Value for Money
What is Value for Money (VFM)?
VFM can be described as the relationship between economy, efficiency and effectiveness. For Housing Associations within Wales this means getting the most benefit from our spending and ensuring that Tenant’s rent is appropriately spent.
To maximise VFM, the needs of tenants and stakeholders must be met by ‘doing the right thing, in the right place, at the right time and at the right price’. It is of paramount importance that the needs of tenants and other stakeholders are met however. Any reduction in cost which has a corresponding reduction in satisfaction levels or outcomes for tenants cannot be viewed as achieving ‘value’.
We Monitor Value for Money closely by benchmarking our costs while at the same time monitoring our tenant and staff satisfaction levels together with efficiency measures.
The results can be found below:
The Association undertakes a full tenant survey to obtain feedback on our services. Below are the results of the surveys sent out to all of our Tenants asking how satisfied they are with their First Choice Home.
My Home Questions
I am happy with my home
My home is right for my physical needs
I feel safe in my home
I know who to speak to if i didnt feel safe in my home.
At home I do the things that matter to me
My individual circumstances are considered in my home
My home helps me to be more independent
I feel like I belong in my Community
I feel like I can make a contribution there
I feel like i belong in my community as a place to live
My home helps with me making good friendships
Living in a First Choice house I can arrange my own social life and be with people I choose.
% of tenants who feel FCHA offer Value for Money
Satisfaction with Communications
Satisfaction with Condition of Home
Satisfaction with Getting Things Fixed
Satisfaction with overall services provided by FCHA
Satisfaction that FCHA is a good landlord
Maintenance Programme Efficiency Measures
Repairs completed on first call
Repair completed to a high standard
Satisfied with the contractor
Satisfied with the way FCHA dealt with repair
No. defect calls (call-backs on completed repairs)
Emergency calls target completion
Average repair completion time
Cumulative avg repair completion time
Staff Perspective - Efficiency Measures
CHC Sector Average
Satisfaction with W/L balance
Satisfaction with FCHA as Employer
Incidents of work related stress
Sector Value for Money Indicators
The Value for Money Metrics
This is how First Choice Housing Association compares with the Median costs across the housing sector.
Reactive repair costs per Social Housing unit
Major repairs and component costs per Social Housing unit
Bad debts per Social Housing unit
Weighted average cost of capital
Free cash flow (before draw down or repayment of loans)
Gross Arrears/Social Housing turnover
Turnover per Social Housing unit
Rental void loss per Social Housing unit
Management costs per Social Housing unit
Operating costs for lettings per Social Housing unit
Social Value Metrics
Comms Benefits Info
Value of spend on goods, service and overheads
Local Welsh sub-contractors
Local Welsh suppliers
Person-weeks in employed training/ apprenticeship
Person-weeks of employed operatives, semi skilled, uskilled employees and trades apprenticeships within Wales.
Total amount of in-year savings 20/21