With World Homeless Day approaching on 10 October, John Williams, Resonance’s Investment Director and Head of Property Funds shares an update about Resonance’s property funds.
Resonance is incredibly proud of its partnership with St Mungo’s and the achievements of our homelessness property funds in providing homes for people living in temporary accommodation or at risk of homelessness across the UK.
I am delighted to share that our three property funds have to date provided safe and affordable homes for 2,533 people – including 1,242 children – in 822 properties across the UK – and raised over £200 million, but we know that there is so much more to do.
According to Shelter (2019), an estimated 280,000 people are homeless in the UK - this equates to one in every 200 people – with over 84,000 households stuck in temporary accommodation.
One million households are on social housing waiting lists (Shelter) and four million people in the UK are living in sub-standard or inappropriate housing (Ministry of Housing). Additionally, a growing population means that three million new social homes are needed in England over the next 20 years (Shelter).
Meanwhile, the impact of COVID-19 is leaving many privately renting households - 1.7 million - worried they may not be able to afford their rent in the future because of COVID-19 (Institute for Public Policy Research). So even more households are at risk of homelessness.
Clearly there is more to be done. At Resonance, we believe that we have proven that a social investment solution can be part of a solution to the UK’s social housing crisis.
Our property funds acquire properties and lease them to housing sector and homelessness charities who, in turn, rent them to individuals and families at risk of homelessness, with a secure tenancy.
And by partnering with housing service partners and charity partners, individuals and families are not only provided with housing but also have access to support to help them maintain their tenancies, find employment or education, set down roots in the community and to save for a deposit so that they can eventually move into the private rented sector with a track record of maintaining a tenancy.
Our next social impact property fund investment fund focussing on homelessness will be the National Homelessness Property Fund² (NHPF²) which is due to launch later this month. This Fund will initially focus on purchasing affordable homes across the North West with an initial launch investment of around £20 million with a target fund size of £50-£100 million.
Resonance has also recently launched the Resonance Supported Homes Fund (RSH Fund) with an initial launch amount of £10m for people with learning disabilities, autism and mental health challenges. Individuals will be moved out of unsuitable accommodation and into homes of their choice in their local communities, where they will also be provided with specialist support to enable them to lead fulfilled lives with independence and choice.
And also in the Autumn Resonance will – in partnership with Patron Capital – be launching the Women in Safe Homes Fund (WISH Fund). This gender lens property fund has been created in response, and as solution to, the housing shortage for women at risk of or experiencing homelessness due to domestic violence, poor mental health, addiction and engagement with the criminal justice system. This Fund will enable more women and children to be safe and to live their lives free from violence and abuse. It is launching with an initial investment of £16 million and target fund size of £100 million.
We are proud to work with all our charity partners, housing providers and investors, seeing first-hand how living in the right home that’s safe, appropriate and affordable helps make a real difference to people’s lives.
Find out more about Resonance’s property funds here.
Please get in touch here if you are a housing service provider or homelessness charity and have an infrastructure that would enable you to lease properties and rent them to individuals or families who are experiencing or at risk of homelessness.
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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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