Squared: Meeting the housing needs of a growing population

With rising populations and increasing housing costs, there has never been a greater need for housing associations like Squared…

Social Need

Housing need is high in most parts of the UK, but the need is particularly great in certain areas of the country, particularly those with a rapidly growing population. In Luton, where the population grew by over 10% between 2011 and 2021, the average home costs £283,000. While that feels unaffordable for many local earners, it’s considerably cheaper than London, meaning it’s a popular place to live for commuters. Luton also has a disproportionately high number of asylum seekers. It’s perhaps not surprising then that housing demand in Luton is extremely high and that it has one of the highest rates of homelessness in the UK.

Organisation

Squared (registered as Luton Community Housing Limited) houses around 1,300 people across approximately 700 homes throughout Luton and Central Bedfordshire. As well as providing long-term homes to meet the general housing need, Squared offers supported accommodation for people who are experiencing homelessness or are at risk of homelessness. It manages several hostels, including self-contained flats for care leavers and two mother-and-baby hostels, as well as houses-in-multiple-occupation properties. Tailored support covers everything from helping customers to access training and employment, to addressing drug and alcohol dependency.

Squared also employs a mental health therapist, who offers support to customers and runs reflective practice sessions for staff members.

Loan

Squared’s existing loan facility was coming to an end, so it needed to refinance. After an extensive tendering process, which saw Squared contacting around 10 different lenders, the housing association chose Charity Bank. We provided a £7.5 million loan and also facilitated a £4.5 million loan through Better Society Capital.

Impact

Now that it has a long-term loan in place so can budget for repayments, Squared is embarking on a five-year programme of property improvements. Not only will this ensure that the housing association meets its legal obligations under the Decent Homes Standard, it will also ensure that all customers have a high-quality home where they can move forward with their lives.

“Getting the loan was easier than I expected. Charity Bank wanted to work with us towards that end goal, and the team really helped us to overcome any hurdles. You could talk to people, and they were willing to have conversations and reach solutions with us; they weren’t just pushing everything back to their solicitors. The post-completion service has been just as good. I’ve continued to find them incredibly easy to deal with and very helpful.”

Lee Schopp, Finance Director of Squared