Posted on 03 December 2019
Following on from the success of our Value of a Social Tenancy report 2017/18, Hyde recently launched the next stage of the report, as well as a guide, to assist other social housing providers determine the social value generated by their own stock and services.
The independent report from Bates Wells, found that we contribute £15,689 per tenancy, per year to the economy through the quality of our housing provision and services for customers. Across our portfolio of over 50,000 properties, this equates to a total socio-economic value of over half a billion pounds per year.
At the event, we called upon the sector to adopt such assessments as best practice to demonstrate the value delivered through social housing across the UK.
Peter Denton, Chief Executive of the Hyde Group, said:
“This report underlines the importance of social housing not just to communities, but to the economy. Investments made by social housing providers extend far beyond just providing homes. By delivering a comprehensive programme of services for residents, we are helping people to transform their lives as well as making considerable savings for both local authorities and for government.
“It’s vital that all social housing providers demonstrate the value that their housing provision and services are providing. We look forward to working with our peers to ensure this model is used consistently across the industry. This is so that we can have a better understanding of the benefits of a social tenancy and collectively make the argument that social tenancies deliver for government, as well as thousands of people across the UK.”
Former Housing Advisor to Number 10, Toby Lloyd, who spoke at the event said:
“From a political standpoint, in order to secure more investment in social housing, a rigorous academic study to support the economic case is needed. The Value of a Social Tenancy report from Hyde does just that. It successfully makes the economic case backed up by hard data, which is invaluable when making the case to HM Treasury.”
Amongst the report’s findings, Bates Wells concluded that our tenancies provide:
- £186m in economic social value by enabling people to get back into work, reducing absence rates; with £15m in savings to the Department for Work and Pensions through increased employment.
- £91m in savings for the National Health Service by tackling drug and alcohol issues, reducing instances of damp-induced asthma in children, and preventing and reducing the risk of accidents and falls amongst the elderly and infirm.
- £57m in police savings by preventing approximately 7,000 incidents and reducing police call-outs.
- £51m in local authority savings by enabling more than 6,000 residents to move out of temporary accommodation.
- £10m in education savings by encouraging higher school attendance rates.
The Value of a Social Tenancy 2018/19 was launched on 27 November at City Hall.