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Mark's latest blog:

Future prospects for local housing companies

4/18/2016

5 Comments

 
So what does the future hold for the emerging local authority housing companies? Will they survive and prosper, or be a short-lived anomaly?  Much depends on central Government and how it chooses to legislate - the Localism Act currently provides the general power of competence that, more broadly than the well-being powers that preceded it, enables local authorities to do almost anything they want to, unless explicitly ruled out elsewhere in the law.  Trading offers councils a route towards self-sufficiency through commercial activity that can supplement local taxation and business rates to meet the costs of essential local services, without calling on central Government grant support.  This must be a trend welcomed by the Treasury, provided the risks taken by fledgling council companies do not result in losses or bankruptcies.  Arguably there are unlikely to be any outright business failures in this sector, given the reputational impact in a political environment; councils will carefully bail out any of their wholly owned companies that fail to become profitable, and then quietly dissolve them.  

​With the consolidation and merger trend in the housing association sector creating mega-mergers of multi-billion pound landlords, will there be pressure on local authority housing companies to rationalise and combine efforts to achieve efficiencies and economies of scale?  This looks unlikely, given the rather parochial local political motivation and control of these entities. They may be mostly rather small with turnovers of only a few millions at best, but for local elected councillors they offer control, payback and something tangible to show to the community, in a way that increasingly distant larger housing associations may struggle to demonstrate.
5 Comments
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9/28/2017 04:40:02 pm

I believe housing companies will do okay in the future. There are still many people who buy houses so I do not think that they will be out of the business. The time will come that a business will have to suffer some losses, but that is normal in a business. A business will not be successful if it does not experience some rough times. Just like how people would never learn lessons if they do not go through bad times in their lives.

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9/12/2017 03:11:20 pm

If you can come up with the money that you weren't able to pay, which led to the start of the foreclosure proceedings in the first place, you can stop the process. But that will be if you come to a good agreement with the mortgage company. This will involve talking it out and renegotiating a more easy term that won't lead you into trouble in the future.

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