Impact Property Fund Manager Resonance acquires a 15-property portfolio in Greater Manchester for National Homelessness Property Fund 2, enabling it to provide decent and affordable long-term homes for people facing housing crisis in the Greater Manchester region.
The strategic acquisition consists of eight two- and three-bedroom houses and seven one- and two-bedroom apartments situated in popular residential city centre and suburban areas across Greater Manchester. All have good access to local amenities and a range of public transport, meeting Resonance’s long held strategy to buy “ordinary homes in ordinary streets.”
All fifteen properties are already in good condition, having been well maintained by the previous owner. Importantly, as all the properties are already tenanted, existing tenants will continue to remain in their homes on assured shorthold tenancies until they are ready to move on to the private rented sector. Tenants will now receive tenancy support from the fund’s housing provider partner, Let Us. As and when these properties become vacant as existing tenants move on, Resonance will then carry out any refurbishment and property upgrading needed prior to new tenants moving in.
Greater Manchester is experiencing a housing crisis with the demand for decent and affordable permanent housing outstripping supply. More than 97,000 households are on the social housing waiting list with over 26,000 of these households identified as being in priority need. Additionally, over 3,300 (1) households are living in temporary, insecure accommodation, waiting for a permanent home.
However, the housing crisis isn’t just being felt in Greater Manchester. Across England, over 1 million people (2) are on social housing waiting lists, 96,410 households (3) are living in temporary accommodation and 2,440 people (4) are sleeping rough. This is why the fund is expanding its acquisitions into other regions, including Liverpool City Region, Bristol, Oxford and Cornwall, with the aim that it is represented in all nine regions of England.
In line with this geographical expansion the fund is also continuing to gear up conversations with new - local and national - potential housing provider partners in these regions.
Eamonn Mullins, Head of Property Acquisitions said: “This portfolio acquisition in Greater Manchester is a key milestone for Resonance. It is the first of many portfolios we are looking to purchase and represents our intent to acquire more dispersed, affordable housing across the nine regions of England. It forms part of our strategy to increase the growth of our housing stock in order to provide decent and affordable housing in areas where housing crisis means long waiting lists for social housing, and too many people living in inappropriate and temporary accommodation. And with impact investors such as pension funds looking to deliver positive local impact in their regions, portfolio purchases like this – and future portfolio purchases – will enable us to respond quickly to meet local affordable housing needs.
“As well as portfolios, we are also currently looking for houses and apartments to purchase across the UK.”
Resonance is keen to acquire more portfolios - if you have a portfolio to sell please send details to [email protected].
About National Homelessness Property Fund 2
Find out more about this fund:
(1) Luthfur Rahman, deputy leader of Manchester City Council
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Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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