They will have the right to choose and it is already obvious from the experience of their friends and relatives in the Home Ownership Courts and the new rental estates under private management that private management agencies can offer good services. The new owners will be looking for value for money. They may also be looking for services other than the basics which we provide. When Government got into the housing business there were no private sector management firms worth talking about. That is manifestly no longer the case.
Property management is one of the fastest growing sectors of our service economy.
This reflects not only the rise of ownership generally, and the greater emphasis which owners place on preserving the asset value of their properties. It also reflects the change in the scale and complexity of residential developments. Competition for new turf whether public or private is therefore increasingly intense. The Housing Authority's own experience of contracting out has generally speaking been a happy one. There are considerable savings to be made.