A lack of affordable housing in Scotland and across the UK is leading more people on low incomes and state benefits to seek a home in the increasingly expensive private rented sector. Many landlords refuse to let their homes to people receiving housing benefit and the few homes that are accessible to low-income groups are often in very poor condition.
Since 2014, Homes for Good has raised £20 million ($25 million USD) in social investment to create a portfolio of affordable, good-quality homes to let to tenants on low incomes as well as those who have additional support needs. The organisation is both a lettings agency and property developer, purchasing and renovating empty or dilapidated homes. Currently, it manages 500 homes – of which it owns 300 – in Glasgow and the west of Scotland.
Homes For Good couples affordable rent with a holistic tenancy support approach, which includes providing advice on reducing energy bills and around benefit claims, in addition to the Love Home programme. This partners tenants with an interior designer so they can create a home that reflects their needs and preferences and fosters a sense of belonging. Homes For Good is spearheading the growing social investment movement in affordable housing across the UK, proving it is possible to operate profitably by letting good-quality homes at affordable rents.
