L&Q announces plans to spend £1.9 billion improving homes and neighbourhoods in its largest ever investment programme
Housing association L&Q will invest £1.9 billion over the next seven years to transform its existing homes and neighbourhoods.
The investment is believed to be the largest of its kind in the history of social housing. It 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.
Earlier this year, L&Q launched a new five-year corporate strategy which is underpinned by the vision that everyone deserves a quality home that provides them with the opportunity to live a better life. It also prioritised more focus on and investment in the safety of residents and existing homes and services.
Critical to the success of this strategy will be this seven-year housing investment programme – running from 2022 to 2029 – which will ensure that L&Q’s 250,000 residents are safe, warm and proud of their home.
Some of the 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.
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, said: “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 have already begun informal conversations with potential contractors, so that they are 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.”