The Ethical Housing Company

Bridges Evergreen Holdings

Buying properties to provide decent and affordable homes for rent

  • Theme

    Underserved Markets

  • Date of Initial Investment

    January 2018

  • Bridges Executives

    Scott Greenhalgh
    Zoe Burgess

  • Management Team

    Carla Keegans

I’ve seen from my work with The Ethical Lettings Agency that there’s a real shortage of decent homes to rent for people on low incomes in Teesside. Evergreen’s long-term approach and impact focus makes them the ideal partner to build a property company that will increase the supply of well-maintained, affordable homes available to those in need, while maintaining our commitment to benefit local communities and housing markets.

Carla Keegans, Director of The Ethical Housing Company

Challenge

There are an estimated 4.5m people living in poverty in private rented accommodation in the UK, a total that has increased by c. 80% since 2007. A lack of other suitable housing means vulnerable people often need to rely on the private rental sector for their accommodation. All too often, they face substandard living conditions, with landlords and agencies ill-equipped to support their needs – often leading to unstable tenancies and a risk of homelessness.

Investable Solution

The Ethical Housing Company (TEHC) is a new venture intended to boost the supply of decent affordable rented accommodation in Teesside. TEHC will acquire suitable 1-3-bedroom properties, and – through its partner The Ethical Lettings Agency CIC (TELA) – rent out this accommodation out to people in housing need (including those on benefits). TELA will always make sure that potential tenants can afford their bills, and then through its management services, support the tenant to ensure they can sustain their tenancy for as long as they need. By building and sustaining a portfolio of well-maintained houses with stable tenancies, the TEHC and TELA partnership will also help to support vulnerable individuals, local communities and protect value in the local housing market.

Outcomes

Our key goal is to provide long-term, stable accommodation for those in housing need in Teesside. Over time, we hope the partnership between TEHC and TELA can serve as a best practice model for affordable private rented accommodation that can be replicated in other areas of the country where there is housing need.

Website

www.ethicalhousing.co.uk

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