Places for People (PfP) is a

property management Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and mon ...

development Development or developing may refer to: Arts *Development (music), the process by which thematic material is reshaped * Photographic development *Filmmaking, development phase, including finance and budgeting * Development hell, when a proje ...

, regeneration and leisure company based in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

. On 20 March 2024, it was announced that it had completed the merger of its operations with those of South Devon Rural (SDR).

History

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. With Places for People Scotland Care and Support and Procurement Hub, a

public procurement Government procurement or public procurement is the purchase of goods, works (construction) or services by the state, such as by a government agency or a state-owned enterprise. In 2019, public procurement accounted for approximately 12% of GDP ...

consortium A consortium () is an association of two or more individuals, companies, organizations, or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a ...

, as part of the firm, PfP raises money from investors by issuing

corporate bond A corporate bond is a bond issued by a corporation in order to raise financing for a variety of reasons such as to ongoing operations, mergers & acquisitions, or to expand business. It is a longer-term debt instrument indicating that a corpo ...

s in its own name. PfP was the first housing group to respond by providing mortgages for

shared ownership 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 ...

on its own developments. In April 2008, PfP launched the Ownhome

equity loan A home equity loan is a type of loan in which the borrowers use the equity of their home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending ins ...

scheme in partnership with the

Co-operative Bank Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world. Cooperative banking, as discussed here, includes retail banking carr ...

. This was aimed at enabling first-time buyers,

key worker A key worker is a worker in an occupation given preferential treatment by government policy. They may be exempted from rules which apply to the general population or prioritized for the receipt of benefits. Reasons for preferential treatment ...

s 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 Impairment may refer to: * In health, any loss or difference of physiological, psychological, or anatomical structure or function, whether permanent or temporary. Identifying impairments that contribute to disability is a key factor for a health p ...

in the value of its assets, the largest

write-down A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses ...

by a UK

housing association In Ireland and the United Kingdom, housing associations are private, Non-profit organization, non-profit organisations that provide low-cost "Public housing in the United Kingdom, social housing" for people in need of a home. Any budget surpl ...

up to that date. The following year, it raised the social housing sector's first unsecured UK bond.Places for People issues £175m bond
''Inside Housing'', 20 May 2011

Awards

In 2012 and 2014, PfP won Landlord of the Year at ''

Property Week ''Property Week'' is a UK business-to-business magazine which reports on the worldwide commercial and residential property market. It reports news, features and analysis and the latest information from the industry - from development opportuniti ...

s RESI awards.

References

External links

Places for People websiteLatest inspection report
by the Audit Commission, March 2010 * (charitable subsidiary) {{DEFAULTSORT:Places For People 1965 establishments in the United Kingdom Housing associations based in England Organizations established in 1965 Health clubs in the United Kingdom 2024 mergers and acquisitions