Thrive Homes, a leading professional landlord who owns and manages over 5,000 rented and leasehold properties across Hertfordshire, Bedfordshire, Buckinghamshire and Oxfordshire, has announced that it has acquired over 500 homes, more than 400 of which are affordable, from L&Q, one of the UK’s largest charitable housing associations.
Following a period of stock rationalisation, L&Q has been looking into how residents in Cherwell, Chiltern, East Hertfordshire, South Northamptonshire, Hitchin, and Wycombe can continue to receive the best possible housing services whilst the organisation focuses on other growth areas. After a formal consultation period, Thrive Homes was identified as the best suited due to its growing housing portfolio within these areas.
Thrive is focused on increasing housing affordability and availability in one of the most expensive areas of the UK. Providing a blend of social and affordable rent, intermediate rent, leasehold and shared ownership, Thrive serves communities by providing homes that help individuals and families secure a good quality, affordable, safe place to live.
This acquisition reinforces Thrive’s position in the local geographies and as a valuable partner of choice for L&Q whilst enabling the organisation to utilise funds recently raised, meet its strategic growth ambitions and continue to support local people.
Elspeth Mackenzie, Chief Executive of Thrive Homes, said: “We are very proud to announce that we will be bringing an additional 546 homes and, in turn, the customers that live in them into the Thrive family. People in the UK are facing tough challenges with the cost-of-living crisis, and a safe, good-quality home is vitally important.
“Today’s announcement helps us grow our affordable homes where they are needed the most. We are excited to start meeting our new customers and ensuring they have the best possible experience with Thrive Homes.”
L&Q plays an active strategic role in empowering smaller organisations in the sector. A current focus for L&Q is the Build London Partnership initiative with the GLA, which has already seen an investment of £100 million from L&Q to help small and specialist housing providers expand their housing stock and development capacity.
John Lumley, Director of Strategic Sales at L&Q, said: “We are delighted to be partnering with Thrive Homes at this stage in our stock rationalisation programme as we head into a period of renewed growth and housebuilding.
“As an organisation, we strongly feel that everyone deserves to live in a home they are proud of, and we are confident that Thrive Homes will continue to provide the same high standard services to our former residents in these areas that L&Q has done in the past.”