Donna Olver - Adaptations 420 x 237

What happens next?

Fundamentally Sovereign is a social business and we exist to help people in housing need. These policy announcements won’t change that but we’ll have to review our business plan and our strategy to make sure they remain fit for purpose.

We also don’t have the detail on many of these policies yet, and some will require changes to legislation. For example the Welfare Bill is progressing through Parliament.

Housing associations and government are working together to extend Right to Buy to  housing association residents.

The bottom line, however, is that Sovereign needs to become even more efficient and we’ll have to reduce our operating costs in line with the reduction in rental income. This will require tough decisions about priorities, investment in new homes and the level of service we can provide into the future.

Over the last 18 months we have been working closely with local authorities to redesign our relationships in order to build more homes and be more efficient. These new partnerships are likely to be even more important.

And we are working more closely with developers, setting up joint ventures where as well as combining skills and experience, Sovereign provides land and investment in return for a share of the profits. These returns can be reinvested in providing more new homes, available across a range of rents or for shared ownership.

 We will continue to support our residents, helping them adapt to the changes, particularly through employment support.