Midlands Housing Crisis providing new housing for future generations Jonathan Turner Head of Housing Bevan Brittan LLP.

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Presentation transcript:

Midlands Housing Crisis providing new housing for future generations Jonathan Turner Head of Housing Bevan Brittan LLP

Key themes Improving housing supply in the region Challenges and solutions to improving housing development in remote areas Accelerating investment in the Midlands housing market Innovative investment solutions Lawyer’s role – structuring robust and investable delivery mechanisms to provide market confidence

2015 – 2020: National context GE 2015 is only days away and housing is developing as a core theme for messaging All the politicians agree more housing is needed Some differentiation around building rates, tenures, tenancies, funding and welfare reforms Whoever gets in how do we deliver post-May?

2015 – 2020(31): Local context Housing supply – a national problem Housing demand – needs local solutions for local people rather than centralised approach Birmingham Housing Prospectus – long term -150,000 population growth by ,000 new homes -40 major brownfield sites identified -£9bn investment target -100,000 new jobs

Challenges to finding delivery solutions One size does not fit all – different: -Tenures -Funding sources -Providers -Volumes Local constraints/obstacles – different: -Land availability and values -Pump prime cash availability -Market and investor confidence -Appetite for collaboration

Delivery solutions Increasing diversity of providers -LA self-delivery -LA and RP commercialisation -Institutional investors entering market -House builders -Contractors Resulting in an increasing diversity of approaches and diversity of commercial drivers

Diversity of delivery solutions Danger of diversity overload Embrace the challenge of multiple providers and multiple entry points Clarity over regional / city-wide strategy (as per BCC) Aim should be to encourage participation and collaboration

Local Authority local leadership Provide confidence to bring investment and stabilise the market Coordinate infrastructure investment and land supply Ensure that house-building is integrated into wider socio-economic regeneration through community renewal and job creation

Roles for LAs Pump prime / infrastructure enabler S106 controlled land disposal Direct delivery for stock expansion Formation of Housing Delivery Vehicle -Mixed tenure -Cross-subsidy and Investment Development partnerships/corporate JVs -Pre-development JV – stimulate development -Development JV – development programme -Focus on particular asset class – eg PRS

Structuring considerations for LAs ConsiderationIssue Role and risk appetiteActive or passive role, owner, investor, manager Tenure mixSale, market rent, intermediate rent, social rent Commercial purposeHousing supply, investment, cross-subsidy, capital receipt, revenue stream Legal/regulatory issuesvires, state aid and EU procurement Financial involvement/issuesequity or debt, reserves/PWLB, HRA debt cap, third party investment Investor considerationsWelfare Reform, Right to Buy, Tenancy periods, Yield certainty

Possible evolution of strategy and models?

Bevan Brittan is a law firm dedicated to public services. What do we mean by public services? We define public services as those which are delivered by organisations in the public, private and third sectors which commission, provide, procure, fund and regulate public services – our clients.