Homelessness Property Funds Social Impact Report 2021/22
What you need to know to invest in this fund
Resonance launched Real Lettings Property Fund 2 (RLPF2) with leading homelessness charity St Mungo’s in January 2017. This followed the success of our pioneering impact property fund Real Lettings Property Fund 1 (RLPF1), which launched in 2013 and raised £56.8m to buy a portfolio of 259 homes across London, and National Homelessness Property Fund 1 (NHPF1) which raised £43.6m to purchase 229 homes in Bristol, Oxford and Milton Keynes following its launch in December 2015.
Real Lettings is the social lettings service and social enterprise set up by St Mungo’s to help provide homes for vulnerably housed and homeless people.
RLPF2 raised £98.5m and purchased 335 homes all of which, following refurbishment by Resonance, have been handed over to St Mungo’s Real Lettings team who are housing and providing support to tenants. These are people - families and individuals - who had previously faced housing crisis, for example, living in inappropriate emergency and temporary accommodation such as B&Bs and hostels.
The homes purchased by RLPF2 are providing much-needed stability for tenants, enabling them to take positive steps forward in other parts of their lives, for example finding and securing employment and training, putting childcare in place, tackling addiction and other health and wellbeing issues and importantly, improving their resilience against homelessness.
Tenants are encouraged and supported to save for a deposit so that when they are ready they can move on into the private rented sector, other social housing or their own home. In the last year and across the three funds partnered with Real Lettings, almost 63% of all move-ons were positive, with 70% of tenants moving into private housing and 25% into social housing.
Across our five homelessness property funds capital raised was £243m as of March 2022, enabling the purchase of 935 properties so far. And in the last year, these homes housed 2,091 people, including 1,009 children.
To date across all Resonance’s homelessness property funds around 3,000 people have been housed in over 1,000 homes.