For-profit provider registered by large London-based housing association
A large London-based housing association has completed the registration of a for-profit housing provider two years after announcing its plans.
According to information published monthly by the regulator, Hyde Group has registered a for-profit named Halesworth Limited.
The 55,000-home housing association told Inside Housing that it has set up the new organisation so it “can work with ethical investment partners to provide more affordable homes than we could deliver on our own”.
Hyde first announced plans to submit an application to the Regulator of Social Housing (RSH) for the creation of a for-profit social housing provider in June 2020.
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The landlord was the first traditional association to announce plans for its own for-profit.
When it announced the plans, Hyde said the move formed part of its long-term strategy to collaborate with government, public and private sector partners, and institutional investors.
Last year, the housing association announced a partnership with investment giant M&G, backed by Homes England, which involves the latter funding a £500m pipeline of around 2,000 shared ownership homes that Hyde will manage.
For-profits have grown significantly in number over the past two years, with several developers and investment firms registering social housing arms with the RSH.
The total number of for-profit providers registered with the RSH in England now stands at more than 50 this year, up from 25 in 2015.
Inside Housing recently reported that some of the largest for-profits, including ones backed by investors Blackstone and Legal & General, have big expansion plans.
A Hyde spokesperson said that the housing association is “pleased the Regulator of Social Housing has approved our request to establish a for-profit housing association”.
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