Resonance, a leader in homelessness property funds in the UK, is delighted that the second close of the Resonance Everyone In fund has taken the fund size to £16.5m, which it will use to help tackle rough sleeping in London.

The fund launched in March 2021 with £12.5m seed investment as a response to the increasing demand for decent housing for rough sleepers in London.

• Trust for London, Monday Charitable Trust, a foundation and a high net worth individual are new investors into the fund
• The fund’s partner is leading registered social landlord and charity, Nacro
• The fund focuses on purchasing affordable homes in London, aiming to provide sixty homes at any one time for people sleeping rough on London’s streets
• The fund’s seed investors are Greater London Authority and Big Society Capital
• It’s estimated that over 200 people will be housed over the lifetime of the fund
• Over 3,000 people slept rough in London between January – March 2021

When the pandemic struck, it became apparent that rough sleepers were particularly vulnerable to the virus. Rough sleepers often have a higher rate of underlying health conditions and sleeping rough makes it much harder to follow advice on social distancing, good hygiene and self-isolation.

During 2020 around 37,000¹ people were successfully moved off the streets in England and into emergency accommodation as part of the Everyone In scheme. However the strained economy has led to a rise in unemployment, so there is likely to be an impact on homelessness with numbers of rough sleepers likely to increase in the longer-term.

10,726 people were recorded as sleeping rough in London in 2019/20² representing a 21% increase in sleeping rough compared 2018/19.

And in the first quarter of 2021, the Combined Homelessness and Information Network (CHAIN)³ figures for London reported:

• 3,002 people sleeping rough
• 1,567 people sleeping rough for the first time

The Everyone In fund will focus on purchasing affordable homes in London with the aim of providing sixty homes for people sleeping rough on London’s streets.

The fund leases properties to its partner, leading social justice charity Nacro, providing people who are rough sleeping, or in a hotel or hostel accommodation with a settled home. Earlier this year Nacro secured funding from the Greater London Authority – one of the initial investors into this fund - to provide a specialist support service for the fund’s tenants for four years. This will see everyone housed by the fund receiving individualised support dependent on their needs, including addiction support, training, education or employment re-engagement. Tenants will also be supported to move on to more permanent housing when they are ready.

The fund has started buying one-bedroom and studio properties which are currently undergoing refurbishment, with the aim for tenants to start being housed from mid-July.

John Williams, Managing Director of Property Funds at Resonance, said: “Resonance has a successful track record in tackling homelessness so with the numbers of people experiencing homelessness and being forced to sleep rough in London likely to rise, I am thrilled that the Resonance Everyone In fund has had its second close following £4m in new investment. We are incredibly grateful to receive this additional investment from our four new investors, who clearly want to be a part of the housing solution for London’s rough sleepers. The fund now stands at £16.5m, enabling it to commit to buying and refurbishing sixty properties in the capital which - over the fund’s lifetime – are expected to house around 200 people, helping them to become settled and able to start making positive plans for their futures.”

Bharat Mehta, Chief Executive, Trust for London, said:

“As we contemplate moving from the acute phase of the COVID-19 crisis towards a new normal, it is increasingly clear that it is excluded and disadvantaged communities who have (and continue to) feel its impact the most. The Trust for London has invested £1m in the Resonance Everyone In fund as an opportunity to deploy support rapidly to Londoners most in need; and to ensure that the positive impacts of the Everyone In initiative are retained and built on in the longer term.”

Simon Hughes, Head of Housing and Support at Nacro, said:

“We know Rough Sleeping has a devastating impact on communities, people’s lives, health and future so we are delighted that the Resonance Everyone In fund is on target to acquire homes where Nacro can deliver the support to enable people to thrive and move towards lasting independence away from the street. 

“Holding on to a home in these difficult times is a vital step in helping people to move on with their lives.”

¹The Big Issue

²Public Accounts Committee

³Combined Homelessness and Information Network (CHAIN)