2023-2028 corporate strategy: tackling housing insecurity
6th September 2023
In addressing housing insecurity, Capital Letters proudly unveils a comprehensive new corporate strategy, building upon our achievements over the last four years
Over the last four years, we’ve worked to offer 6,500 Private Rented Sector (PRS) homes to member boroughs, facilitating the allocation of 4,300 properties to families facing housing insecurity.
The provision of £3.1 million in grants to members, aimed at subsidising incentive payments to landlords, demonstrates our commitment to ensuring housing stability for vulnerable families.
Importantly, we’ve achieved an impressive success rate, with 61% of families placed in the properties we’ve procured being able to remain in their home borough. This surpasses the London average of 41%, showcasing our efficacy in addressing local housing needs.
The core objective of Capital Letters remains: to secure affordable rental properties, aligning with Local Housing Allowance (LHA) rent levels, for the benefit of its members, who, in turn, use these resources to support their residents.
Looking ahead to the next five years, our focus will be on two primary areas:
- Increasing housing supply
To address the growing demand for housing solutions, we’re committed to expanding the availability of affordable housing units within our network. This expansion is a response to the urgent need for accessible housing options across member boroughs.
- Generating sufficient income
We recognise the importance of financial sustainability. We aim to generate income that will cover the cost of services provided to our member boroughs effectively.
We aim to achieve the above through a series of practical measures by:
- Providing value for money
At Capital Letters, we’ve already initiated substantial cost-saving measures in anticipation of our new service design. We’re dedicated to further enhancing the value for money delivered to our members by continuously seeking efficiency savings.
- Service expansion
We’re committed to extending our standard PRS and Private Sector Lease (PSL) procurement and tenancy sustainment services, catering to regions beyond London and diversifying procurement approaches to meet a range of housing needs. This includes services tailored to landlords, agents, and investors, with the goal of increasing the housing supply and generating additional income streams to sustain our mission.
- PRS landlord role
By consolidating our role as a PRS landlord, and streamlining the management of PSL transfers for member boroughs, we’re able to both cost savings and service improvements. Additionally, we aim to enter leases for properties to offer as PRS tenancies to homeless households or temporary accommodation for our members.
In conclusion, our new corporate strategy is grounded in practicality and a commitment to meeting the pressing needs of communities facing housing insecurity. Our track record, combined with a well-considered approach to the future, positions us as a responsible and reliable partner in addressing one of the UK’s most critical housing challenges.