Final full PDF

Insights
BUILD TO RENT:
SILVER BULLET
THE PROOF IS IN
THE PLANNING
LEARNING FROM
HOUSING ASSOCIATIONS
DRIVING
DELIVERY
in association with
Cutting-edge analysis of residential trends brought to you exclusively by Grainger
2015

I
n the first RESI Insights white paper we have
sought to harness some of the innovative
thinking from RESI 2015 to tackle the biggest
unanswered question: how does Britain deliver
more homes?
This white paper pulls together contributions
from many of the housing industry’s leading
figures. It is intended to bring the discussions from
the RESI Conference to the desks of all the readers of
Property Week.
Clear themes emerge through this report,
demonstrating a consensus for where some of these
solutions may lie.
Several of the contributors highlight that the
planning system must enable more suitable
development to take place, and this can only be
achieved by ensuring that local planning
departments have the resources required to do so.
Without the sufficient resource and staff, local
planning departments will not be able to assess and
process the number of planning applications we, as a
country, are required to submit if we are to get close
to meeting housing need.
Collaboration, cohesion and cooperation are
another theme that emerges throughout this report.
These words are used numerous times throughout
each chapter – always in reference to the
relationship between local councils and the private
sector. There is a need for local councils and other
public sector organisations to work alongside the
private sector to help unlock housing supply.
Lastly, however, the idea which surfaces within
these pages and is in my view the most important
and excites me the most, is of the need for a
planning system that truly caters for Build to Rent.
Local plans, viability assessments, planning
obligations, housing need assessments etc have
previously never really considered how to factor in
Build to Rent. This must change.
Build to Rent could significantly bolster housing
delivery numbers. It could also significantly improve
the quality and standards of private renting through
design, management and customer service. One way
to ensure Build to Rent will achieve its potential and
benefit the housing market to the greatest extent is
to utilize the concept of the rental covenant. The
planning system should formally recognize the use of
it, and local authorities should be actively encouraged
to employ rental covenants where suitable and
appropriate to bring forward more homes.
Whether it be supporting local planning
departments, public and private sector partnerships
or a planning system that supports the delivery of all
types of housing tenures, solutions must be found
and we hope some of them may be found in the
pages of this report.
We’re delighted to have been part of RESI for the
last nine years and to have been involved with this
white paper. Huge thanks must go to the
contributors who have given their time and we look
forward to continuing the work with colleagues
across the sector and across government to deliver
the homes Britain needs.
Nick Jopling Executive director, property,
Grainger
propertyweek.com2 04|09|15
We need to make
significant progress
on purpose-built
Built to Rent
Robert Evans,
Argent
More housing
of all types must be
the government’s
overruling priority
Lord Kerslake, former
HCA chief
UK institutions,
including L&G, are
under-invested in
residential
Bill Hughes,
L&G
Developers should
commit to training
skilled construction
professionals
Steve Sanham,
HUB
RESI Insights
Introduction

RESI Insights
propertyweek.com 04|09|15 3
Fixhousingbylookingtobestpractice
From your experience of managing large
regeneration projects, what key things could
we do to better address housing delivery?
We could do better by achieving greater alignment
and more collaborative working between the private
and public sectors. We need to understand and
address the serious funding and delivery challenges
facing city and local authorities and be innovative in
framing joint ventures and effective partnerships,
for example to make the best use of their land.
We need a model for municipal partnerships that
delivers on the bricks and mortar, yes, but also aligns
interests and expertise in employment programmes
and training, school and health provision, the public
realm and much more.
We need to make significant progress on
purpose-built Built to Rent and adopt more radical
policies to support it as an asset class and sector.
We also, I believe, need to make better use of the
registered provider sector. That sector can draw on
significant assets, skills, borrowing capacity and
design/delivery expertise. Registered providers are
regulated, display the ability to invest for the
long-term and have charitable purposes that attract
public trust and goodwill. So we have to find a way of
enabling house associations to deliver more homes.
That might mean offering them a longer term funding
settlement and clarifying what is expected of them. It
might also mean local authorities and companies like
Argent should work more closely with them.
At present, the sector gets mixed messages from
the government and regulators. Registered
providers have been expected to manage assets
carefully, be prudent and collect green traffic lights.
On the other hand, there is a national priority to
build more homes.
So we need to allow housing associations to
make better use of their assets? Yes. The public
purse has helped to pay for those assets so it is right
to think about how we can make best use of them.
For example, the government-backed Affordable
Housing Finance vehicle has recently raised £208m
on behalf of six housing associations, at a record low
yield. At the same time, however, the surprise
budget cut to social housing rents has reduced the
underlying value of those assets. Housing
association rents will fall by £2.5bn per
annum, according to the Institute for
Fiscal Studies. Councils similarly are
set to lose up to £1bn per annum.
Ultimately, housing delivery is
about political will. Housing
may be higher on the political
and news agenda, not least in
London and within the mayoral
campaign, but is it a high enough
priority, in reality? Politicians are tuned
in to all different types of voters, many of
whom are sitting on assets they want to continue
rising in value. So radical changes to housing
delivery will be politically complicated. It may mean,
for example, rethinking bits of the green belt,
increasing public sector funding and getting local
authorities building again, alongside developers and
social landlords. It’s difficult to see how the proposed
changes to Right to Buy will help housing delivery.
Would it be better for the government to take
these decisions now then, before it goes into
election mode and has to consider the
popularity of such policies? I’m not a politician, as
you can probably tell! However, it seems logical that
that it would be a good time to pursue difficult
policies early on in the parliament because it gets
harder later on.
Do we need a rethink about where housing is
placed within our political structures? We need
to have a long look at where housing sits, not just in
terms of government departments but also how we
create a sense of national purpose around building
more homes. Thereafter, city regions may offer one
of the best ways of tackling delivery on a more-than-
local basis. Again, is there the political will and
consensus to make long-term funding settlements?
Politicians say you can’t bind the hand of future
parliaments, but the truth is that government does so
frequently on topics as diverse as hospital funding,
defence and nuclear power.
Perhaps the government should be looking
more into municipal bonds then? Possibly.
Certainly they could provide a way of allowing
efficient investment at a more aggregate scale so
capital is not taking as much of a location risk.
How can you decant some of King’s Cross’
many successful traits and apply them to areas
further outside the centre of London with less
obvious connectivity and appeal
– whether it’s Middlesborough,
Leicester or Tottenham? There
are things that we would like to
think are transferable. Long-term
thinking, understanding of place,
the importance of the public
realm, planning skills, mixed use,
mixed tenure and stewardship.
This is key to how you phase a
place: making it attractive in phase
one to buy or rent a home and put
down roots but also opening up options
for phases two, three, four and five.
Success is also about partnership and being a
good partner. Working with local authorities and
others, building long-term relationships and trust
and aligning interests. ■
Robert Evans is a partner at Argent
We need to look at
how we create asense
of national purpose
around building
more homes
Robert Evans
While the newspapers overflow with stories about ‘Britain’s housing crisis’, Argent’s Robert Evans says
politicians lack appetite to tackle the problem and public and private sectors must work more collaboratively
PHILIPDURRANT

B
ritain’s housing market is on
the cusp of a rental revolution,
but as a sector we need to
make the benefits clearer.
Recognising the gap in the market
for well-serviced, professionally
managed rented housing, billions of
pounds of investment is flowing in –
largely from institutional investors.
No longer will renting have to be a
choice between ageing buy-to-let
properties owned by distant
landlords. Instead people will be able
to choose between homes with a
range of on-site amenities and shared
spaces; helping create a sense of
genuine community many tenants
currently lack.
New entrants are drawing
inspiration from the US multi-family
sector. While not all the lessons are
transferable – for example land
availability and affordable housing
requirements differ greatly – there is
still a great deal that can be learned.
The most critical element in my view
is service. The maturity of North
America’s multi-family market means
everyone is now involved in an
‘amenity arms race’ – differentiating
your brand through the level of service
offered. As with the rise of budget
airlines, challenger banks or any
number of
digital apps,
choice can really
benefit the
consumer.
Just as in the
digital world,
great design lies
at the heart of
good service in
housing. During
my time at
Bozzuto, a US
multi-family brand, we would focus on
what we termed the ‘walk of the
customer’. We would ask how they
enter the site, where they drive or
walk in from and how they know
where the front door is. It may
sound overly simplistic, but you
usually find many issues you would
not have considered.
Grainger is taking the same
approach, delivering everything from
the customer’s point of view because
if they are happy they have no reason
to move out, saving us on costly voids.
Grainger is well positioned to move
into Build to Rent following more than
a century of experience as a
residential landlord and property
manager. These transferable skills
give us a head start on firms starting
from a clean slate. It is this experience
that led Grainger to integrate its
various functions to ensure that the
property and asset management
team is working alongside the
development team when designing
our Build to Rent homes.
This collaborative approach is
needed for Build to Rent in the UK. In
the US there is more of an open-book
approach, with lots of market
information not available in the UK. To
some degree this comes with market
growth, but if we want to achieve that
we need to be transparent.
The sector also needs to cooperate
with local government if it is to
succeed. The US multi-family sector
took decades to reach maturity, but
one of its first actions was to educate
the local authorities. In turn they
started creating incentives for
developers, such as housing zones
and tax breaks to build in
contaminated or brownfield land,
which is what you’re starting to see in
the UK at a national level, but not as
much at a local one.
Clearly, the federal structure of the
US sets it apart from the UK, but
nevertheless working effectively in
partnership will be key to delivering
homes at scale and ensuring Build to
Rent can truly forge communities
across the UK.
Developers also need to show the
benefits for councils of doing Build to
Rent. Partnerships, such as ours with
the Royal Borough of Kensington and
Chelsea, in which they keep the land
and we develop and manage the rental
buildings, can provide a steady
long-term income stream in a time of
straitened budgets.
Build to Rent can revolutionise
housing in the UK. But this will only
happen if there is a genuine
understanding of what it can bring.
And for that to happen, the industry
needs to act together. ■
P
lanning reforms announced in the summer
budget were a firm signal that ministers
want to encourage, rather than stifle,
development. The success of these
measures has yet to be seen, but the next biggest
obstacle housebuilders face is construction costs.
Having scraped along on tiny margins through the
downturn, contractors are now seeing renewed
pressure on resources, materials and equipment,
leading to huge increases in construction costs.
The pressure on materials and equipment is
extreme, with brick prices rising by 9% in the first
six months of this year, and cranes being imported
from all over the world to keep up with demand.
There seems to be little that a developer can do to
try and influence those
factors, but where we can and
should commit ourselves is to
the training up of skilled
construction professionals.
Not only does this support the
industry, but also makes our
efforts in the regeneration of
the areas we work in more
meaningful and worthwhile.
The government does
support apprenticeships and
there are many laudable initiatives established to
funnel funding through into results-based
programmes. But it is far from clear as to how
successful many of these are – in some cases if
someone turns up for a couple of weeks work they
might be considered to have taken part in an
apprenticeship course and/or be a local employee,
so a tick goes in a box and that’s that.
Another problem is the majority of the funding
available for apprenticeships is also funnelled into
16- to 19-year-olds – a politically popular age group
to assist, but not an age group particularly welcome
on a building site. As a result, unskilled adults in their
20s find it challenging to access funding for their
courses, and contractors find it difficult to get the
necessary support to employ them. Yet it is this age
group who are being left behind by society, and who
would benefit the most from upskilling.
If we are to deliver homes in the numbers we
need, at the rate that we need them, then we need
to address the delivery side of the equation, and
that means taking an interest in the people who
build the homes for us. ■
Transparency is key to
successful Build to Rent
There are not enough skilled people in
the capital to build high-density homes
RESI Insights
Michela
Hancock
Director - private rented
sector, Grainger
Steve
Sanham
Development director,
HUB Residential

54%of private starts
are delivered by the
11 largest builders
Source: HBF Survey Q1 2015
% of builders considering factor a major constraint
63%
Planning
delays
49%
Labour
availability
39%
Labour
costs
30%
Materials
availability
Materials
costs
An average of 32%of sales
are supported by Help to Buy
among the major housebuilders
Annual housing shortfall
across Great Britain
The gap between new homes starts, planning consents and housing need
Source: DCLG, TCPA, CCHPR,
Scottish Government, Welsh Assembly Source: HBF, DCLG, TCPA
300,000
250,000
200,000
150,000
100,000
50,000
0
250
200
150
100
50
0
2014/15 Starts Housing need
England Scotland Wales New Planning Consents New Homes Starts
136,000
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
Additionalhouseholds/homesin
England(000sperannum)
TCPA need
projections
ResidentialUnits
28%
I
f there has been a positive outcome
of the credit crunch it is a change in
our attitude to housing. There is
now a genuine realisation of the
issues facing young people trying to
get onto the housing ladder and a
much greater focus on increasing
housing supply.
There are clear challenges to
delivering the housing we need in a
more regulated mortgage market –
especially given the strong historic
relationship between transaction
levels and levels of housebuilding.
Various incarnations of Help to Buy
have sought to counter the deposit
affordability issue faced by those
seeking to get on or trade up the
housing ladder. These measures have
drawn criticism from those espousing
the risks of stoking demand without a
supply-side response.
So against the localism rhetoric, it
has been interesting to see central
government seek to intervene where
local plans are not in place by 2017 and
open up the planning system where
local authorities do not have a
five-year
land supply.
This has
started to pay
dividends, with
planning
consents
increasing
substantially as
the market has
improved. But it
will be a while
until this translates into starts and
completions, given shortages of labour
and materials and a reliance on a
relatively small number of large
housebuilders.
Initiatives such as Help to Buy and
the Starter Homes scheme, in part at
least, reflect a political fixation with
home ownership, which has led to a
strong emphasis on building homes for
sale. While these schemes clearly have
an important part to play, there is a
danger that housebuilders become
overly reliant on such schemes and we
lose sight of the need to build the right
types of property in the right locations
across a range of tenures to meet the
diverse needs of society.
Whatever the desire to give as many
people the opportunity to own their
home, we need to build for rent as well,
given the underlying shift away from
mortgaged owner-occupation. In
reality government policy, such as
restricting the tax relief available to
buy to let investors on
mortgage interest, can
only go so far in
tempering this
underlying trend.
So the case for
institutional
investment in
the private
rented sector
grows. More than
ever it needs a
stimulus to get it moving.
At the other end of the
spectrum we have a growing elderly
population sitting on a significant pool
of equity in housing, which they often
under-occupy and which is regularly
ill-suited to their future needs. Much
greater emphasis is needed to deliver
more housing that encourages them
to downsize, especially given the
proposed changes to inheritance tax.
In both cases planning has a critical
role to play in recognising and
accommodating these needs at scale.
At the heart of this is a need to
understand the nature of demand for
housing, which goes beyond a
simple one-dimensional
numbers game.
The industry, with
help from government,
then needs to develop
the models that
establish how a wider
range of housing can be
delivered in a financially
viable manner. The use
and co-ordinated release of
surplus public land is important
in assisting in this process. By
providing a lead on land assembly,
funding of infrastructure and new
models of delivery it could contribute
more than just the homes that it
accommodates. ■
Allanglesconsideredtoboostsupply
RESI Insights
Help to Buy and
Starter Homes hint
at a deeper problem:
our fixation on home
ownership
Lucian Cook
Lucian Cook
Director of residential
research, Savills

RESI Insights
Party in the Park community event on the
Walworth Estate, sponsored by Grainger
Grainger purchased this regulated tenancy
portfolio in sought-after Chelsea in 2014
Abbeville Apartments in Barking, London, has a
communal residents’ garden and free wifi
The Moor Pool Garden Suburb in Harborne,
Birmingham, is designated a Conservation Area
The Young Street redevelopment in Chelsea will
transform a multi-storey car park into 53 homes
Grainger’s Berewood scheme in Waterlooville, Hampshire, will
see 2,550 new homes and two new schools built over 15 years
Grainger’s Wellesley development
on the former Aldershot Garrison

RESI Insights
Progressivethinkingfrominstitutions
What are some of the low-hanging fruit we can
pluck to drive supply over the short-term?
The crucial thing is getting the planning system to
deliver more permissions. I believe planning
departments should have a centrally mandated
obligation to deliver a certain number of housing
permissions. It was one of the recommendations of
Lyons Review that I was involved with. Part of the
problem comes down to resources, but some clear
guidance from the government may help.
But of course this will only achieve so much…
Yes, and so the other thing that really needs
consideration is the overall capacity within the house
building sector. On reflection, investors like L&G need
to prioritise investing in non-cyclical, income-
producing property: Build to Rent, student
accommodation, retirement living and social housing.
So institutions should pick up the shortfall in
housing supply which has largely existed
since state-funded development ceased?
Correct. We need to be more progressive in our
attitudes towards investment and also in our
approach to construction, particularly given current
issues around costs and human resources.
In what way do you mean? Housebuilders are tied
to materials and labour costs within traditional
methods of construction. This needs reviewing. A
very appealing and relatively unfulfilled area of
opportunity exists around offsite construction. So the
factory production of a-cyclical residential is a
massive opportunity for the UK. It could help increase
output and cost-efficiency and drive an enhanced
offsite construction sector for the country. It is not
the same as finding more bricklayers and it is not the
same as finding more electricians on-site – it’s a
different mode of operation.
What role do you see Build to Rent playing in
upping delivery quickly, which is a critical
political concern? Rental property in urban areas
currently represent about 20% of stock, but it
should really represent about 30% to 40%. On
larger developments, the rate of progress can be
accelerated, as statistics suggest you can rent
properties six to eight times faster than you can sell
them. This generates an income stream for the
investor and a thriving pre-existing community for
new tenants.
And where do you see things sitting in 10
years’ time? I think within 10 years we’ll have a
sector that will become established into a much
bigger part of the investment universe: expertise,
professionalism, benchmarking and an increasing
level of transactions will make a significant material
contribution to resolve the housing supply crisis.
How much appetite does L&G have for
residential investment? We think the
whole of the UK’s institutional world,
including L&G, is massively
under-invested in residential. So
we are looking at all
opportunities very positively. I
don’t think we’re anywhere near
fully allocated. I’m responsible
for, in aggregate, just under
£20bn of investment and we
currently have less than £3bn in
housing. I believe there is potential
to double that without any concern
about total allocation.
Few companies boast the scope and brand
awareness of L&G across business and
consumer audiences. As society ages and
investment and technology evolve, should
there be a responsibility for greater cohesion
between private capital, the creation of
physical buildings and investment in solving
social issues such as health and education?
I think this is a very important point and L&G,
given its wider canvas, is in a very strong position
to collect those ideas together. I agree we have an
ageing population and an under-funded
healthcare system, so you need private
capital, technology and bricks and
mortar to come together and provide
the solutions.
Our national budget deficit
means the government has to
involve private capital in providing
solutions. L&G is a long-term
aggregation of capital on behalf of
the people. The individuals in the
ageing population you refer to are
those same people who hold pensions
and savings with us, for us to reinvest in
21st century society. There are huge
challenges ahead but with them many
opportunities. ■
Bill Hughes is recent past president of the
British Property Federation and head of real
assets at Legal & General Investment
The UK’s
institutional world,
including L&G, is
under-invested in
residential
Bill Hughes
Bill Hughes has been increasingly vocal on the need for greater institutional investment into housing.
He believes there is huge scope for a more progressive approach to planning, construction and investment.

RESI Insights
H
ousingprovedtobea
majorissueinthisyear’s
generalelectionina
waywehaven’tseenfor
decades.Across-partyconsensus
hasemergedrecognisingthatwe
needtobebuildingsome
200,000to250,000homesevery
year.
However,thereisfarless
agreementbetweenthemain
partiesastohowtogetthere.All
toooften,thedebateis
characterisedasabinarychoice
betweenfirst-timebuyersor
socialtenants.
Thetruthisweneedmore
homes,ofalltypesandtenures:
owner-occupied,sociallyrented
andprivatelyrented.
Buttheprivaterentedsector
(PRS)inparticularisindesperate
needofnewstock.ThePRShas
grownsubstantiallyoverthelast
decade,andmostindependent
expertsforecastitwillcontinueto
grow–tomorethanfiveandhalf
millionhouseholdsinthenext
fiveyears.
Tocaterforthisdemandwe
needtoencouragelong-term
institutionalinvestment.TheUS,
GermanyandScandinavia
(pictured)haveallestablished
institutionallybackedrental
markets,sothere’snoreasonwhy
wecan’there.
Keytounlocking
thisinvestmentis
extendingtheBuildto
Rentfund.Itisworking
well,butitneedstobe
acceleratedand
expandedifitisto
havemeaningful
impact.
AlotofBuildtoRent
developmentcould
takeplaceonpublic
land,whichwouldofferthepublic
sectoralong-term,steadyincome
streamaswellashelpingtotackle
ourhousingshortage.
We’vealreadymadegood
progressinopeninguppublic
land,buttheeffortneedstobe
widerinscope–notjustlimitedto
afewWhitehalldepartments
–andtheprocessspedupand
madelessbureaucratic.
Butmostcrucialtodelivering
newhomes,ofalltenures,willbe
improvingthecapacityof
planningdepartments.Thisisn’t
simplyaboutincreasingfunding;
it’saboutmakingsureplanners
havetherighttraining
andskills,andthat
planningisseenasan
attractivecareerpath.
Weneedqualityand
expertiseinboththe
publicandprivate
sectors.
Thisisevenmore
pressingaslocal
developmentplansstart
tocomeintoforce.There
hasbeensomeunease
overtheirintroduction,with
somefearingtheywillenduplike
thenow-scrappedRegional
SpatialStrategies.Butratherthan
beingatop-downimposition,
localplansaregenuinely
accountableanddemocratic,and
willbevitalinensuringnew
housingstockisdeliveredacross
thecountry–notjustinLondon
andtheSouthEast.
Ithasbeensuggestedthatthe
governmentreturnstobeing
directlyinvolvedinhousebuilding,
aswasthecaseinthemid-20th
century.Butbeforethatcanbe
seriouslyconsidered,weneedto
seehousebuilderstakingfull
advantageoftheguarantees
currentlyonoffer.Manyhaveyet
tobetakenup,andwillbecritical
tounlockinglong-term
investmentforprivate-rented
andaffordablehousing.
Clearlymorestillneedstobe
doneinuppinghousingdelivery.
Buttherehasbeenprogress,and
thegovernmentwillcontinueto
workwiththeindustrytoensure
Britaingetsthehomesitneeds.■
W
e need more housing
of all types including
for sale, for market
rent and affordable.
This must be the government’s
overruling priority.
If the UK is serious about
boosting housebuilding it needs to
place as much importance on
housing as on other infrastructure.
We need to prioritise and plan for it
as we do hospitals and railways. To
create the increased delivery we need, expanding
nationally significant infrastructure project status to
include major housing schemes really is key – especially
in areas of high demand.
Government driving through new developments
won’t be enough, however. Councils need to take an
active and leading role in increasing supply. This means
planning departments need to be adequately resourced.
Common complaints focus on the speed of decision-
making and the churn of planning officers. Both could be
tackled if planning departments were properly financed
and this could be recouped by a fall in costly appeals.
One way around this could be higher planning fees,
which I’m sure developers would accept in return for
stronger planning performance. Another would be to
give councils more control over their finances. But to
ensure fiscal devolution has the desired effect, it could
be tied to housing delivery. In short: more powers for
more houses.
Councils also need to be creative and collaborate –
especially at a regional level. Our two-tier planning
system works well on a local and national level, but fails
in between. Pooling resources and combining planning
teams would deliver consistent decisions across an
economic area and reduce costs.
Cooperating with the private sector is crucial as well.
This might mean some flexibility over section 106
agreements to support Build to Rent, or more formal
partnerships to utilise public land for long-term
income-generation. The private sector could be doing
more, using its own resources and creativity to create a
greater social impact.
The government needs to underscore these
opportunities with realistic commitments, particularly
on transport funding. Breaking down cross-
departmental silos to unify our approach across
education and health as well will be vital. ■
Let us build on progress already madeStrengthenplanning
Producedby Inassociationwith
Mark Prisk
MP and former minister
for housing and local
government
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Tel:+44(0)2082538692 Email:niki.kyriacou@propertyweek.com
Projectmanagement:SianWilde
Content: BlackstockCommunications
Design:LeeTiplady
Sub-editing:AliceHall
Lord Kerslake
Former HCA chief
executive & permanent
secretary to the DCLG

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