Hyde boss predicts tough times for sector
Only a minority of housing association will adapt to the new social housing landscape and continue to build and invest in homes, according to the chief executive of one of England’s biggest housing associations.
Steve White, group chief executive of 43,000-home Hyde Group, revealed his predictions at the association’s annual meeting this week.
He told the 180 attendees that the environment was likely to become ever more turbulent due to lower levels of government funding, welfare reform and banks’ reluctance to lend.
‘Some will struggle,’ he said. ‘Others will survive, but stop building new homes as they conserve their cash. But a minority will adapt and continue to build and invest: Hyde is such an organisation. This is because we’re financially strong and are improving our performance.’
At the meeting Mr White revealed that the organisation had posted a surplus of £13.8 million in 2011/12 (down from £17 million in 2010/11) on an annual turnover of £229 million (£243 million in 2010/11).
Julie Hollyman, group chair, added: ‘This time last year I said Hyde was in good shape, and my optimism was not misplaced – we’re in even better shape now.’