The roadmap is the outcome of the UK Social Value in Housing Taskforce which HACT convened in January 2020. The Taskforce comprises representatives from 22 organisations, including social housing organisations, national membership bodies, developers, contractors, and the Regulator of Social Housing.

The roadmap consists of three stages:

• Stage 1: Expanding the UK Social Value Bank with a broader set of wellbeing values, a new set of economic values and a new set of environmental values. In bringing together these different methodologies, we will ensure they are coherent, robust and avoid double counting, so that social housing organisations can apply social value metrics across their business with confidence.
• Stage 2: Developing tools to use the UK Social Value Bank. These will enable social housing organisations to apply social value metrics across their business, whether in asset management and investment, ESG reporting, or regulation and value for money.
• Stage 3: Applying the UK Social Value Bank to the business of social housing. In evolving our approach to social value, we will develop a range of services for social housing organisations, including social value assurance, social value audit and certification, social value benchmarking and social value innovation.

Andrew van Doorn, chief executive of HACT, said: “HACT has been pioneering social value in social housing since 2012. Much has changed in the sector since we launched the UK Social Value Bank with Simetrica-Jacobs.

“The challenge we face now is to ensure that how we understand and measure social value is fit for the business of social housing now, and in the future. That’s why we are launching our social value roadmap that includes an expanded UK Social Value Bank, along with tools and resources that can be used by any project in social housing looking to improve, demonstrate and maximise its social, economic and environmental outcomes.

“Our roadmap will enable the social housing sector to use social value information to improve services, enhance decision-making and increase the impact we make. Our roadmap is ambitious. Our roadmap is pioneering. Our roadmap will create a shared future where our social value is at the core of who we are.

“As it has been from the start, we will co-create the most robust and hosiltic approach that we can. Together, we can do more.”

Daniel Fujikara, CEO, Simetrica-Jacobs, added: “In partnership with HACT, Simetrica-Jacobs is committed to delivering social value measurement tools for the housing sector. Evidence-based, rigorous methodologies are the foundation of robust and reliable social value measurement. Working with HACT and the Taskforce in progressing the Roadmap, we will further develop approaches and tools to improve practice, provide assurance and inform decision-making.”

James Williams, head of social impact at HACT, said: “The social housing sector should be proud. We have always been at the forefront of generating and improving the measurement of social value. So much has changed since we first came together as a sector to find a better way to measure our social value.

“Now, across the sector, social housing organisations are using social value information in a way that they have never done before. It has moved beyond retrospective reporting and into business decision-making. As a sector, though, there is no value in social value unless we work together.”

The UK social value calculator has been downloaded over 18,000 times. HACT has developed three additional social value calculators to help social housing organisations measure their social value around mental health, community-led housing and community asset transfers.

Housing associations can download and use all of these calculators for free. The UK Social Value Bank was developed by the sector, for the sector.