Stop the sales of social housing

Published: 10 June, 2010

• BRYAN Latter’s letter (Poppycock, June 3) covers many useful issues concerning the Church Commissioners’ selling of their social housing; maybe the central point is that they appear foolish enough not to notice that they are being ripped off.

Genesis Housing Group, Paddington Churches Housing Association, are on record buying up this sort of housing and then selling at auction at a profit. Their recent £250million bond issue which costs us, largely out of our rent money, twice the going rate in interest allows them to do this. If the commissioners put in a clause saying that their property could not be resold for, say, 99 years then this nonsense would stop. 

Camden have recently sold property to Genesis. Councillor Julian Fulbrook, the incoming executive member for housing, should extract from them a legally binding agreement these homes will not be sold on.

If social housing were properly regulated, the regulator would prevent housing associations balancing their books by selling what it is that they exist to provide. The future of the Tenant Services Authority is known to be uncertain. They should show they add up to something before the new government cuts them up. 

PETER RUTHERFORD
Independent Federation of'Genesis Residents.