The National Homelessness Property Fund LP

Property fund investing in temporary accommodation for people at risk of homelessness.


The challenge

People across the UK at risk of homelessness are trapped in temporary accommodation, such as bed and breakfast. This is often of low quality, a high cost for local authorities and produces poor social outcomes. The Real Lettings Property Fund was established in London to tackle this issue in 2013, but required funding to scale into new areas.

Our approach

We worked with Resonance to secure local authority funding for new areas. To catalyse first-mover local authorities, we offered to match £15 million of funding for the first three local authorities who offered to invest. Oxford, Milton Keynes and Bristol came forward, and the model has grown from £16 million to over £250 million of funding across the country.

The fund

The fund provides homes for individuals and families in temporary accommodation or at risk of homelessness, helping them become more independent and enabling them to make positive developments in other areas of their lives. St Mungo’s leases the homes from the fund, manages the tenancies and supports the tenants to move into more permanent rented accommodation.

  • Fund size

    £32.5 million
  • Better Society Capital commitment

    £15 million

Key information

  • Geography

    UK wide
  • Investment type

  • Fund manager

  • Investment status

  • Investment date

  • Term

    7 years


  • 169

    Number of households supported

  • 24%

    Percentage of tenants under 25

  • 80%

    Percentage of tenants say that the property has had a positive effect on their relationships

Sustainable development goals

  • 1: No Poverty End poverty in all its forms everywhere
  • 3: Good Health and Well-being Ensure healthy lives and promote well-being for all at all ages
  • 8: Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
  • 10: Reduced Inequality Reduce inequality within and among countries
  • 11: Sustainable Cities and Communities Make cities and human settlements inclusive, safe, resilient and sustainable