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The new Homes and Communities Agency has broken its housing targets in the first four months of its existence. First results for the agency, set up in December 2008, coincide with a batch of surveys showing that the decline in the housing market might have reached the bottom. The HCA said this week that, despite the downturn, it managed to increase the number of completed rental and low-cost ownership properties over the last financial year. It delivered 50,000 new affordable homes in England, and met its target of investing £3.9bn in housing and regeneration. Chief executive, Sir Bob Kerslake, said: ‘This is a tremendous result and we are very grateful to all our partners, RSLs, local authorities and house-builders for the part they have played in achieving this.' He said the agency's main focus was on keeping activity going. He added: ‘We are aware of the challenges that lie ahead in bringing forward mixed-use regeneration schemes and the difficulty of attracting private sector investment.' The HCA recently invested £93m to unlock major projects in London and £37.5m in the South West, as well as support across all the other English regions. The LGA, Shelter and the National Housing Federation have written to the chancellor, Alistair Darling, urging him to spend £6.35bn in the next two years on 100,000 new social rented homes. A survey this week by the Royal Institution of Chartered Surveyors revealed new house-buyer inquiries increased at the fastest rate in six years. The number of approved mortgages was also up, according to the Council of Mortgage Lenders.

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HCA meets targets as market 'stabilises'

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