Genesis Housing Association
|Charles Gurassa, Chair
Neil Hadden, CEO
|£276 million (2011)|
Genesis Housing Association, known until May 2011 as Genesis Housing Group Ltd, is one of the largest developer housing associations in London. It was formed through the amalgamation of Paddington Churches Housing Association, Pathmeads and Springboard housing associations. In 2015 they announced that they will also be merging with Thames Valley Housing Association; however, the merger fell through in late 2016.
Genesis Housing Association manages around 33,000 homes across London and the south east, providing services to tens of thousands of people. It was formed by a merger in May 2011 of PCHA, Pathmeads and Springboard housing associations. They had for some years been managed as a corporate group, Genesis Housing Group. The group also includes Genesis Community, a charitable foundation, and Genesishomes which provides shared ownership properties.
PCHA was founded over 40 years earlier as Paddington Churches Housing Association, and managed more than 11,500 homes.
Neil Hadden was appointed as Chief Executive in 2009. He succeeded Mr Anu Vedi CBE, who had led the group for ten years, through its growth from 10,000 to over 38,000 homes.
Many tenants have been dissatisfied with Genesis's repairs and management of their homes, and the large number of complaints to MP Karen Buck led her to do a survey of all Genesis residents in her constituency in November 2014. The results showed that Genesis is failing in many areas. The response to the question "Overall are you satisfied as a tenant of Genesis Housing Association?" said that three quarters of tenant responders were not satisfied, and then 81% felt that things were getting worse rather than better.
As of 2016[update], stock owned and managed totals 32,139. The highest proportions of stock are based in the London boroughs of Barnet, Brent, Camden and the City of Westminster. It continues to sell off selected stock to the private sector on a leasehold basis, retaining management of services.
Genesis owns a 3.4 hectares (8.4 acres) site in Chelmsford, Essex, formerly the Central Campus of Anglia Ruskin University. The group purchased it from Countryside Properties in 2007. The developer had obtained planning permission for 700 homes in 2003. Genesis prepared a revised plan in 2011 for about 600 homes, along with new shops and offices. Some of the old buildings are to be retained including Anne Knight House, the 1823 listed former Quaker meeting house.
Genesis is the lead housing association developer on Grahame Park, a large-scale regeneration project in Colindale, North-West London, in partnership with Barnet London Borough Council and Countryside Properties. The scheme is one of the largest self-funded projects in Europe and will see the construction of around 3000 new homes, as well as shops, gardens, community and health facilities, new parks, and a civic hub.
In December 2016, it was confirmed that Genesis will be a partner on the Oaklands development, the first major scheme to be delivered as part of the regeneration of Old Oak Common in London. They will be delivering a £175m mixed-use residential development of over 600 homes, working with Queens Park Rangers football club.
From 2005 to 2007, Genesis spent £200 million on its land bank for new developments. As the late-2000s financial crisis developed, Genesis wrote off around £6 million from asset values in its balance sheet each year from 2008 to 2010, but in 2011 this entry in its accounts increased to £20 million – a third of the total impairment booked by all housing associations in the year.
Genesis strengthened its financial position by raising its first own-name bond issue for £200 million in 2010. It rationalised its asset holdings, selling its 40% interest in a portfolio of 1,650 properties in central London to Grainger plc for £15m in 2011.
In August 2015 Genesis controversially announced that it would no longer be building homes for social rent and would now bring the rents of its existing stock into line with affordable and market rental rates as they become vacant.
- Annual Review 2011
- Brown, Carl. (2011-05-05) Inside Housing, Genesis Housing merges subsidiaries, 5 May 2011. Insidehousing.co.uk. Retrieved on 2011-05-25.
- Genesis merges subsidiaries to create single housing association, 24dash.com, 5 May 2011
- "Bank puts major housing association merger on hold". Inside Housing. Retrieved 8 December 2016.
- About Genesishomes. Genesishomes.org.uk. Retrieved on 2011-05-25.
- Genesis Housing Group about us. Genesisha.org.uk. Retrieved on 2011-05-25.
- West Hampstead accumulates £11.5m deficit, Inside Housing, 26 September 2002
- New regulatory era could see big fish go hungry, Inside Housing, 22 August 2008
- Genesis appoints new Group Chief Executive, HousingNet News, 18 August 2009. Retrieved 2011-09-30.
- Genesis chair to step down in September, Inside Housing, 6 July 2010
- Survey https://www.scribd.com/doc/260015502/Genesis-Survey-Report
- . Genesis Housing Association. Retrieved on 2016-01-09.
- Genesis acquires biggest ever site in just six weeks, HousingNet News, 4 October 2007. Retrieved 2011-09-30.
- Central Campus Redevelopment, Chelmsford Borough Council. Retrieved 2011-09-03.
- Central Chelmsford Consultation. Retrieved 2011-09-03.
- Genesis scoops top social housing prize at Daily Telegraph awards, 29 September 2011. Retrieved 2011-09-30.
- Genesis regeneration, Genesis Housing Association, June 2015. Retrieved 2016-01-09.
- Mayor of London Sadiq Khan approves plans for QPR to build new homes in Harlesden, Brent & Kilburn Times, August 2016. Retrieved 2016-01-09.
- Genesis land values plummet by £20.7m, Inside Housing, 30 September 2011. Retrieved 2011-09-30.
- Financial Statements 2010, page 8
- Property group's profits rise by nearly a quarter, The Journal. Retrieved 20 May 2011
- Murtha, Tom (August 7, 2015). "The housing association that will no longer build homes for the poor". theguardian.com. The Guardian. Retrieved April 18, 2017.