Buying properties to provide decent and affordable homes for rent
- Investment StrategyPrivate Equity, Long-term Capital
- Date of Initial InvestmentJanuary 2018
- Bridges ExecutivesEmma Thorne
Henry Jones
Thesis
There are an estimated 4.5m people living in poverty in private rented accommodation in the UK, a total that has increased by c. 80% since 2007. An increased availability of decent and affordable accommodation for people in housing need will help those who are vulnerable stay off the streets.
Investment
The Ethical Housing Company is a property venture with a mission to create a portfolio of decent and affordable homes for rent in Teesside. Bridges has partnered with Carla Keegans, a housing expert and founder of The Ethical Lettings Agency, which helps people in housing need find and sustain suitable accommodation. In partnership, The Ethical Housing Company is buying properties and renting them out via The Ethical Lettings Agency at affordable rates to vulnerable individuals and families, then supporting them to sustain that accommodation.
Outcomes
With over 160 rental properties now under management, The Ethical Housing Company continues to support those in housing need. In the year to March 2021, c. 50% of its lettings were to households that were previously homeless. With a majority of tenants in receipt of benefits, the partnership also provides expert help on how to navigate the benefits system, which helps them to secure the funds they need to sustain their accommodation. Ultimately, we hope The Ethical Housing Company can expand its reach to 1,000+ homes over time.