More Homes Waltham Forest is an innovative partnership scheme that aims to house families in housing need in real homes rather than B&Bs and other forms of inadequate temporary accommodation currently being used in the borough.
Working on behalf of the Council, Mears Living has raised cash through the issuing of bonds to purchase and refurbish 365 homes for homeless individuals and families in the London Borough of Waltham Forest.
The scheme lasts for 40 years, after which the homes will go into the ownership of the Council, providing a sustainable source of housing for the area and giving long-term security to households in need.
In Waltham Forest, more than £3.4 million is spent every year housing around 2300 families in bed and breakfast, hostel and other forms of temporary accommodation. The More Homes model provides an alternative and far more affordable supply of housing that aims to significantly reduce these costs to the Council while allowing it to truly discharge its housing duty.
The result is a win-win with better homes and outcomes for families for less expenditure.
Most importantly, it demonstrates how thinking differently can improve outcomes for vulnerable individuals and families who, without the scheme, would be left with no choice but to continue living in precarious, short-term and inappropriate housing.
Mears Living Managing Director, Jonathan Mallen-Beadle said:
“Our partnership with Waltham Forest improves and repurposes existing housing to provide better homes for individuals and families; all at a reduced cost to the public purse.
“The More Homes model is a great example of how partnership working could unlock new solutions to housing challenges in communities across the UK.”
Cllr Louise Mitchell, Cabinet Member for Housing and Homelessness Prevention, said:
“One of our main priorities as a Council is ensuring our residents have a safe, decent roof over their heads. I am delighted that our More Homes partnership with Mears, established in 2018, has already resulted in genuine success, with over 200 families successfully re-housed so far and another 100 expected to be given accommodation in 2021.
Vulnerable families are now living comfortably in decent, high-quality homes.This gives young people and children a stable environment in which to learn,develop, and reach their full potential. We are proud to be able to help provide the foundation on which people can build to make the very most of their life chances.
“More Homes is a genuinely progressive partnership that has been well managed and is demonstrating tangible benefits for both the Council and the residents of Waltham Forest”