Merger to create one of the UK's biggest house builders
The three organisations will be able to build 100,000 new homes across London and the South East - 35,000 more homes than they could have achieved alone, representing an investment of £25 billion over the next ten years.
Half of these new homes will be for people on lower incomes, making the new organisation the largest provider of affordable homes in the country. In total, 25,000 affordable new homes will be set aside for first time buyers and 25,000 new homes will be for affordable rent, with the remaining 50,000 new homes for market rent and sale.
Housing Minister, Brandon Lewis MP, said: “This shows what can be achieved by combining the strengths of each organisation. It will make a real difference to increase their capacity to build, house and help thousands of people across London and the South East. I welcome the added focus on helping our ageing population and the launch of a training academy for staff and residents. In my mind, this is exactly what housing associations should be doing.”
The merger will also see the creation of a new training academy with an additional £5 million a year in investment in training budgets. This will provide nationally accredited apprenticeship schemes, greater career development opportunities for staff and training and employment options for residents in the communities they serve.
Like what you see! Signup for our weekly newsletter