L&Q to plough £10m into privately rented homes

Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Local Government

Social housing giant L&Q is ploughing £10m into privately rented homes this year.

The 67,000-home landlord recently announced a £95 million surplus for the last financial year underpinned, it said, by its “more commercial approach”.

It said its move into the market rented sector will help the increasing number of families who are not eligible for Affordable Rent – the Government’s new sub-market tenure offer – and are unable to access mortgages either.

Today the group has announced it is to protect deposits on private rental homes with the Tenancy Deposit (TDS) scheme, which protects around 900,000 deposits with a total value of over £1 billion.

The announcement follows calls by new housing minister Mark Prisk for housing associations to “take the leap of faith” and branch out into the private rented sector to help meet demand.

Dominic Macer, private rented sector portfolio director at London and Quadrant, said: “We are delighted to be working with the Tenancy Deposit Scheme.  As the Scheme is not-for- profit and the most experienced, it dovetails with our guiding ethos and values as a social business.

“This year we are investing £10m into privately rented homes and it is important for us to secure the services of like-minded organisations as we move into the market.”

Steve Harriott, TDS chief executive, said: “London and Quadrant’s move to secure their tenants deposit money and provide free alternative dispute resolution through us is welcome and particularly telling in the light of the housing minister’s call for social landlords to expand into the private sector. Both sectors can learn from each other to the benefit of our consumers.”