This is one of what may be a number of codas to a story featured a couple of weeks ago. Home REIT (Real Estate Investment Trust) was set up to invest in social housing, in our great world of privatised everything. They borrowed to buy and were hit by interest rate rises, just like many private buy-to-letters. The nature of their tenants, however, means that those tenants are suffering more than most from, in particular I’d guess, 19% food-price inflation, and so 87% aren’t paying their rents. They company has apparently ‘developed a number of initiatives’ to improve rent collection; I wonder what those could be? Although this will doubtless hit the investment managers’ bonuses, it will be those turfed out when the forced sales come around who suffer most. And ultimately the cost will bounce back to the government, who should never have tried to get shot of it in the first place.
“Triple Point Social Housing REIT eyes £20m portfolio sale”
OK, this might sound a bit obscure if you’re not in the know, but let me tell you what it’s all about and why it’s important.
