to be met.

Sturgeon last year backed an end to the "right to buy" for new council tenants, which is a measure she believes necessary to boost social housing. She told delegates: "There's little point investing in new council houses just for them to be sold off under the right to buy."So let me confirm our government will introduce legislation to end the right to buy for new social build houses."

Procurement For Housing Agency Labour Agreement

A radical overhaul of the social housing staffing sector will come into force in January limiting the number of recruitment agencies permitted to supply staff..

The unique Agency Labour agreement, developed by Procurement for Housing (PfH), is new deal is designed to create a strategic approach to labour purchasing and put housing providers more in control and save them money on commission rates and finders fees to Recruitment Agencies..

An EU compliant framework agreement has been drawn up and seven local and national suppliers have been appointed, providing UK wide coverage. Suppliers include Better Healthcare, Beresford Blake Thomas, Blue Arrow/ Blue Arrow Care, Eden Brown, Enterprise, Hays and Reed Healthcare.

It is thought that Housing organisations using the Agreement can make between 30-40% savings on commission rates, save up to 100% on finder's fees and temp-perm costs as well as benefiting from discounts for extended employment.

It is thought that a significant 80% will be saved on any VAT costs where VAT mitigation is applied. PfH Members will pay fixed agency commission rates with separate charges for specialist suppliers, for example housing services, office services and health/ social care providers.

Julie Craig, Director of PfH said: "This is a very exciting agreement for our Members as labour procurement accounts for a huge spend in the housing sector. We're aiming to put housing organisations back in control of purchasing agency staff by managing suppliers on their behalf, creating clarity within a complex area of spend through transparent invoicing and regulating commission rates to generate significant cost savings."

New Social Housing Watchdog

Housing and Planning Minister Yvette Cooper announced the creation of a new standalone social housing regulator, to be called The Office for Tenants and Social Landlords, in Parliament yesterday.

The new regulator will replace the regulatory functions of the Housing Corporation, while the Housing Corporation's investment functions will pass to the Homes and Communities Agency.The new office will ensure that landlords provide a good service to their tenants, complementing the role of the Homes and Communities Agency in delivering 30,000 new affordable homes a year.

Yvette Cooper said:"If housing associations are doing a good job they should have less red tape. But if tenants aren't getting a good deal, we need much stronger action.

"Social housing tenants shouldn't have to put up with bad service from landlords. Long waits for repairs or worries about poor security can make people's lives a misery.

"We want tenants to have a real say on how their homes and estates are managed. The new regulator will assess landlords' poor performance and take action to make sure it improves."

The New Office will be implemented in the forthcoming Housing and Regeneration Bill.

CIH Call For Social Housing Regulator

In a recent statement The Chartered Institute of Housing (CIH) has called for the role of a new regulator to cover all providers of social rented housing, including local authorities, to ensure that all residents in affordable housing are protected to the same degree.

They want the regulator to ensure the continued provision of affordable housing, making sure that there is a recognisable ‘affordable housing’ sector that is capable of delivering affordable housing and wider community services associated with it to future customers as well as existing residents.

The CIH wants the following principles to guide the setting up of a new regulator:

• The regulator should regulate the delivery of the strategic housing role of local authorities in order to improve delivery of the role and influence the supply of affordable housing

• Sanctions and incentives should be used to drive improvements and not to force providers out of business

• Care should be taken to effectively integrate the new regulatory framework with investment, the local authority performance framework, and Comprehensive Area Assessment.

• Tenants, local authorities and other stakeholders should be able to trigger intervention by the regulator, although the need for evidence is important.

• The regulator should create balanced and effective markets for the provision of social housing – including bringing new entrants into the market where this is needed
  

• The regulator must be able to work across different types of provider, with an understanding of how their constitution affects the outcomes they deliver

• It must enable and trust housing organisations to take greater responsibility for their own direction and performance in partnership with their residents

Sarah Webb, CIH Deputy Chief Executive: “The time is right to redefine the purpose, scope and philosophy of housing regulation and to make sure that housing organisations take more responsibility for their own performance. A massive opportunity could be missed if current regulatory practices are simply placed on top of the statutory framework that has been proposed.”

Tesco home selling venture suffers set back

YesterdayFish4homes.co.uk said it was ending its agreement with Tesco Property Market after receiving feedback from estate agent clients indicating it was "not in their best interest".

The Tesco site, which was launched on Saturday, offers a do-it-yourself home selling service enabling people to advertise and manage their own home sale for a fee of £199. This essentially eliminates the need for estate agents, who typically charge up to 3 per cent of the value of any property they sell.

The termination of the Fish4homes contract will mean that Tesco will lose out on tens of thousands of referrals from up to 7,500 estate agency branches around the country.

Joe Slavin, chief executive at fish4, said it initially got involved in Tesco Property Market as it thought it would give its customers' property adverts maximum exposure.

But he said that since the launch, the company had "received valuable customer feedback and we have decided that our involvement with the site, in its current format, is not in the best interest of our clients".

Spicerhaart, one of the South-east's largest group of agents and a member of the fish4homes network, has already pulled all online advertising of its housing stock from the site due to concerns that it would conflict with its own business.

Not Such Affordable Housing

The Governments scheme to build houses for key workers has come under criticism from the Public Accounts Committee.

The conclusion of the report highlights the lack of information an apparent lack of co-ordination and management.

The headline findings are listed below:

• Information on the impact of the assistance on local housing markets is scarce.
• The Department does not know how many people who part-purchase can afford to purchase outright at some stage or how long it takes to do so.
• In 2004-05 only 15% of those taking advantage of assistance were previously social housing tenants and the others helped were not normally in priority housing need.
• Some Registered Social Landlords do not consider the housing need of applicants for assistance
• If Registered Social Landlords had encouraged all beneficiaries in 2004-05 to buy as large a share of a property as they could safely afford, an additional £63 million could have been available to help 3,420 additional households.
• In 2004-05 low cost home ownership assistance mainly went to households with incomes over £25,000, while most new social housing tenants had household incomes of less than £20,000.
• The impact of helping key public sector employees through low cost home ownership assistance is not analysed separately from the effects of other measures public sector employers have been taking to improve retention.
• The Department lacks information on the take-up rates for key worker assistance at individual institutions, such as police stations or hospitals, and on the reasons for any variations in these rates.
• From April 2006, key public sector workers who receive assistance by sole virtue of their employment are required to repay this assistance if they leave eligible employment.
• The new arrangements for funding the Open Market HomeBuy product mean that private lenders rather than the affordable housing sector will benefit from any rises in the equity value of homes bought with assistance.
• Registered Social Landlords have made substantial gains from their involvement in low cost home ownership but some have been slow to reinvest these gains in affordable housing.
• Registered Social Landlords' equity stakes in low cost home ownership properties are currently valued at potentially between £610 million and £720 million.

There appears to be a few questions needing answers...