Real Estate & Projects Newsletter & Vlog

July 2025

We are delighted to present a very special edition of the Real Estate & Projects Newsletter and Vlog this month!

As well as our usual round-up of news in the sector (click here), this month Consultant Andrew Cowan and Partner Gemma Bell sit down with two leading voices in housing – Mark Sater, CEO of Sage Homes, and Alan Townshend, Executive Director of Harlow Council – to unpack the latest wave of Government policy announcements and their potential impact on social housing and the broader Living sector.

A must-watch for anyone in the industry looking to stay ahead of policy shifts. Watch the full interview or explore key topics covered below.

Watch the full interview:

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The panel

The interview is conducted by senior housing professional Andrew Cowan. Andrew is a Consultant within our Banking, Governance & Corporate team and has held senior roles within the sector over his 35 year career in social housing at Devonshires.

The members of the panel, detailed below, bring with them a variety of perspectives:

Alan Townshend – Executive Director, Harlow Council – Alan is an experienced long-serving Executive and Chief Executive and was the head of one of the biggest housing associations in the UK. Alan started his senior career over 25 years ago with a short stint at Harlow as Head of Housing, before leaving for more senior roles. He has been working for the council since October 2024 and is leading the council’s transformation of their Local Authority Trading Company.
Mark Sater – Chief Executive, Sage Homes – Mark joined Sage in August 2020, having previously been an advisor to Regis Group. Mark has led organisational transformation and growth across a range of sectors and geographies. Sage has recently delivered a milestone of 20,000 social housing homes from a standing start.
Gemma Bell – Partner, Devonshires – Advises on a range of areas including social housing regulatory, charity law, governance, company and community benefit society law, corporate restructuring projects, joint ventures, stock transfers and mergers and acquisitions. Gemma acts for a range of clients nationally including housing associations, local authorities, charities and social enterprises. Gemma is the Vice-Chair of Irwell Valley Homes.

The interview

The interview discusses the following topics, and we would urge you to watch the full piece to inform your future engagement with the recent shifts in Government policy:

National Housing Bank (NHB)

See 09:20 in the full interview

A funding game-changer - will NHB boost sector liquidity and accelerate delivery, set against its risk appetite and overall finance approach?
Empowering Homes England: Could NHB provide HE with greater autonomy?
Supporting partnerships: How NHB might drive more joint ventures.
Low-interest loans: How they might work and what they could mean for treasury teams.

Regeneration

See 22:05 in the full interview

Opportunity for renewal – a new Government-supported regeneration programme across the UK.
Investor appetite: Challenges around timelines, costs, and political uncertainty.
Broader benefits: Why regeneration matters for both new and existing homes.

Sector-Wide Challenges

The themes set out in the following bullets are referred to throughout the discussion

Balancing act: Increasing the safety and sustainability of existing homes while maintaining development pipelines.
How the new social rent pipeline and rent convergence is likely to impact on sector balance sheets.

Broader Market Issues

The themes set out in the following bullets are referred to throughout the discussion

Section 106 and the future of affordable housing delivery – as pricing issues stabilise, forward funding through S106 to become a powerful tool for mobilising starts on site.
The continued need for temporary and supported housing.
Growth of the PRS, including Single Family Housing.
Devolution, mayoral authorities, and local government reorganisation.
Aligning budgets across housing, health, and other social infrastructure.

Conclusion

The interview highlights a clear shift in tone from Government: major policy initiatives have been rolled out in response to long-standing sector calls. The message now is one of shared responsibility – delivery will depend on collaboration between public and private partners. After a period of sustained challenge and scrutiny, the mood is beginning to lift. Recent months suggest a turning point, with a more optimistic outlook emerging and a renewed sense of confidence that meaningful progress is within reach.

Watch the full interview

Round-up of other articles

We have been busy this month writing articles about all the latest developments across the sector, and we have included below a round-up of some of our other publications:

As promised in last month’s Newsletter, and following the Spending Review announcements:

Our article on the recent Government announcements and consultations, including the launch of the rebranded £39 Billion Social and Affordable Homes Programme.

Some initial perspectives on the ambitious new ten-year Infrastructure Strategy; and
Rent Convergence – all you need to know about this including the latest consultation.

As well as:

The Decent Homes Consultation.
Personal emergency evacuation plans (PEEPS) – new regulations.
The new Social Tenant Access to Information Requirements ('STAIRs') which will come into force next year.

Watch out in the coming editions for:

Insights on the Government’s new 10-year Infrastructure Plan – an interview with Caroline Mostowfi, head of Devonshires’ projects team
Things RPs should always look out for in Section 106 (Planning) Agreements.
An interview with Dan Moan, Head of Devonshires' Commercial Property team, on the issues that investors in commercial property should consider before buying.

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