Inventing our future Collective action for a sustainable economy

The balance between investment in existing housing
stock and new housing
8.7 The key objective of the RHS is that everyone in the East of England will be able to live in a decent
home in the future. The implication is that the RHS must consider both the housing stock that
exists now and the planned new future provision. In terms of numbers, the vast majority of the
2021 stock will be that which exists right now. The condition of the existing housing stock, and
the suitability of properties for accommodating the needs of the households living in them in the
future must therefore be very important.
8.8 Given the fact that most homes are owner-occupied, most of the measures to ensure a
sustainable future for the Region’s existing stock will need to be aimed at facilitating
whatever private investment is necessary. In other words, giving priority to the existing stock
means primarily a priority for policy and action to facilitate private investment, rather than for the
use of public investment, although clearly this will be an important consideration where it is publicsector
stock involved (see Decent Homes below).
8.9 In contrast, public investment needs to be focused on the area in which the private sector is least
able to meet need: providing subsidy for new affordable housing. Therefore, where public
investment is needed for investment in the existing stock, the RHS proposes careful targeting
to ensure that it is used only where it is necessitated by an inability of private funding to provide
a solution.
8.10 The RHS proposes that in the short-term, 15% of regional resources for public capital expenditure
in the East of England should be used for investment in the existing stock. Its use will be targeted
carefully on non-decent private and public-sector stock for which there is no realistic source of
private investment, and on bringing empty homes back into use. The level of funding will have to
be reviewed over time as circumstances change.
8.11 Carefully targeting public investment in existing stock at this level means that the RHS is able to
release a maximum of public resources for investment in new homes. Thus giving priority
to the challenge of bringing the supply of new affordable housing in line with the anticipated high
demand.
Investment in the existing housing stock
8.12 The targeting of public investment in the existing stock should be according to the following
framework of polices and proposals.
Decent Homes in the public sector
Regional Housing Strategy for the East of England: 2005–2010
8.13 On the basis of the options appraisals undertaken during 2003–05 by the stock-holding local
housing authorities in the Region, plans will be in place in the latter half of 2005 for ensuring that
each authority’s stock can meet the Government’s Decent Homes Standard by 2010. In some
cases, it is anticipated that the agreed option will be retention in the public sector, with an
acceptable level of further capital investment from public resources. Where it has been agreed
that a local authority should retain its housing stock, the highest priority for public
investment will be provision of whatever has been accepted as necessary to meet the
Decent Homes Standard in that stock.
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