Hexagon has a corporate objective to develop new homes and this strategy will allow us to achieve this objective in the most efficient and sustainable way.
Despite the pressure on grant levels and the contractual burden grant funding brings, we will continue to rely on grant from the GLA as this helps us to keep rent levels low and affordable, and reduces financial risk.
With grant levels at fixed rates, alongside ‘fixed’ rent levels we have to rely on a larger, outright sale programme to ‘fund’ an affordable rented housing programme. This will be delivered in a measured way, proportional to our business objectives and within an effective risk management framework.
Where do we want to be by March 2021?
- All outstanding 15/18 AHP schemes completed by October 2018 (194 homes)
- Homes for Londoners 2018/2021 – Bid(s) secured to deliver 242 homes.
- All shared ownership homes sold within 6 months of completion
- £11m facility for outright sale maximised, generating cross subsidy to support affordable rented homes. These homes will be exchanged before practical completion.
- 2014-18 (and future) Environmental Sustainability strategy targets achieved
- 2014 -18 (and future) VFM Targets achieved
- A clear approach to OJEU compliant procurement of contractors and consultants
- Acquired a number of sites in line with our land investment strategy
- Piloted a precision manufacture scheme
- Purchased the 20 street properties required for Brickfield Cottages and concluded the investigations, works and any legal action
- Expanded our S.106 portfolio to control risk and maximise VFM
- Increased resident satisfaction with the defects repairs service.