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Additional Information
In 2009, UK housing association stock was estimated to total 2,7 million units. This represents a growth of 2% on 2008. The housing association market has been sustained by increased government expenditure, particularly through projects promoting development of affordable housing such as Social HomeBuy, and continued large scale transfers from local councils. However, the increased cost of debt, falling private sector development and restrictions on mortgage lending have all contributed to slower growth in 2009.
The housing association market is expected to experience further growth between 2009 and 2014 as continued investment in new properties and large scale transfers from local authorities boost dwelling stock.
Public sector capital expenditure is expected to decline from 2011 as current spending levels are unsustainable against the background of public sector debt. The general election due in May 2010 is likely to bring about a significant spending review.
Demand is expected to remain high for housing association properties and an improvement in the private sector is likely to bring about renewed investment from banks and through S106 arrangements.
England accounts for the vast majority of housing association stock in the UK, with Scotland, Wales and Northern Ireland accounting for around 15% of stock.
General needs social rented properties account for around three quarters of housing association stock, whilst supported housing makes up a further 17%. The remainder of the market consists of shared ownership and non social housing.
Leading housing associations in England include the Sanctuary Housing Group and London and Quadrant Housing Association. In Scotland the market leaders are Glasgow Housing Association and Dumfries and Galloway Housing Partnership whilst in Wales the market is led by RCT Homes and Wales & West. In Northern Ireland the largest housing associations are Helm Housing and Fold Housing Association.
