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HCA delivers 50,000 affordable homes despite downturn

Preliminary end-of-year results showed that the agency exceeded several of its output targets, including completion of rental properties, reclamation of brownfield land and creation of employment floor space.

HCA chief executive Sir Bob Kerslake said the results were a massive achievement given market conditions and the creation of the new agency.

"This is a tremendous result in terms of delivery and spend," he said.

"We are very grateful to all our partners, RSLs, local authorities and house builders, in particular, for the part they have played in achieving this. Our ability to act flexibly and tailor make solutions with our partners has allowed us to unlock the full potential of our budget, benefiting both the industry and communities. These results give us confidence in our ability to deliver in the next financial year despite the market."

Rental completions, at 27,501 homes was up on last year’s performance of 27,047; LCHO completions at 19,743, although slightly below target, were up on last year’s result of 18,865 homes; and starts on site of rental properties at 30,389 was above target and an increase on last year’s figure of 27,209.

Housing Minister Iain Wright said: "The HCA has had a fantastic beginning delivering some 50,000 affordable homes in the face of severe economic challenges and is at the forefront of housing and regeneration across the country.

"The Agency, in a matter of months from its start, is providing real help for communities throughout England providing much needed affordable housing and at the same time stimulating the economy through its investment and rejuvenating run-down neighbourhoods. As the results demonstrate it is already exceeding some of its targets."

As well as more than £2.6billion spent through the NAHP (National Affordable Housing Programme) the HCA was responsible for allocating funding across a range of programmes inherited from CLG such as Housing Market Renewal, Growth Area Funding, Thames Gateway and Decent Homes.

Private sector investment in property and regeneration was just over £1billion, slightly below target. Housing starts for both LCHO properties and housing starts within the Property and Regeneration programme were also below target because of the challenges facing the industry in the latter half of the year.

Sir Bob said: "Despite the strong results on affordable housing, the position on housing starts tells us that our absolute focus has to be on keeping activity going and maintaining capacity in the year ahead.

"We are also aware of the challenges that lie ahead in bringing forward mixed-use regeneration schemes and the difficulty of attracting private sector investment."

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