Solihull-based Living Space Housing has re-forecasted its business plan, in order to ramp up the production of affordable homes over the next two years. The company is delivering 580 affordable houses, apartments and bungalows, with a total value of £72m across the Midlands, Bedfordshire and Oxfordshire.
The vast majority of the homes Living Space builds are delivered to Registered Providers (RPs) for affordable rent and shared ownership. Approximately five per cent of the plots currently being delivered will be sold on the open market, with prices typically starting from £220,000. Living Space sources the land, achieves Full Detailed Planning consent and builds the houses for the RP, enabling them to focus on the funding and management of high-quality homes for their residents.
Steve Davies, Managing Director of Living Space Housing said: “It is abundantly clear that the impact of the pandemic means that the demand for affordable housing has never been greater. We therefore re-started construction - in accordance with our Covid-19 Safe Operating Procedure – back in April. We have now reassessed our business plan in order to see how production could be increased to help meet the increased need. I am delighted to report we are on track to deliver 580 affordable homes across the Midlands, Bedfordshire and Oxfordshire by the end of March 2022.
“While Covid-19 is unprecedented and the full economic impact is still materialising, it is helpful to look back at the fallout from the last major recession, which began in 2007. The proportion of affordable homes delivered after the initial shock of that recession increased considerably, and as the need increased so did the development opportunities for Housing Associations.
“What we are starting to see today is that a number of residential sites that were being progressed for private development are now more likely to be delivered for affordable housing. Ultimately this is positive for the overall health of the UK’s housing market and Living Space is primed to deliver these sites. We are on track to deliver 18 affordable schemes over the next two years.”
Living Space’s live developments comprise 51 homes at its flagship Malvern Oaks scheme in the village of Cradley, on the outskirts of Malvern, Herefordshire, which is being developed in conjunction with leading affordable housing provider Stonewater. Another 48 homes are being constructed for Stonewater at the former Victoria Carpets Sports Ground in Kidderminster. 26 homes located off Britannia Way in central Telford, Shropshire are currently being delivered for Accord Housing Association. Construction will commence at another two Living Space schemes in Telford over the next few months.
Living Space is a development-led residential planning, design and construction services solution for Registered Providers, PRS Funds, the NHS, Universities and Defence Estates, which provides an end-to-end service, enabling more homes to be delivered with greater efficiency. Having launched to the market last year, the company already has a total of 406 residential plots under control, representing a combined construction value in excess of £61million.