Our housing offer for London

The g15 make a significant contribution to London life. We are the collective voice of London’s largest housing associations and currently provide homes for one in ten Londoners. In addition to this, we are also responsible for a quarter of all new homes built in the capital.

London is one of the world’s most vibrant and successful cities, but is in the midst of a housing crisis. London’s population is expanding rapidly, predicted to surpass 9.5 million by 2025, whilst housing supply remains stubbornly around half of the 49,000 homes required each year to meet this demand.

The provision of great quality homes for Londoners on a range of incomes is vital to London’s continued prosperity and growth. Homes protect the disadvantaged, deliver aspiration and social mobility, and house the workforce employers need to continue to have the confidence to invest in London and its future potential.

The g15 has an ambitious, progressive vision to meet this challenge head on. This new housing offer sets out who we are, what we are currently delivering, and how we will work with others who share our ambition.

Who we are – We are independent, charitable housing associations; all our profits are invested to deliver our social mission

Our mission – We house and support low income, vulnerable households and deliver a range of products for ownership and rent, targeted at all those households unable to access the market

Our homes and services – We are committed to the provision of quality homes and the delivery of efficient, reliable services which match our customers needs

Our communities – We invest to create sustainable, vibrant and aspirational mixed communities

Our approach – We work in partnership with stakeholders for the benefit of a prosperous London

g15 in numbers

  • Together we own and manage 550,000 homes. We house one in ten Londoners
  • We own 21% of the sector’s stock
  • We hold 33% of the sector’s net debt (£15.4bn of £47bn total)
  • We generate 47% of the sector’s surplus (£1.1bn of £2.4bn total)
  • We invest 100% of our surplus into our homes and communities

A new housing offer for London

  • We have 93,000 homes in our pipeline, 72,000 are in London
  • Before the July 2015 budget, we committed to double our pipeline to 180,000 – a £50bn investment over ten years
  • But we can only deliver in partnership. The rent reduction removed considerable capacity from our business plans but our ambition to grow and deliver our social purpose remains as strong as ever
  • We need confidence that local and central Government will work with us and bring forward a pipeline of clean, serviced and consented land in their ownership and control
  • We need confidence that our rental income will support the debt we need to raise
  • With support on rents, planning and land, we will guarantee growth, jobs, apprenticeships and homes

Our housing offer is focused on delivering homes for London, promoting aspiration and stimulating economic growth. To deliver this we will:

  • Buy more land and deliver more homes. We are investors in housing. We will continue to use our surpluses and maximise value for money to deliver our ambition of doubling our current output
  • Maximise the number of homes at prices ordinary Londoners can afford. We are committed to providing a wide range of products to rent or buy for those unable to access the market, helping our residents to achieve their lifetime ambitions and promoting social mobility. Collectively, we are the largest providers of shared ownership in the capital, having built 6,400 homes in the last three years alone. In addition, over the same period we have built over 16,000 affordable homes for rent. We will continue to work with our partners to support the ordinary Londoner’s aspiration to own, whilst ensuring there is no loss of social housing
  • Develop our existing land as quickly as possible. We are committed to having credible plans in place to develop our land. We will play our part in increasing supply and supporting delivery of the Mayor’s ambition to match demand with the supply of 49,000 new homes per year
  • Help more Londoners into work. We invest £40m generated from our own resources into London each year through combined investment in communities and new housing developments. We have already helped over 11,000 people into employment over the past three years. Through the ‘Love London Working’ initiative with other London Housing Associations, we aim to assist another 21,000 people into work over the next three years
  • Work collectively to offer a one stop solution on strategic sites. We create profits for purpose, not for shareholders. We will continue to reinvest our surpluses into getting homes built for London. Whether through our excellence in regeneration or our expertise in strategic land assembly, we possess the skills and ambition to deliver quality new homes for ownership and rent.

What we need from our partners:

Our partners should use their investment, planning and compulsory purchase powers to secure long term commitment and create a volume housing production line.

  • Political consensus – We urge the new Mayor to work with others and build a cross party political commitment to tackling London’s housing crisis
  • Partnership – We seek an equal strategic relationship with the Mayor, GLA, Government and other stakeholders to help plan the effective long term supply of housing, aligning welfare and housing policy
  • Investment – We have leveraged organisational efficiencies to deliver significant supply on the back of minimal public investment. With imaginative additional investment – through equity, bond guarantees or discounted land – we can do more
  • Rents – With certainty on rents, we can deliver even more homes to be priced at a level ordinary Londoners can afford
  • Land – Providing greater incentives for public landowners to release land could liberate the market. If central and local Government can guarantee a pipeline of clean, serviced and consented land, we will in return guarantee production and contribute our own resources

Summary

  • Housing associations are the most successful public/private partnership on record. The g15 alone has levered in private investment of £15.5bn – 33% of the sector’s debt. We continue to innovate and adapt, taking measured risk and applying commercial discipline for social purpose
  • We have the skills, capacity and ambition to take forward mixed income schemes across the capital, forming partnerships with private developers and public authorities alike
  • We invest our own funds in apprenticeships, jobs, new construction methods, communities and homes. Over the past three years we have helped over 11,000 people into jobs and will, working with other providers, help another 21,000 people into work over the next three years. In doing so we will be tackling social exclusion, creating aspirational communities and helping to deliver our social mission
  • We tell it as it is. We aim to influence public and housing policy but do so in a measured and non-political way, acting as advocates for our residents and working with our key stakeholders to propose long term effective solutions
  • g15 already provide homes for one in ten Londoners and build a quarter of all new homes constructed in the capital. g15 put people into homes, jobs and strengthen communities no matter how tough the external environment or challenges. But we can and want to do more. With the right support we can double our output, increasing the supply of new homes that London so desperately needs