For-profit backed by Places for People narrows losses as it surpasses 1,000 homes

ReSI Homes is backed by Places for People’s investment arm Thriving Investments and fund manager Gresham House.

The fund is owned by an affordable housing fund, Gresham House Thriving Investments Residential Secure Income LP, which enables it to invest in the social housing sector. It is managed by Gresham House, while Thriving Investments provides advice on sourcing and acquiring new homes.

At the end of this financial year, ReSI Homes had 1,090 occupied homes, generating £5m a year in rental income. During the year, it committed £88m to fund 236 new homes across 12 locations. In total, it has committed to fund 2,026 homes since its launch in 2021.

The partnership between Gresham House and Thriving Investments was announced in November 2024 to grow ReSI Homes and build a £1bn shared ownership fund.

In May 2024, ReSI Homes’ parent company received £125m of equity investment from two local government pension funds and extended its sustainability debt facility with Mitsubishi UFJ Financial by £30m. This capital is expected to fund the delivery of 1,000 affordable homes.

Also during the year, ReSI Homes transferred management of its homes to Touchstone to improve “customer satisfaction and portfolio performance”.

David Orr, chair of ReSI Homes, said “we expect demand for shared ownership to remain high”, driven by elevated mortgage rates and a “persistent shortfall” in the supply of affordable housing.

Mr Orr welcomed the government’s focus on social rent homes, adding that ReSI Homes will continue to “deliver and manage these [homes] alongside our core focus of shared ownership”.