Inside Housing – News – London firm eyes 3,500 new homes target after bagging for-profit RP status
A London-based affordable housing provider, whose board is led by the former chair of Homes England, has secured registered provider status and has plans to deliver around 3,500 homes.
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Square Roots, which was set up by developer London Square last year, said it has been approved by the Regulator of Social Housing as a for-profit provider.
The group said it is aiming to secure £1.5bn in funding to deliver “over 3,500” new affordable homes over the next six years to help tackle the capital’s housing shortage.
Square Roots has already committed £266m in capital for 694 affordable homes, with 437 of these already under construction, it said. The homes are in Lewisham, Barnet, and Kingston. It has also secured £13.6m in grant funding from the Greater London Authority.
Barbara Richardson, managing director at Square Roots, said: “Our new registered provider status means we can forge ahead with plans to become the market-leading provider of affordable housing in London, unlocking great places and quality homes.
“We will continue to develop and nurture our relationships with local authorities and build on already strong existing relationships with the institutional investor community to secure capital funding.”
Last year, research suggested that the growing number of for-profit social housing providers have the potential to deliver 130,000 new homes for shared ownership and rent by 2026.
Square Roots said it will continue to have a separate board and governance in place to ensure it remains independent from London Square, which will act as its developer.
Simon Dudley, chair at Square Roots, and Homes England’s former chair, said the firm is “offering a new model for affordable housing, and this will provide a long-term solution to improving the supply of homes for rent and shared ownership as a ladder into homeownership”.
As revealed by Inside Housing last September, Mr Dudley was appointed by Square Roots while still a senior independent director at Homes England.
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