Housing Associations selling off properties

[Puppa smurf]

Hi has anyone noticed recently the local housing associations are selling off most of their properties in dulwich?  Some at excessive prices.

[alice]

Lots are going broke

[Jenijenjen]

I've noticed that they've sold a few Victorian family houses they've owned which cost a lot to maintain. It makes greater economic sense for them to cash in on ED prices and put the money into new builds that are not so expensive to maintain.

[malumbu]

Wow, That was weird, first time I knowingly have had a question answered by AI:

Stock management

Housing associations may sell properties to invest in improvements or develop new ones.

• Funding

  Housing associations may sell properties to fund new developments, such as in expensive central London.
• Profit

  Housing associations may sell properties to generate profits that can be used to fund affordable housing.

Housing associations are non-profit organizations that reinvest profits from the sale of properties into developing and offering more affordable properties. They may also use the funds for maintenance or improvements to their existing properties.

 

Some say that housing associations have become more like property speculation outfits. They argue that residents and communities should be informed about which homes are being sold, why, and how the money is being reinvested.

 

There are also shock horror articles too, from the Guardian and the like

Edited October 15, 2024 by malumbu

[Insuflo]

No, I hadn’t noticed. Did you have a particular HA in mind or are particular estates or properties being sold?

[JohnL]

 

May make sense for the HA

For the residents I guess this means the freeholder becomes some financial organisation that's likely to further increase service charges/ground rent/lease extension charges (whichever is applicable).

Edited October 16, 2024 by JohnL

[mfp]

It depends if the HA are selling them off for cheap though. A house near me was recently sold way below market value and didn't  even reach the market. There was a KFH board outside for one day. No one had a chance to buy it. It's now being developed and I guess will be sold at double the price. 

It would be good if HA's did this and made the profit themselves to go back into the system.

I just hope the previous family were not forced out - they had been there a long time.

[belladonna]

My neighbour was rehoused and his housing association flat was auctioned.  It takes so much investment to upgrade a Victorian flat to modern requirements it's apparently not worth their while to do this.  The builders have a business taking these flats on and upgrading property and selling on at a profit.  Less social housing, more private owners.

[Dulwich dweller]

I presumed that HA's only manage the properties for the council who own them. It's certainly the case with some properties. They've gone way beyond their original purpose as a social landlord. L&Q for example manage that huge new build that replaced the Heygate. There's very little social or affordable housing on that plot now. The gentrification and social cleansing of London is in full swing and aided and abetted by HA's that once existed to provide housing for low income families and workers. It stinks and at the same time the likes of the new Heygate was being touted as a great opportunity to profiteer and was partly sold off plan to overseas investors and BTLL. The corruption that went on over that land was outrageous and blatant.

[Penguin68]

21 hours ago, Dulwich dweller said:

I presumed that HA's only manage the properties for the council who own them.

Most (if not all) Housing Associations own properties which they manage; some additionally provide management services to Local Councils who have chosen to retain freehold over their properties but engage social housing management experts to manage the properties day-to-day. The Local Authorities who do retain freehold will then also undertake (fund) additional capital works necessary for maintenance and repair purposes. Life becomes more complex when Local Authorities sell leaseholds within estates which also have renting tenants and which may otherwise be managed by Housing Associations on their behalf for the continuing 'social housing' element.

[Puppa smurf]

On 15/10/2024 at 16:31, malumbu said:

Wow, That was weird, first time I knowingly have had a question answered by AI:

Stock management

Housing associations may sell properties to invest in improvements or develop new ones.

• Funding

  Housing associations may sell properties to fund new developments, such as in expensive central London.
• Profit

  Housing associations may sell properties to generate profits that can be used to fund affordable housing.

Housing associations are non-profit organizations that reinvest profits from the sale of properties into developing and offering more affordable properties. They may also use the funds for maintenance or improvements to their existing properties.

 

Some say that housing associations have become more like property speculation outfits. They argue that residents and communities should be informed about which homes are being sold, why, and how the money is being reinvested.

 

There are also shock horror articles too, from the Guardian and the like

I've noticed it's Hyde housing association and L&Q