HSPG to deliver 58 new build affordable homes in South East London

HSPG, the UK’s leading social impact real estate firm, has successfully entered into contract with CA Ventures to deliver 58 affordable homes in South East London. This contract forms part of HSPG’s wider plans for ‘Project 2000’ which aims to deliver 2000 new homes between April 2021 and 2023.

HSPG’s commitment to deliver Affordable Housing follows news that house prices have continued to rise at the fastest rate in 17 years. Following a further rise of 14.3% in March, the average price of home is now a fifth higher than in 2020.

At the same time, households are facing unprecedented financial pressures with inflation rising at the fastest rate in 30 years and energy bills expected to rise by 40% this spring. As a result of this combination of rising house prices and financial pressures, the need for Affordable Housing has never been more crucial.

With Affordable Housing provision falling by 12% in 2021, there is a substantial demand for this type of housing that is not being met. This commitment will deliver 37 London affordable rent units and 21 shared ownership units. HSPG is responding to this significant need for increased provision of Affordable Housing.

HSPG is responding to local demand for Affordable Housing being delivered in the London Borough of Lewisham. London has faced a shortage of affordable homes with average property prices as much as 13 times the wages in London, in comparison to 8 times elsewhere in the country. These much-needed homes are expected to be delivered in March 2024.

This contract also builds on HSPG’s wider plans to deliver 2000 news homes by the end of April 2023 as part of ‘Project 2000’ which is already set to be completed ahead of plan.

Guy Horne, CEO and co-founder at HSPG, commented:

“This contract with CA Ventures to deliver Affordable Housing in Lewisham forms a key part of our commitment to ‘Project 2000’. With 6 million adults in the UK already fearing homelessness, the need to improve the provision of Affordable Housing through these types of affordable projects has never been more crucial. With London facing some of the most significant shortages of affordable homes, this commitment responds to strong local need for this form of housing. With plans for further growth in 2022/2023, we are excited to continue pursuing further Affordable Housing projects as part of HSPG’s continued drive to tackle the UK’s homelessness crisis.”

Josh Beeston, head of housing acquisitions at HSPG, commented:

“We are delighted to announce that we have entered into contract for 58 affordable homes in South East London. This reflects our commitment to delivering new affordable homes in regions where this type of housing is now needed more than ever. By providing this quantum of homes, we are helping address the lack of Affordable Housing across the UK, especially in light of current economic challenges and the impact of these on low-income households. We look forward to delivering this new development and being able to assist with meeting the need in local communities with completion estimated in March 2024”