L&Q announce £1.9 billion improvement plan to existing stock
L&Q are set to invest £1.9 billion over the next seven years to transform its existing homes and neighbourhoods.
The charitable housing association currently house around 250,000 people in more than 105,000 homes, primarily across London and the South East.
The £1.9 billion fund will include a wide range of improvements, including works to maintain Decent Homes standards, major internal and external works, estate improvements, fire safety and energy works to reduce carbon emissions.
This investment will be in addition to spending on routine repairs and servicing, works to enable the reletting of empty homes and overhead costs, and also in addition to investment in Trafford Housing Trust homes.
The seven-year housing investment programme, spanning 2022 to 2029, will run alongside a new corporate strategy which L&Q says includes prioritising “more focus on and investment in the safety of residents and existing homes and services.”
Fiona Fletcher-Smith, L&Q group chief executive, said: “This investment is testament to our stronger focus on existing homes, and commitment to the safety of residents.
“I want every resident to be proud of their home, but we know that there are homes which currently fall short of the quality our residents deserve. This landmark programme will allow us to make substantial improvements to L&Q homes and neighbourhoods across the country.”
Gerri Scott, group director of customer services at L&Q, added: “This programme puts much needed investment into L&Q’s homes and will be driven and overseen by our Residents Services Board. They will advocate on behalf of all residents to ensure that the programme delivers to timescale, is value for money and high quality.
“We’ve already begun informal conversations with potential contractors, so that they’re in no doubt that the success of the programme is dependent on the quality of the resident experience. The contracts we award will be regionally-based and will include SMEs, and we’re keen to see a programme of this scale unlock a legacy of social impact through training, apprenticeships, and community investment. New contracts will be in place from summer 2022.”
Part of the £1.9 billion investment will go towards achieving L&Q’s aim of Energy EPC C status across all homes by 2030.
The programme will also include vital fire safety works – delivered in addition to over £100m already spent on building safety activity since the Grenfell tragedy.