 | This article contains content that is written like an advertisement .(July 2017) |
| Industry | |
|---|---|
| Founded | 1965 |
| Headquarters | |
| Revenue | 546,000 pound sterling (2017)  |
Number of employees | 12 (2017) |
| Parent | Places Leisure |
| Website | www |
Places for People (PfP) is a property management, development, regeneration and leisure company based in the United Kingdom. [1] On 20 March 2024, it was announced that it had completed the merger of its operations with those of South Devon Rural (SDR). [2]
Places for People was founded in 1965 by the North British Housing Association. A year after Bristol Churches Housing Association joined the group, its name was changed to Places for People Group Ltd. on 1 June 2000. [3]
With Places for People Scotland Care and Support [4] and Procurement Hub, a public procurement consortium, as part of the firm, [5] PfP raises money from investors by issuing corporate bonds in its own name. [6] PfP was the first housing group to respond by providing mortgages for shared ownership on its own developments. [7]
In April 2008, PfP launched the Ownhome equity loan scheme in partnership with the Co-operative Bank. This was aimed at enabling first-time buyers, key workers and occupants of social housing to purchase homes on the open market through a combination of a standard cooperative bank mortgage for between 60 and 80% of the value, with the balance funded via an equity loan from Places for People. The scheme ended in April 2010.
In 2010, the group recorded a £25 million impairment in the value of its assets, the largest write-down by a UK housing association up to that date. [8] The following year, it raised the social housing sector's first unsecured UK bond. [9]
In 2012 and 2014, PfP won Landlord of the Year at Property Week's RESI awards.[ citation needed ]
A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
In Ireland and the United Kingdom, housing associations are private, non-profit making organisations that provide low-cost "social housing" for people in need of a home. Any budget surplus is used to maintain existing housing and to help finance new homes and it cannot be used for personal benefit of directors or shareholders. Although independent, they are regulated by the state and commonly receive public funding. They are now the United Kingdom's major providers of new housing for rent, while many also run shared ownership schemes to help those who cannot afford to buy a home outright.
Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.
A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS). Like other private label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. Distinctively, CDO credit risk is typically assessed based on a probability of default (PD) derived from ratings on those bonds or assets.
Equity sharing is another name for shared ownership or co-ownership. It takes one property, more than one owner, and blends them to maximize profit and tax deductions. Typically, the parties find a home and buy it together as co-owners, but sometimes they join to co-own a property one of them already owns. At the end of an agreed term, they buy one another out or sell the property and split the equity. In England, equity sharing and shared ownership are not the same thing.
A shared appreciation mortgage often abbreviated as "SAM" is a mortgage in which the purchaser of a home shared a percentage of the appreciation in the home's value with the lender. In return, the lender agrees to charge an interest rate that is lower than the prevailing market interest rate. The lender agrees to receive some or all of the repayment of the loan in the form of a share of the increase in value of the property.
The Right to Buy scheme is a policy in the United Kingdom, with the exception of Scotland since 1 August 2016 and Wales from 26 January 2019, which gives secure tenants of councils and some housing associations the legal right to buy, at a large discount, the council house they are living in. There is also a Right to Acquire for assured tenants of housing association dwellings built with public subsidy after 1997, at a smaller discount. By 1997, over 1,700,000 dwellings in the UK had been sold under the scheme since its introduction in 1980, with the scheme being cited as one of the major factors in the drastic reduction in the amount of social housing in the UK, which has fallen from nearly 6.5 million units in 1979 to roughly 2 million units in 2017, while also being credited as the main driver of the 15% rise in home ownership, which rose from 55% of householders in 1979 to a peak of 71% in 2003; this figure has declined in England since the late 2000s to 63% in 2017.
The Peabody Trust was founded in 1862 as the Peabody Donation Fund and now brands itself simply as Peabody. It is one of London's oldest and largest housing associations with over 100,000 homes across London and the home counties. It is also a community benefit society and urban regeneration agency, with a focus on placemaking, stewardship and a provider of an extensive range of community programmes.
Buy-to-let is a British phrase referring to the purchase of a property specifically to let out, that is to rent it out. A buy-to-let mortgage is a mortgage loan specifically designed for this purpose. Buy-to-let properties are usually residential but the term also encompasses student property investments and hotel room investments.
Sir Ronald Mourad Cohen is an Egyptian-born British businessman and political figure. He is the chairman of The Portland Trust and Bridges Ventures. He has been described as "the father of British venture capital" and "the father of social investment".
Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in 1986 following the merger with the Herne Bay Building Society.
Norwich & Peterborough Building Society (N&P) is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. Formed by the merger of the Norwich and Peterborough building societies in 1986, at the time of merger with YBS, it was the ninth largest building society in the United Kingdom, with assets in excess of £4.9 billion.
A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
In the period September 2007 to December 2009, during the events now widely known as the Global Financial Crisis, the UK government enacted a number of financial interventions in support of the UK banking sector and four UK banks in particular.
Stephen William Howlett was formerly Chief Executive of Peabody, one of London's oldest and largest housing associations. He was Chief Executive between 2004 and July 2017 and was appointed to the Peabody Board on 18 May 2011. He also chairs the Board – known as the Court – of the University of Greenwich and presides over its graduation ceremonies as Pro Chancellor. Howlett has been made a 2017 Honorary Fellow of the Royal Institute of British Architects (RIBA).
Stonewater Ltd is a housing association formed by the merger of Raglan Housing and Jephson Group in 2015. Stonewater owns and manages 32,000 homes and has turnover of £191 million.
Help to Buy is the name of a government programme in the United Kingdom that aims to help first time buyers, and those looking to move home, purchase residential property. It was announced in Chancellor of the Exchequer George Osborne's 2013 budget speech, and was described as "the biggest government intervention in the housing market since the Right to Buy scheme" of the 1980s. It is an extension of a previous programme called FirstBuy that was aimed solely at first-time buyers. Help to Buy has itself been expanded and extended.
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Notting Hill Genesis (NHG) is a housing association formed in April 2018 by the merger of Notting Hill Housing and Genesis Housing Association. Notting Hill Genesis’ primary purpose is to work in the community to provide decent and affordable homes for lower-income households.