An acute shortage of subsidized housing for low-income families in the U.K. is drawing some unexpected investors.
Man Group Plc, the world’s largest publicly traded hedge fund manager, is poised to start a fund to finance construction of affordable homes, according to a person with knowledge of the matter. Man has hired former Cheyne Capital Management (U.K.) LLP partner Shamez Alibhai to run the pool, the person said, asking not to be identified because the information is private.
The news wire has been told by a source “with knowledge of the matter” that the company, which manages around $114bn, was poised to start the affordable housing fund and had recruited a partner from a rival to oversee it.
Man would be the latest in a list of major private players entering the social housing market, following moves by Blackstone and L&G.
Last week Inside Housing revealed that property billionaire family, The Pears Group, had also laid out plans to enter the social housing market.
The Evening Standard runs a piece saying that four in 10 people have considered leaving London due to rising cost of housing.
The paper was following up on a report by business group London First which found that 38% of all Londoners have considered leaving London, with a quarter of those planning to move out of the capital in the next year.
Also included in the piece was an attack by housing secretary James Brokenshire on London mayor Sadiq Khan’s housing delivery record, calling on the mayor to “up his game”.
Here is Inside Housing’s piece on Mr Brokenshire’s criticism of the mayor and the Greater London Authority.
Construction Enquirer has a story on the opening of a new £12m housebuilding factory opened by large house builder Weston Homes.
The 60,000 sq ft warehouse will see homes constructed in a similar way to a car manufacturing plant, with the factory able to supply 60 homes a day.
A blueprint for the construction of 10,000 homes around the Welsh county of Carmarthenshire has edged a step closer, with the masterplan going out to public consultation.
Wales Online has details of the 15-year plan which will see affordable and private sale homes.
The Welsh-based website also follows up on an Inside Housing story on a technical glitch in the Universal Credit system which could see thousands of recipients miss out on payments.
Community Housing Cymru spoke to the website about fears that many of residents could miss out on one weeks’ rent due to the way the Universal Credit is set up on a monthly basis.
Politics Home has a comment piece today from Ellie White, senior policy and campaigns officer at Mind, calling for the development of a social housing sector with mental health at its heart.
Ms White argues that a number of social housing is not fit for purpose and this is having a negative affect on people’s mental health.
She says 43% of people with mental health problems had seen their health deteriorate as a result of living in sub-standard accommodation.
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