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Real Lettings Property Fund Social Impact Report 2016/17

REAL LETTINGS PROPERTY FUND SOCIAL IMPACT REPORT 2016/17

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Fourth Real Lettings Property Fund Social Impact Report published

In the fourth annual Social Impact Report for the Real Lettings Property Fund (RLPF) Resonance announces that the Fund has completed deployment of its £57m of investment commitments into a portfolio of 259 properties while the number of people housed continues to rise due to some tenants moving on and others taking their place.

The Fund has now provided stable accommodation to 668 people, including 357 children, many of whom have moved from unsuitable conditions, typically in temporary accommodation.

We have continued to work closely with Real Lettings, a social lettings agency run by the homelessness charity St Mungo’s and can report some key successes:

  • 100% tenancies maintained for at least 6 months
  • 88% of tenants up-to-date with rent
  • 95% of tenants up-to-date with bills
  • 83% of tenants employed or making progress towards work
  • 61% of tenants are confident to look for a property in the private rented sector
  • A greater proportion of positive move-ons and fewer evictions

With a 100% sustainment rate for this year, tenants are largely settled and Real Lettings’ work is becoming more focused on longer term social impact outcomes. Employment and training have been the key focus, enabling more tenants to start saving, though the majority still have not taken this step, and for those who have, the amounts they need for a deposit are high. Moving tenants on becomes more of a focus as many tenancies approach the suggested three-year move-on mark, and Real Lettings is developing strategies to ease this process so that the overall RLPF model remains focused on being a stepping stone to more sustainable accommodation.

The report includes personal stories. Peter’s RLPF home enabled him to turn his back on crime, gain employment, move into training and have real hopes of becoming a youth worker. Mabintou, a single mother, formerly on a Local Authority housing list, unable to rent privately because landlords would not take benefits applicants, loves her flat and has found work in a care home while training to be a nurse in the NHS.

With the launch of the National Homelessness Property Fund in Bristol, Milton Keynes and Oxford, Real Lettings now houses over 1000 tenants around the country. Meanwhile, the launch of the Real Lettings Property Fund 2 in early 2017 means that the initiative in London will continue to grow, as further properties are added and more investment is raised.

We’re also publishing our first annual Social Impact Report for the National Homelessness Property Fund, which is building on the success of the Real Lettings Property Funds 1 and 2, and we’re delighted to see that it’s bringing the same positive advantages to tenants in towns and cities around the UK.

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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