Co-ownership Housing Logo
Picture of Chairman James Doherty
James Doherty, Chairman for this reporting period.
A foothold on the property ladder with a helping hand from Co-Ownership.
BUSINESS AND STRATEGY
In a year characterised by changes I am pleased to report that the organisation has met all of our principal performance objectives in terms of property purchases and sales, rent collection and budgetary control.
We faced sudden and considerable change in the Northern Ireland housing market. Property prices rose beyond all expectation, attracting property investors in to compete with first time buyers for affordable homes and so support the inflationary trend. Feedback from various local estate agents indicated that affordable properties were being purchased in bulk, sight unseen, by investors and Co-Ownership home buyers then had to compete for the increasingly limited supply of property within the prevailing price limits. The Board was truly delighted to be able to secure over 500 properties against this background.
On the other hand, a sellers’ market helps the pace of staircasing activity for people who already have a foot on the property ladder with us. This year generated the highest ever average returns per property on Co-Ownership equity sales. In total 715 households staircased, including several who stayed with Co-Ownership but increased their equity share (typically from 50% to 75%).
Co-Ownership is a bridge between the private housing market and the home buyer with affordability issues. In this year’s changing environment our corporate response was to keep that bridge up, right where it was needed most. We worked hard with local estate agents and financial advisers on the property side, and took a close look at our policies and conditions on the service side.
And indeed this continues as a work in progress. In the year ahead we will introduce a revised business planning framework to accommodate our growing operational diversity.
During the year, the Board said farewell to two experienced and valued members in Jack Bailie and Wesley Parker. We are grateful for their committed service and wish them both well in their retirement.
Equally, the Board was pleased to welcome three new members in Arthur Halligan, Shane Martin and Irene Miskimmon, each of whom is already contributing significantly to Board and Committee work.
Once again, I have published full information on Board membership and participation separately within the annual report, and am pleased to highlight here that last year’s overall attendance level has been maintained at 75%.
Audit Committee
The Audit Committee has been active on several fronts, notably:
1. appointing KPMG as internal auditors and agreeing a substantial audit process programme for the year;
2. developing a comprehensive organisation risk register.
In addition, the Audit Committee embarked on a review of financial obstacles to accessing home ownership, and made several key policy recommendations. These were subsequently adopted by the Board and include:
3. reduced upfront fees for Co-Ownership applicants;
4. revised rent calculation system to deliver a typical monthly saving of £40 (which greatly enhances the amount of mortgage finance available to both applicants and existing leaseholders);
5. apply a rent freeze for the incoming year.
Governance Committee
The Governance Committee carried on the good work of reviewing Board operations this year, and arising from this we have made some significant strategic changes going forward:
1. restructuring the work of our existing standing committees and adding a fourth Committee, namely Strategy & Administration;
2. devolving greater powers to each Committee for progressing matters within their respective remits;
3. reviewing the schedule of Board and Committee meetings to reflect enhanced responsibility at Committee level.
Committee service is now mandatory for all Board members and forms an integral part of its membership development strategy.
The Board has always been mindful of its leadership role, and how its actions may impact on the staffing structure and effective running of the organisation. Indeed, these were major strands in the year’s Board performance evaluation agreed action plan. Specialist support services were therefore made a resourcing priority to support the enhanced corporate reporting and membership development framework. Reviews have taken place on legal, ICT and communications support services in line with our business strategy and new structures will be put in place for the year ahead.
Equality
The organisation’s Equality Scheme was approved by the Equality Commission during the year. The Scheme, together with our first annual progress report and associated materials such as consultation documents all appear in accessible formats within the corporate reporting section of our website at www.co-ownership.org .
As I am about to retire not only from the chair but also indeed from the Board I wish to thank all those who have enabled me to participate in such a meaningful movement. Nineteen thousand families have been aided in getting ownership of their homes. To my mind that is a most worthy achievement, especially in view of the uncertainties of the pension provision.
I thank my colleagues on the Board for using their varied and valuable talents in the task of promoting and sustaining the objectives of this important organisation, in particular sponsoring the concept of Co-Ownership itself.
I thank the staff of Co-Ownership who have carried out their duties with energy and ability. I wish them continued success.
Most of all I am indebted to the current Chief Executive who has used effectively his wide experience, in particular that as a banker. His tenacity and leadership have inspired all concerned to greater attainments.
I leave the Board with a comfortable sense of achievement and confidence for the future.
© Co-Ownership Housing 2008Level Double-A conformance icon, W3C-WAI Web Content Accessibility Guidelines 1.0
Browsealoud download button