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Graham Colls, Chief Executive, Magna Housing Group

With the impact of the recently announced emergency budget cuts, and the forecast that all Government departments will cut spending by 25%, there are many changes currently affecting the housing and development world.

The HCA’s role after its creation in December 08 was to disburse grant to keep builders building and developers developing. It has now shifted to devising new ways of agreeing priorities – the so-called ‘single conversation’. This has spawned ‘local investment plans’ (LIPs), though each county seems to be doing things differently. It remains to be seen how these plans fare. What is notable for a housing development consortium is that the HCA is now looking, as its remit requires it to, at non-housing projects, for example Bournemouth Airport.

The question, as the world of housing development continues to change, is will the development strategies of Source and its member RPs change? Source has proved it can cope with change. Our innovative joint funding proposal that enabled work to commence on 293 affordable homes in Yeovil at the height of the property downturn demonstrates Source’s ability to thrive in unusual times. I’m pleased to say this partnership working has proved a success, and the development continues to progress well.

We also need to look at different markets, such as deciding how to help the large body of people who in the past would have progressed to owner occupation but who now cannot get a mortgage because of the credit crunch. They now look to the likes of us for help.

Source will do its best to provide it.

Graham Colls
Chief Executive, Magna Housing Group

Last updated: 01 July 2010