William Eichler 07 April 2016

Housing association merger will create country's 'largest provider of affordable homes'

Three housing associations have entered into merger talks and together will build 100,000 new homes across London and the South East.

The merger between L&Q, The Hyde Group and East Thames will mean an overall investment of £25bn over the next ten years into housing, and will enable them to build 35,000 more homes than they could have achieved alone.

25,000 affordable new homes will be set aside for first time buyers and 25,000 new homes will be for affordable rent, making the new organisation the largest provider of affordable homes in the country.

The remaining 50,000 new properties will be for market rent and sale.

The merged housing associations, worth an estimated £30bn together, will also be responsible for managing 135,000 homes.

Within five years, it is estimated the new organisation will be able to make £50m a year in efficiency savings through combining back office functions, investment in IT, flexible working, growth through development and combined purchasing power in procurement.

A new training academy, with a £5m a year increase in investment over existing training budgets, will also be created.

In addition to this, a large care and support subsidiary will be set up to take in supported housing from all three partners and to invest in a new offer for vulnerable and older people.

There will also be £250m over and above current spending levels set aside for community investment.

Elaine Bailey, chief executive of The Hyde Group, said: 'We are stronger together - more financially capable of delivering and managing our stock than we are apart.

'Every penny that we make will be invested back into the services we deliver and into building much needed homes.'

SIGN UP
For your free daily news bulletin
Highways jobs

Technical Support Officer

Wyre Borough Council
Grade 5 £25,992 – £27,711
This is a really exciting time to join Wyre Council, with a new Leader and Chief Executive leading our next chapter. Poulton-Le-Fylde, Lancashire
Recuriter: Wyre Borough Council

Residential Worker

Essex County Council
£27934.00 - £35344.00 per annum + + 26 Days Leave & Local Gov Pension
Residential WorkerPermanent, Full Time£27,934 up to £35,344 Per Annum (includes allowance) equal to £14.48 to £18.32 Per HourLocation
Recuriter: Essex County Council

Early Years Keyworker

Royal Borough of Greenwich
£37,068 - £38,058
Want to make a difference for children with special educational needs in Greenwich? Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Early Years Area SENCo

Royal Borough of Greenwich
£39,855 - £42,324
Have you got extensive experience in working within Early Years, with a clear understanding of child development Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Young Persons Substance Misuse Service Pathfinder

Royal Borough of Greenwich
£31,524 - £32,931
Are you looking to change the lives of young people? Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich
Linkedin Banner