Scotland, along with the rest of the UK, has an affordable housing shortage, with the housing sector needing to think bold and invest big.
Housing, particularly the supply of affordable and mid-market rent homes, remains a priority for us where our expertise and bold thinking in delivering innovative financing solutions can continue to be put to good use.
To date, we’ve created programmes to deliver 3,000 mid-market rent homes, including the award-winning National Housing Trust (NHT) programme. To date, over 1,340 NHT homes are occupied which are providing individuals and families with quality, energy-efficient new homes.
Given the high demand for mid-market rent homes in Edinburgh in particular (a recent development of 95 properties attracted 900 applicants), we’ve entered into a joint venture with City of Edinburgh Council to create Edinburgh Homes, a new initiative which will further increase the supply of high quality, energy efficient, affordable homes in various locations in and around the city. Edinburgh Homes will also offer accommodation for open market rent which will enhance the housing options available in the area.
During 2017/18 we’ll work with the Council to establish an acquisition programme of at least 1,000 homes and will seek opportunities to apply the approach on Edinburgh Homes with other councils across Scotland.
In addition, we’ve been developing new options to improve access to home ownership for first-time buyers and older people. For 2017/18, we’ll test new housing concepts and seek to increase the tools available to Scottish Government and councils, contributing towards Scotland’s 50,000 affordable homes target.
We’ll continue to work with Scottish Government and the Homes for Scotland Private Sector Rent Working Group on a guarantee product to support the introduction of large-scale investment into the private rent market in Scotland.
Objectives for 2017/18
- Work with the City of Edinburgh Council, our LLP partners, to establish a programme of at least 1,000 homes and explore with other local authorities how the Edinburgh Homes approach could be applied in their area
- Work with the Scottish Government and private sector stakeholders on a private rental guarantee product with the aim of stimulating the ‘at scale’ provision of high-quality housing for private rent in Scotland
- Launch an accessible home ownership pilot scheme for first-time buyers and older people consisting of at least 40 homes, and working with local authorities, establish a pipeline of suitable sites across Scotland
- Support 26 LLPs across the established NHT programme in the ongoing provision of mid-market rent housing
- Manage the remaining acquisition programme for NHT and NHT Council Variant homes with an in-year capital value of £27m
- Explore options with stakeholders for the eventual transfer of NHT homes
- Provide commercial support to targeted City Deals where housing is a key element