星空传媒

The Peabody Trust will have to sell up to 1100 homes in order to raise the 拢212m it needs to meet the decent homes target by 2010.The figures are revealed in its newly published annual review, which also contains outspoken criticism of the government鈥檚 failure to provide the landlord with any extra funding to reach the decency standard.

In the report, Peabody chair Pam Alexander called it a 鈥渟ad irony鈥� that government support had 鈥渘ot been forthcoming鈥�.

Another passage reads: 鈥淚f the government is serious about improving both the quality and supply of social housing, there is a real and urgent need to provide funding to ensure that its target can be met and the existing supply of social housing in areas of high demand is conserved.鈥�

Although the ODPM was not able to comment definitively on whether any more cash would be provided, it is unlikely that the government will act to prevent the sales.

Peabody chief executive Stephen Howlett declined Housing Today鈥檚 request for an interview, but in a statement he said: 鈥淓ssentially we鈥檙e just getting on with the job.

鈥淲e鈥檝e got a sound financial strategy in place to reach the 2010 target, which the Housing Corporation supports. This year we are working closely with residents and local authorities so that we can accelerate the programme in April 2005.鈥�

The statement added that 拢156m was required to bring the 60% of the trust鈥檚 19,500 homes that do not presently meet the standard up to scratch.

To raise this will require the sale of 650 homes over the next six years 鈥� to date enough sites have been identified that will raise 拢144m. A further 拢12m will be raised through sales of land to make 拢156m.

The additional 拢56m that will take the trust to the 拢212m target that it says will 鈥渄eliver modernisation beyond the standard鈥� will require further asset sales and at present Peabody estimates 450 more property sales will be necessary to achieve that.

But the annual review warns that 鈥渟ignificant investment will also be required beyond 2010鈥�.

The chief executive of another housing association who wanted to remain anonymous said: 鈥淥f course it鈥檚 not realistic for Peabody to go cap in hand to the ODPM. If it gives money to bail out Peabody where will it stop?

鈥淲ould we still be able to claim to be an independent sector 鈥� I doubt it.

鈥淚 suspect Peabody are on their own on this one.鈥�

The Trust鈥檚 problems were first revealed by Housing Today last year when it emerged that it was cutting posts in its development team, scaling back its building plans and beginning to sell off sites in order to raise funds to meet the decent homes standard (HT, 19 December, page 7).

It also emerged in January this year that one of Peabody鈥檚 flagship schemes 鈥� BedZed in Sutton 鈥� had run 拢10.6m over its original 拢14.168m budget (HT, 9 January, page 7).