Social housing in north-east England is to receive a £275m boost over the next five years, following large investments by local housing associations.
Sunderland Housing Group is negotiating funding for plans to build 4000 homes in the city over the next five years, while Tees Valley Housing Group is to build a further 1000 at a cost of £75m.

Sunderland’s project would cost more than £200m, in addition to the £480m SHG has committed to upgrading its existing properties.

SHG chief executive Peter Walls said the homes would replace the “sub-standard” stock SHG received in a stock transfer from Sunderland council in December 2000.

He said SHG was confident it could persuade lenders Royal Bank of Canada and Nationwide that more demolition and new build would be a better investment than its current business plan.

To this end, Walls said it was necessary to revalue SHG’s 35,000 homes, as they had been undervalued at the time of transfer to ensure the process went smoothly.

Walls added that SHG wanted to establish partnerships with developers to realise some of the land values locked in some of the current “monolithic estates”.

Source

Housing Today