Housing associations have converted 4,832 homes from low-cost home ownership to general needs housing or intermediate rent in the last quarter.
The figure emerged in a report published by the social housing regulator today.
The Tenant Services Authority report reveals that 2,220 homes had been converted to general needs rent and a further 2,612 had been converted into intermediate rent.
It states that the conversions have ‘often been done with grant assistance from the HCA’. But it warns that ‘associations have to monitor the impact of changes in tenure type on their businesses closely, because they can have quite different cash flow dynamics’.
The report adds that the sector enjoys good access to finance with ‘£5.1 billion of the £5.4 billion debt needed over the next 12 months already in place’.
The survey looks at all associations owning more than 1,000 homes. If finds that many associations now believe the finance and housing markets are beginning to stabilise.
But it adds: ‘Although this view is more positive than in previous surveys, the performance of the housing market, access to finance and potential repricing of debt remain issues for many associations.’
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