Notting Hill Genesis to make biggest-ever social housing investment
The housing association based in the capital city has pledged to invest £500m into social homes over the next decade.
A new report, which was published last week, has highlighted that Notting Hill Genesis (NHG), one of London’s biggest housing associations, recorded a £106.1m surplus before tax for the year to the end of March.
As a result of having such a large sum left over, the organisation said it would spend a further £157m on building safety work within social homes. Against this backdrop, within the report NHG said it had increased routine and planned maintenance spending by £40m over its last financial year, including work to help fix damp and mould issues which have particularly plagued the social housing sector over the last year.
As well as helping to rectify issues of damp and mould, NHG also used their finances to improve fire safety in properties.
Patrick Franco, NHG chief executive, said: ‘The group is financially strong, with substantial liquidity and high demand for its core business.
‘This financial strength will allow us to provide good-quality homes and estates and enable our residents to live their lives well, which is the key goal of our new Better Together strategy.’
One of the reasons for NHG being so well off financially is due to the company receiving an £8m government grant to ensure more than 1,000 households in London benefit from lower bills and reduced energy use.
Money has been invested into the company with great confidence. Some of the achievements from NHG within the past year include the organisation completing 459 homes and beginning work on a further 459 as part of a longer-term pipeline of almost 5,000 homes to be developed by the end of 2027/28.
New homes are desperately needed in London now more than ever. A new study published by Bloomberg last month highlighted that properties in the capital city are more than likely to be overcrowded, leaving one in 10 living without enough space.
Image: Chromatograph
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