Elliot Leigh, a guaranteed rent provider and social letting agent, has recently completed phase one of a new Housing in Multiple Occupation (HMO) project in Harrow.
The HMO, known as “Spencer Lodge,” is a former guest house that has been transformed into 22 self-contained units, each equipped with private ensuite and kitchenette facilities. Additionally, there are eight communal kitchens for residents to share.
One of the most noteworthy aspects of this initiative is the involvement of the local authority, which has block-booked the entire Spencer Lodge development. This move aims to tackle the pressing issue of social housing scarcity in the area, providing much-needed accommodation options for those in need.
Elliot Leigh facilitated a long-term deal between the corporate landlord and the local authority, offering tenants an added sense of security and stability. Moreover, the presence of a 24-hour caretaker ensures that the property and the tenants’ well-being are taken care of.
Leigh Young, director and co-founder of Elliot Leigh, expressed their company’s commitment to supporting the social housing sector. Over the past two decades, they have assisted over 50,000 tenants in securing high-quality properties with local authorities. The growing demand for social housing has made projects like Spencer Lodge all the more critical in addressing the housing challenges faced by the community.
Young stated, “The quality and availability of social housing have been declining across the UK, and we’re working with landlords to provide Guaranteed Rent solutions, encouraging their support in this vital sector of the housing market.”
While tenants undoubtedly enjoy various benefits from this model, landlords can also find it advantageous. Engaging in the scheme allows landlords to achieve a steady rental income, minimise administrative tasks, decrease the likelihood of rental payment issues and evictions, as well as alleviate the burden of property maintenance.
The primary objective of this project is to prioritize tenants’ long-term security and enhance their living standards, addressing the challenges posed by the fiercely competitive rental market.
As of now, phase two of the Spencer Lodge project is already in progress, and the completion of ten additional units is expected by 2024.