Merger of three London Housing Associations
Three London housing associations L&Q, The Hyde Group and East Thames have entered into talks for a merger, in a bid to create one of the country’s largest housebuilders.
They are expected to be able to build 100,000 new homes across London and the south east over the next 10 years, an investment of £25bn over the next 10 decade. They will be able build 35,000 more homes than they could have achieved alone, as well as acheiving around £50m of cost savings.
Fifty per cent of the 100,000 new homes will be for people on lower incomes, this will make the new organisation the largest provider of affordable homes in the country.
Around 25% of the total will be affordable new homes which will be set aside for first time buyers and 25% of the total will be for affordable rent, with the remaining 50,000 for market rent and sale.
Housing Minister, Brandon Lewis MP reportedly 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.”
The three housing associations presently manage or own approximately 137,000 homes with developments currently underway at Barking Riverside and Nine Elms and Heron Fields in Sittingbourne, Kent.
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