English Social and Affordable Housing Providers: A Comparably Less Favorable Government Financing Framework
This commentary discusses the institutional and government support for English Social and Affordable Housing Providers. It focuses on the government financing framework put in place by their supporting government, the United Kingdom. In DBRS Morningstar's view, the government financing framework for English Social and Affordable Housing Providers is comparatively less favorable than in France and the Netherlands, but this is partly mitigated by the close monitoring and forceful oversight of the Regulator of Social Housing.Key highlights include:
• Government-backed guarantee and borrowing framework for English social and affordable housing providers (SAHPs) is less supportive than is the case for European peers.
• The more challenging budgetary framework for English SAHPs has driven debt levels higher in the last years.
• The English SAHP sector has shown its resilience during the COVID-19 pandemic and its financial situation remains satisfactory.
“Despite a more challenging budgetary and borrowing framework compared with European peers, the English social and affordable housing provider sector is still in a satisfactory financial situation and has shown its resilience during the COVID-19 pandemic, ” notes Mehdi Fadli, Vice President in the Global Sovereign Ratings Group.
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