We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.Donate to our crowdfunder
I do not intend to detain the Committee too much longer.
A consideration of whether to use a real estate investment trust to raise investment for social housing has been made more necessary by the position in which a lot of housing associations and other providers find themselves. In 2011-12, only 15,700 affordable homes were started in England. If the Government’s intention—or hope—to create 170,000 affordable homes by 2015 is to be achieved, something will have to be done, because some 42,500 homes need to be built in each of the four years from 2011-12 to 2015. The first year of that period has not delivered the required number, so there is a lot of ground to make up, and that is why housing associations and others are looking for other means of bringing investment into the sector to achieve these ends. It is worth considering using this mechanism to bring investment into the sector.