We are proud to be recognised by the Joseph Rowntree Foundation (JRF) as an organisation that is building the foundations for better lives in London.

The Joseph Rowntree Foundation report “Bringing private homes into social ownership can rewire the housing system” has recognised that the Capital Letters model can be part of the future for London housing.

The report says that…

“central and local governments working together to establish local housing companies in TA ‘hotspots’, which can purchase, retrofit and then let out homes for use as TA at more affordable rents, this would build on the model of Capital Letters…” can be part of reducing costs and raising standards.

“Bringing private homes into social ownership can rewire the housing system” by Joseph Rowntree Foundation

Our work, in a challenging and superheated London rental market, has resulted in over 6,500 homes being offered to our member boroughs meaning over 6,500 households have had the chance to leave temporary accommodation and build the foundation of a healthy and productive life by moving to a private rented home and putting down secure roots.

In the next 2 years Capital Letters in partnership with the housing charity Home Safe Housing will be investing £750m – the current size of the Local Authority Housing Fund – providing up to 2,500 refurbished, high quality rental homes for Londoners. Most of these homes will be offered at LHA rate to those who are experiencing homelessness and are in temporary accommodation.

Settled housing comes with a host of benefits, from improved educational results to improved health and wellbeing. This isn’t about saving money on TA, it’s about saving money in the NHS, in benefits, and increasing employment outcomes, so raising money on taxes, and empowering people to live their best lives.

The last few years have been extremely challenging supplying LHA rate homes. LHA up until April 2024 fell dramatically short of the 30% of local market rates that it was designed to cover, indeed on specific days in London it covered 0.2% of local market. Our inclusion in this report is a testament to the forward-thinking boroughs who created Capital Letters, and of the Joseph Rowntree Foundation.

Capital Letters is a proud disruptor in the housing sector. Since we were founded Capital letters has pushed for systemic change to the way in which the housing and homelessness crisis is addressed, identifying solutions which will result in more homes for Londoners desperately need them.

We are already starting to rewire the housing system by partnering with private ESG investors to provide social and affordable homes as an ethical private landlord.

Capital Letters is a purpose driven, not for profit, private landlord working to end homelessness in London. We source and manage affordable, secure and safe homes for families experiencing homelessness – because a home can change everything.

We are part of the solution – and you can be too.

Our growing team needs a passionate, talented, and committed Health and Safety Compliance Manager to help may 2,500 properties into 2,500 homes!

Apply here

Capital Letters is a purpose driven, not for profit, private landlord working to end homelessness in London. We source and manage affordable, secure and safe homes for families experiencing homelessness – because a home can change everything.

We are part of the solution – and you can be too.

Our growing team needs a passionate, talented, and committed Health and Safety Compliance Manager to help may 2,500 properties into 2,500 homes!

Capital Letters is growing, and we’re going to need some more brilliant team members as we deliver our £750m partnership with housing charity Home Safe Housing and take on up to 2,500 homes for Londoners in need.

Find out about our Income Collection Officer role by clicking here.

Capital Letters is a purpose driven, not for profit, private landlord working to end homelessness in London. We source and manage affordable, secure and safe homes for families experiencing homelessness – because a home can change everything.

We are part of the solution – and you can be too.

Our growing team needs a passionate, talented, and committed Housing Coordinator to help may 2,500 properties into 2,500 homes!

Apply here – https://bit.ly/3JFvuaS

Capital Letters, the independent commercial not-for-profit company owned by London boroughs and the registered housing charity Home Safe Housing are bringing up to 2,500 high quality affordable rental homes to London in a ground-breaking partnership.

There are over 60,000 households in London that are experiencing homelessness, and there has been a 70% increase in the number of families in Temporary Accommodation over the last 10 years. This is at a time when the number of new affordable homes being built is collapsing – there has been a year on year drop of 76% in the new homes being built by the Capital’s largest Housing Associations.

Against this backdrop Capital Letters and Home Safe Housing are finding new ways of bringing homes into the rental market, by delivering good quality affordable homes to tackle London’s housing crisis.

Each of the 2,500 homes will be refurbished by Home Safe Housing and brought up to Capital Letters Agreed Standard* and EPC C or above as part of its £750m investment.

The majority will be let at LHA rates to households in London who are experiencing homelessness, providing vital safe, secure, and affordable homes. The market rent properties will be offered on the open market; they will also be available to Capital Letters’ member boroughs, and they will be able to nominate working families who are experiencing homelessness for those homes.

“This partnership with Home Safe Housing is a great for London families,” said Capital Letters’ Chief Executive Sue Edmonds. “When Capital Letters was created, it was intended that the Company would be a landlord and with Home Safe Housing it can now successfully achieve its ambitions.”

“The focus in Capital Letters’ early years has been on successfully procuring nearly 6,500 homes for our member boroughs to use for homeless families who desperately need them. We achieved this success by working with individual landlords. Now the London rental market has changed so dramatically, we have focused our service on being a great landlord and providing these homes ourselves, which is a better way of meeting the increasing demand. This groundbreaking partnership with Home Safe Housing is the latest step in that strategy.”

The registered charity Home Safe Housing was conceived by Prowgress, a Hague based social impact fund and UK Structured Finance, a social investment banking boutique, to deliver affordable homes across England.

Home Safe Housing CEO, Jared Fox, said “We are delighted to be partnering with Capital Letters on this initial £750m investment in London’s social housing stock. As a not-for-profit company Capital Letters shares our social mission of alleviating homelessness and has the pedigree to ensure a robust and well governed project.”

“We know that together we can ensure the investment made will change lives for families in London, with thousands of homes being added to London’s affordable housing stock in perpetuity and that the project remains financially viable for investors.”

Sue Edmonds, Capital Letters CEO said, “Capital Letters exists to help alleviate homelessness and to provide increased value for money to the public purse. By partnering with Home Safe Housing and having a mixed economy portfolio, which includes market rent as well as Local Housing Allowance (LHA) rent homes, we can work together to support Capital Letters’ member boroughs, providing affordable housing to alleviate homelessness, built on a sustainable, financially viable independent business working with a like-minded ESG investment partner.”

The initial 2,500 properties will be procured over the next 2 – 3 years in a leasing deal that will run for the next 40 years with Capital Letters able to purchase some of the properties for £1 at the end of the period, ensuring that these homes will remain available to Londoners in perpetuity.

Paul Doe, Chair of Capital Letters Board of Directors, said “This deal shows the strength and ambition of Home Safe Housing and Capital Letters and the determination of both partners, to achieve their shared vision. This is what Capital Letters is for, to find ways to bring long term, good quality, affordable housing to Londoners in need whilst reducing the financial pressure on member boroughs.”

Cllr Meric Apak, Cabinet member for Better Homes, London Borough of Camden and Chair of the Capital Letters’ Boroughs Representative Body – the body that works with Capital Letters Board of Directors and Executive on behalf of the 10 Member Boroughs – said “This is the culmination of a lot of hard work and effort. To see it come to fruition is excellent, because this partnership between Capital Letters and Home Safe Housing means more affordable homes for people in need in London.”

*The Capital Letters Agreed Standard is a quality standard above Decent Homes Standard and is agreed by Capital Letter’s member boroughs. This is designed to raise the quality standard and safety of private rented homes across all London boroughs.