Inland Homes becomes registered social housing provider
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Brownfield developer, housebuilder and partnership housing company Inland Homes has, through its wholly-owned subsidiary Rosewood Housing, been registered as a for profit provider of social housing by the Regulator of Social Housing, it announced on Wednesday.
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The AIM-traded firm said it followed a two-year qualification period, and gave it the authorisation - as it looked to further diversify its housing proposition - to build new homes on more of its sites once planning consent has been received.
It said it would develop, hold and manage Section 106 homes, comprising a blend of shared ownership and social housing units for rent, that needed to remain within the regulated sector whilst owned by a registered provider.
In particular, the company said it expected to generate visible and attractive income from shared ownership ‘staircasing’, whereby residents could buy further shares in their property once they had lived in it for a certain period of time.
Inland Homes said it was one of the first UK publicly listed companies to attain registered provider status, as it looked to amass an affordable housing portfolio through the construction of new units at both its existing and future schemes.
It explained that once it had achieved critical mass in the specialist sub-sector, it would look to partner with an institutional investor to help deliver further portfolio growth.
“This is a significant milestone for Inland Homes, which will accelerate our drive into the provision of much needed affordable housing in the South and South East of England, continuing the expansion and diversification of our revenue streams,” said chief executive officer Stephen Wicks.
“Through our current partnership housing activities, the team now has a wealth of experience and knowledge of the UK social housing sector and this approach will complement our develop-to-sell strategy, leveraging the capabilities of our rapidly growing in-house construction division.”