21 MAY 2019

Housing Celebrate 2019

The Housing & Finance Institute's latest Housing Celebrate event was a great success again this year. Hosted in the House of Lords by HFi Board Member, Lord Kerslake, with fantastic speakers and delegates, representing the wide variety of businesses, organisations, councils and bodies that make up the housing sector.

This year's Housing Celebrate revolved around the HFi's four-year anniversary since its creation in the 2015 Budget, following a recommendation made in the Elphicke-House Review. Since 2015, the HFi has been superbly chaired by Sir Mark Boleat, who stepped down earlier this year and was succeeded by our new Chairman, Sir Steve Bullock DL. The key theme of the event was the celebration of the HFi's work to date and the excellent chairmanship by Sir Mark as well as opportunities available in the sector to build more homes, faster.

We were delighted to have a terrific line-up of speakers, speaking candidly and sharing their expertise on housing. On the day, we heard from: The Minister of State for Housing, Kit Malthouse MP; Natalie Elphicke OBE, Chief Executive of the HFi; Lord Kerslake, Chair of Peabody, HFi Board Member and Head of the Civil Service (2012-2014); Sir Mark Boleat, HFi Chairman (2015-2019); Catherine McGuinness, Chair of the City of London's Policy and Resources Committee; and Sir Steve Bullock DL, HFi Chairman.

Lord Kerslake opened the event by explaining the history of the Housing and Finance Institute, in particular, the Elphicke-House Review. A review which considered how councils can help to increase housing supply for their communities across all tenures – and how councils could become Housing Delivery Enablers. Explaining that the HFi has now worked with over 80 councils and published 13 reports – making a real difference to increasing skills, capacity and housing delivery.

Brandon Lewis, as the then Housing Minister, launched the Housing & Finance Institute in 2015, we were therefore delighted to have the current Housing Minister, Kit Malthouse MP, to speak at this year's event.

The Housing Minister was clear, "We need a light bulb moment... if everyone who builds stands shoulder to shoulder, we could deliver the homes that people need." A light bulb moment like that of the founder of McDonald's, Ray Kroc, when he realised he was running a real estate business not a burger business. Housing too, according to the Minister, needs a light bulb moment.

Kit Malthouse MP was also kind enough to heap praise on the Housing & Finance Institute, congratulating the organisation on all the hard work over the last four years and for bringing together finance, the private sector and local authorities to ensure we build more homes, faster. He also praised the terrific leadership of our Chief Executive, Natalie Elphicke, for all her work in the sector, urging delegates to "listen to what she has to say".

At the Institute, we were particularly pleased to hear the Housing Minister describe the HFi as at "the hub of wheel" and that we would be at the "the heart of the project" to ensure we work together to build the homes we need.

We were also delighted to welcome so many of our Housing Business Ready councils to the Housing Celebrate event. Among the councils we have worked with over the last four years, we were joined by the three winning councils from the HBR Springboard programme – Stoke-on-Trent City Council, Mid Suffolk District Council and Rotherham Metropolitan Borough Council. These three councils, which are doing a huge amount to deliver more good quality homes in their areas, will also be presenting at the LGA Conference this year.

Catherine McGuinness, Chair of the City of London's Policy and Resources Committee, spoke about the importance of working together in the public and private sectors. She pledged her and the City's support for building more homes, faster as well as commending the hard work and commitment of Sir Mark Boleat, not only at the HFi but also at the City of London Corporation.

Catherine stressed the importance of leadership in setting a clear agenda, and in that vein led a toast to Sir Mark.

In a characteristically entertaining and informative speech, Sir Mark talked us through his time as Chairman of the HFi and, in particular, his views on planning. Planning is something Sir Mark feels very strongly about and an issue he championed as Chairman, in 2017 he wrote a paper setting out his views, 'The Housing Problem in London', click here to read his report in full. 

Our new Chairman, Sir Steve Bullock, finished the event by thanking all of those who attended the event, as well as the speakers, and especially Sir Mark Boleat for all his hard work over the past four years. The rest of the HFi team would like to extend our thanks to all those we have worked with over the last four years and to PegasusLife for sponsoring the event.

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Housing Delivery Snapshot - August 2024 

• The Bank of England cut interest rates to 5% in a move expected to begin to boost confidence. The close 5-4 vote of the MPC came with a cautionary message that the Bank was not going to cut “too quickly or by too much”.

• Mortgage lender Nationwide released its latest UK house price index report, with an annual growth in house prices of 2.1% in July, its fastest pace since December 2022.

• The latest NHBC housing pipeline figures for Quarter 2 2024 show the scale of the current housebuilding slump with a 23% fall in new registrations compared to the same quarter in the previous year.

• Latest MHCLG data reported a significant fall in residential Planning Permissions over 30%, another key housing pipeline indicator.

• Following the General Election, the new Government confirmed its 1.5 million new homes target for this Parliament.

• The Housing Secretary took immediate action to impose compulsory housebuilding targets on councils, with a warning of direct intervention if housing targets are not met.

• The Housing Minister confirmed on BBC Radio 4’s Today programme on 31 July that the Government’s New Towns programme is not expected to deliver any completed homes this Parliament.


HFI Housing Delivery Newsletter - August 2024

The Bank of England’s rate cut was a ray of light, but the housing pipeline remains a cause for concern. At the Housing & Finance Institute, we look at the latest news and developments in housing since the election, including in the Housing Spotlight and Delivery Snapshot.

Rate Cut Boost

Amid a challenging year for housebuilding and mortgages, there was a ray of light on 1 August, with the Bank of England announcing a long-awaited interest rate cut to 5%. The close 5-4 vote of the Monetary Policy Committee came with a cautionary message that the Bank was not going to cut “too quickly or by too much”.

Ahead of the rate rise, the mortgage lender Nationwide released its latest UK house price index report, with an annual growth in house prices of 2.1% in July, its fastest pace since December 2022.

The latest Bank of England announcements will provide a little relief for some current mortgage holders and those needing to refinance. However, many first-time buyers are facing a continuing double challenge of finding money for a deposit while meeting stringent affordability criteria. So while generally mortgage market confidence may begin to rise off the back of the Bank of England interest rate cut, access to home ownership remains difficult for many, given the affordability and home deposit challenges.

Housing Pipeline Concern

However, housing pipeline figures remain a cause for concern with the latest NHBC housing pipeline figures showing the scale of the current housebuilding slump. Latest MHCLG data reported a significant fall in residential Planning Permissions, another key housing pipeline indicator.

Housing Policy Interventions

Following the General Election, the new Government has confirmed its 1.5 million new homes target for this Parliament. Immediate action has been taken by the Housing Secretary to impose compulsory housebuilding targets on councils, with a warning of direct intervention if housing targets are not met. However, the Government’s New Towns programmes is now not expected to deliver any completed homes this Parliament, the Housing Minister told Radio 4’s Today programme. This raises questions as to how the 1.5 million new homes target will be delivered, without these major new developments coming forward at pace.

Further Government intervention on the demand side to support new buyers and home deposit savers is likely to be necessary over the next period to reverse the current housebuilding slump, together with far-reaching interventions for skills and building materials to meet a housing target that hasn’t been met since mankind first landed on the moon over 50 years ago. The HFI’s purpose is to support increased housing supply, back councils and businesses working together to build more homes and promote new ways to finance housebuilding.

Do get in touch if you would like to share ideas and suggestions on building the homes our country needs.

Best regards

Natalie Elphicke Ross
Head of Housing Delivery

natalie@hfi.org.uk


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HFI Pre Budget Briefing October 2024