We believe a social tenancy improves people’s life chances and helps them thrive in a number of ways. It contributes to their wellbeing, helping them to realise their potential, enjoy their environment, work meaningfully and contribute to their community.
In 2018, we commissioned an independent report by consultant Bates Wells to better-understand and quantify the social impact we had as an organisation (our ‘social purpose’), and to help identify the extent to which we contributed to societal change.
We wanted to put a value on the impact social housing could have, not only in creating safe and sustainable communities, but also in reducing the burden on emergency services, healthcare and local authorities, to demonstrate that social housing saved money and impacted positively on the economy.
Clearly, the value of a social tenancy will change over time and so, in 2019, we asked Bates Wells to update the original research, to ensure it continued to reflect the lives of our customers and to update the costs used in our calculations, as well as considering the number of homes we built and maintained in the past 12 months.
The insight provided by this study will help shape our future strategy and ensure we continue to provide more people with a roof over their head so they can make a home.
Including the direct value of a social tenancy and the economic benefits of building and maintaining homes.
- £15,689 - Total annual value of a Hyde tenancy
- £553m - Hyde’s total annual social value
Saving money for society in 2018/19
£186m – Total economic impact of Hyde customers in work
£91m – Health-related savings generated by Hyde tenancies
£51m – Local authority savings by moving people out of temporary accommodation
£57m – Savings in reduced police call-outs and the cost of crime.
Our summary of the report (PDF, 842KB) includes some personal stories of our customers, which really bring this social value to life, and an outline of the benefits to the Treasury.
Read the 2018/19 update (PDF, 1.4MB) to the Value of a Hyde social tenancy report, to understand how we quantify the social impact we are having as an organisation.
The Reporting criteria (PDF, 3.0MB) provides a summary of how Bates Wells modelled and calculated the values.
The Value of Hyde social tenancies to the Treasury (PDF, 235KB) outlines the direct relationship between the number of social tenancies and the return generated to both public finances and to the UK economy.
We are making the model available to other social housing providers, to help develop and improve it, as well as developing consistent measurement across the sector. We also want to reinforce the message that housing associations are a ‘third way’ between the state and the private sector and to drive investment in social housing.
Contact Bates Wells to find out more.