RESI Awards Spark Hope for UK Climate and Housing Goals
#Week19 felt like it was all about Resi – and not just because the Innesco team pulled on the black tie for the sparkling RESI awards ceremony by Property Week. Held at the traditional Grosvenor House Hotel, on London’s Park Lane, the evening recognised the impressive achievements of an exciting variety of leading names in the #residential property sector, revealing some interesting themes.
The Asset Manager category (sponsored by Innesco) kicked off the evening’s proceedings on a fantastic note with winners M&G Real Estate catching the judges’ attention with their acquisition of Greencore, a climate-positive housebuilder producing climate-positive homes. Greencore also scooped the evening’s Climate Crisis Initiative award with their high-performance sustainable homes, which startlingly lock up more carbon than they emit and generate more energy than they use. Other big winners included Moda Living in the health and #wellbeing initiative category - praised for its healthy-building-certification platform #Fitwel.
It was great to see this recognition of responsible development and investment as well as the prioritisation of mental and physical health in urban community real estate - both trends we expect to continue at next week’s UK Real Estate Investment & Infrastructure Forum (#UKREiiF) in Leeds (16-18th May).
ESG is set to top of agenda for both developers and investors as a major value driver for real estate, and one antedote for those “stranded assets” mentioned in today’s FT. Sector wide, awareness is growing of the significant social impact real estate can make, for example through rehabilitation of public spaces (indirectly attributing value to existing real estate), affordable housing, social housing, and care centres, or through an environmental focus investment on new buildings such as green buildings.
With the rising cost of living, the need for highly insulated and #sustainable developments will be in further demand and perhaps even help to alleviate the current UK housing #crisis. #Greencore plans to have completed more than 10,000 homes by 2040 that achieve zero embodied carbon and net zero energy in use standards.
The fact remains though that the UK simply isn’t building enough affordable homes. One in seven households are living in homes that are either too expensive, insecure, or unsuitable. As data and technology consultants #CACI highlight “over the last 5 years, new home developments have over delivered in higher affluence areas and under delivered in both lower affluence neighbourhoods and those with older populations” – therefore some levelling up is certainly required.
Looking ahead, we can see housing associations and local authorities seeking alternative funding sources for their development projects. Private capital and institutional investment will play a key part and allow them to reach both financial and #CSR goals.
These changing priorities across the sector spark hope for both climate and UK #housing goals, whilst providing exciting and profitable opportunities for those who can adapt their strategy to keep pace. Hopefully see many of you in Leeds this coming week!