Home > News > Hexagon secures largest RME2 allocation in London

Having secured almost £9m in the first round of in-year bidding (Regular Market Engagement - RME), Hexagon have now secured further funding in the second round of RME.

This gives a total allocation to date of £15.08m to provide 107 new homes; over 89% of our corporate objective of 120 homes p.a.

We have also taken the shared ownership risk out of our 08-11 development programme, in light of current housing market conditions, with all new schemes to date being 100% social rented. 

We are watching the market carefully and will consider shared ownership opportunities only when the market conditions are absolutely right, and our risks are minimised. 

We do have over 130 shared ownership properties in the pipeline to be sold in the coming months / years, and our sales and marketing staff are focusing on securing purchasers for these homes.

In terms of future bids, the HC has now moved to a system of continuous market engagement – CME, whereby bids can be considered by the HC as and when we are ready.  At last there have been some positive noises from government, about the need to increase grant rates for rented schemes, with the lack of cross subsidy from shared ownership schemes. 

We now have a number of schemes being considered by the HC under CME.

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