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Definitions (57)
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traditional procurement
The procurement method where an architect or surveyor designs all aspects of a development, and a building contractor builds it to those detailed designs.
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glossary of terms
Download Glossary as a Word file
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affordability
The price of housing (whether for rent or sale) in relation to local incomes. The usual benchmark is 30-35% of lower quartile household incomes.
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affordable housing
Social rented and intermediate housing, provided to specified eligible households whose needs are not met by the market. This can either be publicly subsidised through the HCA’s Affordable Homes Programme (see http://cfg.homesandcommunities.co.uk/ourwork/affordable-homes-programme-2015-18
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affordable rent
Rented housing provided by RPs of social housing, that has the same characteristics as social rented housing except that it is outside the National Rent Regime, but is subject to other rent controls that require it to be offered to eligible households at a rent of up to 80% of local market rents. See http://cfg.homesandcommunities.co.uk/ourwork/af [..]
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asset cover
This is a test to determine an organisation’s ability to cover its debt obligations with its assets, after all its liabilities have been met.
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balance sheet
The Assets and Liabilities of an organisation.
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best consideration
Under section 123 of the Local Government Act 1975, local authorities are required to obtain best consideration when disposing of assets such as land and property. This is usually thought of as the maximum amount of cash that can be realised by selling land or property. See www.legislation.gov.uk/ukpga/1972/70/section/123
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bonds
Fixed interest financial instruments issued by governments, companies, banks, public utilities and other large entities. Bonds pay the bearer a fixed amount at a specified end date. Interest can either be paid over a specified interval (month, year etc.) or paid at the end date. See also Community Bonds
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