Resonance

Challenge​

People at risk of homelessness across the UK often live in temporary accommodation, or are otherwise at risk of homelessness due to a lack of affordable private rented accommodation. This temporary accommodation typically comes at a high cost to local authorities, is often low quality and can lead to negative social outcomes, such as lower employment outcomes and reduced resilience against homelessness.​

Approach​

In 2013, Resonance established the Real Lettings Property Fund (RLPF) alongside leading homelessness charity St Mungo's to help tackle this issue. The fund acquires and refurbishes homes for people in temporary accommodation or at risk of homelessness. With the success of this fund, Resonance’s ambition was to scale it into new areas across the country.

Big Society Capital and Resonance worked together to secure capital to expand the fund into new areas and create the National Homelessness Property Fund. To spur first-mover local authorities into action, we offered to match £15 million of capital for local councils in Oxford, Milton Keynes and Bristol to invest. With the addition of RLPF2, the combined Resonance property funds have grown to over £250 million assets under management across the country, making more than 700 homes available to people at risk of homelessness. ​

​Impact​

Resonance has been instrumental in the growth of the social property market that has grown from zero in 2012 to over £2 billion in 2020. These funds provide homes for individuals and families in temporary accommodation or at risk of homelessness. This helps them become more independent and enables them to progress in other areas of their lives, such as employment. St Mungo’s leases the homes from the RLPF, manages the tenancies and supports the tenants to move into more permanent private rented accommodation. Resonance has gone on to develop more property funds, including Resonance Supported Homes Fund and the Women in Safe Homes (WISH) Fund.