Posted on 25 August 2021
The ‘core’ social value of Hyde’s tenancies (excluding construction and maintenance impact) was £502m, or £14,781 per tenancy in 2020/21, up from £471m and £13,682 in 2019/20.
The Value of a Hyde Social Tenancy report, which we've been publishing every year since 2018, puts a value on good quality, well-managed social tenancies. It shows how, by giving people a secure roof over their heads, we can not only enrich their lives but also contribute millions of pounds to the economy, by giving people better life chances and allowing them to realise their potential.
“Aside from inflation, the increase in core social value was due mainly to the sharp rise in people moving into social housing from temporary accommodation during the coronavirus pandemic,” said Kerry Starling, Head of Social and Economic Investment.
“This was most likely the result of the Government’s ‘Everyone In’ campaign to support, and find housing for, those sleeping rough or in emergency accommodation. Moving people from temporary accommodation to social housing delivers significant savings for local authorities and, as a result, increases the value of social tenancies.”
Despite the increase in core social value, the total social value of Hyde’s tenancies fell to £648m from £723m in 2019/20.
“This was directly caused by the dramatic reduction in construction activity last year during COVID-19,” Kerry explained. “This meant the economic impact from construction reduced from £236m in 2019/20, to £101m in 2020/21.
“Fortunately, because we resumed our full repairs and maintenance service during the second and third lockdowns, the economic impact of maintenance activity was minimised, with only a slight drop, from £51m in 2019/20 to £45m in 2020/21.”
Read the 2020/21 Value of a Hyde Social Tenancy update (PDF, 876KB) to find out how social tenancies are changing people’s lives.
The £502m core benefits of Hyde’s social tenancies explained
Social value is generated from a combination of better outcomes for tenants, savings to public services, economic value created through employment and more efficient use of resources. The core social value is shared between a number of sectors:
- Economy: £243m. 10,642 more adults are in work through the stability of social housing and social tenancies reduce presenteeism and halve absenteeism.
- NHS: £94m. People living in social housing have improved physical and mental wellbeing, resulting in: fewer drug and alcohol issues; fewer falls for the elderly; reduced incidence of childhood asthma; and fewer GP and A&E attendances.
- Police and justice: £66m. People living in social housing are less likely to be involved in, or be victims of, crime.
- Local authorities: £59m. Social housing reduces the need for temporary accommodation; older people can live independently, for longer, and fewer children are on the Child Protection Register.
- DWP: £20m. People in social housing are more likely to be employed, reducing Universal Credit claims.
- Education: £16m. Children living in social housing are more likely to attend school and have improved earning potential.
- Banks and creditors: £2m. People living in social housing are less likely to have problem debt.
- Fire service: £2m. Secure, safe and high-quality social housing (along with customer support) reduces the risk of domestic fires.