Sanctuary Capital PLC Sanctuary Group to build 30,000 new homes by 2026

TIDM71WG

Sanctuary Capital PLC

23 November 2016

News release

23 November 2016

Autumn Statement: Sanctuary Group to build 30,000 new homes by 2026

Leading housing and care provider Sanctuary Group has welcomed the Autumn Statement by announcing 30,000 new homes to be built in England and Scotland by 2026.

As the UK's largest housing association Sanctuary had previously committed to build 24,000 new homes by 2026.

The Government's Autumn Statement includes GBP1.4billion for affordable housing. This will contribute towards the Government's target of a million new homes built over the next five years.

Sanctuary, which manages 100,000 homes in England and Scotland, is not-for-profit, meaning that any surplus generated by its activities is reinvested in affordable housing and communities.

Of the 30,000 new homes, 2,700 of them will be social housing built without grant, which the Group is funding out of its surplus and will be managed by Sanctuary Housing.

The rest will be made up of homes for shared ownership, older people's accommodation and properties for outright sale, with around two-thirds being classed as affordable or below current market levels. The Group's ambitious development plans also include the building of 20 new care homes.

Following today's announcement, Sanctuary expects to be able to build even more social housing by accessing Government grant.

David Bennett Sanctuary Group Chief Executive said: "Housing is the biggest outlay for most families so today's announcement is a welcome step towards solving the housing crisis.

"By building 30,000 homes by 2026, Sanctuary will help increase housing supply across the country.

"Sanctuary's size means that we are able to build social housing without grant - helping those who are just about managing - and with today's announcement we will be able to build even more social housing."

Sanctuary Group includes registered provider Sanctuary Housing, supported housing specialist Sanctuary Supported Living, care business Sanctuary Care, and student accommodation provider Sanctuary Students.

- Ends -

Interviews:

Chief Financial Officer Craig Moule is available for TV and radio interviews from 3pm on Wednesday 23 November. Please contact Chris Ammonds, Press Officer, on 01905 334596.

Notes to editors:

Established in 1969, Sanctuary Group is responsible for the provision of social housing, care and management services across England and Scotland. It owns or operates more than 100,000 units of accommodation and employs around 11,000 people.

The Group operates under a not for profit umbrella, with surpluses reinvested into the provision of affordable housing, the maintenance of existing properties, and the development of new services for customers.

Sanctuary is an exempt charity under the Charities Act 1993 and is regulated by the Homes and Communities Agency.

For more information please contact Gareth Holmes, PR manager, on 01905 334200.

Follow @SanctuaryPR on Twitter for the latest news from the Group.

This information is provided by RNS

The company news service from the London Stock Exchange

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