Registration as a Provider of Social Housing
Registration as a Provider of Social Housing
Inland Homes plc (AIM: INL) ("Inland Homes" or the "Company"), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south east of England, announces that its wholly owned subsidiary Rosewood Housing, been registered as a for profit provider of social housing by the Regulator of Social Housing.
It follows a two-year qualification period and gives Inland Homes the authorisation, as it looks to further diversify its housing proposition, to build new homes on more of its sites once planning consent has been received. The Company will develop, hold and manage Section 106 homes, comprising a blend of shared ownership and social housing units for rent, that need to remain within the regulated sector whilst owned by a Registered Provider. In particular, the Company expects to generate visible and attractive income from shared ownership "staircasing", whereby residents can buy further shares in their property once they have lived in it for a certain period of time.
Inland Homes is one of the first UK publicly listed companies to attain registered provider status, as it looks to amass an affordable housing portfolio through the construction of new units at both its existing and future schemes. Once it has achieved critical mass in this specialist sub-sector, Inland Homes will look to partner with an institutional investor to help deliver further portfolio growth.
Stephen Wicks, CEO of Inland Homes, commented:
"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. 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."