Agenda and draft minutes

None.

RESOLVED – that the minutes of the meeting 9 January 2024 be confirmed and signed by the Chair.

To review and consider proposals for the Housing Investment Programme, including key achievements over the last year and the progress of the delivery of the programme.

The Director: Prosperity & Investment and Service Delivery Manager: Housing Investment Programme provided an annual update on the Housing Investment Programme following a recent presentation to Cabinet at its meeting on 4 January 2024. The Housing Investment Programme was established in 2015 and was in its ninth year of operation. The objectives of the programme had remained the same since its creation, which included raising the standards of rental provision in the Borough.

To date there were 485 homes that had been developed with a further 359 that were planned or in delivery, making a total of 844 homes with 124 of these being  classed as affordable homes, with the programme having supported the delivery of a further 399 affordable homes on sites jointly developed alongside a Housing Association partner. Nuplace had been firmly established as a leading brand and landlord of choice for renters in the Borough. This was evidenced with the annual tenancy survey where 96% of tenants said they would recommend Nuplace to friends and family. There was a circa of 1,350 people that were living in a Nuplace property across ten sites.

Members were informed of the recent achievements of the Housing Investment Programme and Nuplace. One of which was that voids for the financial year 2022/24 had been contained at approximately 1.91% and below the budget assumption of 3.16%. The programme had delivered a capital growth on the £66.8 million invested to 31 March 2023 with a capital value of £86.7 million.

The presentation summarised the opportunities and challenges in terms of the housing market and future development of the programme. This was outlined in four main areas; the construction industry, legislative changes; financial markets and the housing market. The construction industry presented an increase in construction costs with an increase in labour and materials as well as price fluctuations which would lead to uncertainty. Recent legislative changes presented opportunities and challenges. This included an end to no fault evictions, a decent home standards and increased fire safety. The financial market had indicated that interest rates were rising and remained high. In relation to house prices, Members were advised that there had been a strong increase which was followed by a recent decline. There had also been a strong increase in relation to private rents from 18% to 23% over the last five years.

Members were informed of the growing portfolio which included properties that were completed, in delivery and/or planned. These included sites such as Southwater Way where 46 homes were completed in August 2022. Some of the in delivery properties included The Gower, St Georges which would include 13 dwellings for Nuplace and the creation of a community hall and parish council offices with a scheduled completion for the end of 2024. The portfolio outlined future projects such as the Station Quarter development that sought 117 low carbon town houses and apartments for Nuplace. The target for Station Quarter was due to start July 2024 with a completion of Spring 2026.

The presentation outlined  ...  view the full minutes text for item BFSC19

To review the updated Work Programme for the Business and Finance Scrutiny Committee.

The Director: Policy & Governance provided the work programme review to the Committee. The work programme outlined the work that the Committee had completed, including the review of the Council’s budget, and the work that was yet to be scheduled, majority of which were workshops to be arranged. The Committee were informed that this was the last meeting of the municipal year and that the items to be scheduled would take place in the next municipal year.

It was highlighted that the work programme allowed for this as it was now a two year work programme. If there were further changes to the work programme the Committee would be informed accordingly. Members were advised that the item in relation to the LEP would be a movable item as it was impacted by national changes and Members would be kept updated as this developed.

The Chair had no further updates for the Committee.