Ex-minister joins housing firm with £1bn investment plans

Heylo Housing has appointed former Labour minister Nick Raynsford to chair its registered-provider operations, which aims to direct £1bn into shared-ownership projects by 2020.

The firm, which specialises in enabling part-buy, part-rent agreements, said its just-acquired status as a registered-provider of affordable housing would pave the way for “the largest shared-ownership delivery programme in the UK”.

Heylo currently has a range of support programmes involving both new-build and pre-owned homes that helped individual purchasers and local authorities looking to deliver affordable housing through Section 106 planning gain deals.

Raynsford, who served as housing and planning minister in Tony Blair’s first government but stood down from parliament at the 2015 General Election, said the housing crisis was one of the biggest issues facing the country today and that shared-ownership could help improve the situation.

“Heylo has the resources and expertise needed to make a significant contribution to tackling this challenge,” he said.

“I’m looking forward to working with Heylo to bring ownership into reach for the many in ‘generation rent’ who want to own.” 

Heylo chief executive Nicholas McAlpine-Lee said demand for shared-ownership opportunities far outstripped supply and that the business, which is a joint venture with Lancashire County Council Pension Fund, aimed to “help bridge that gap”.

“Pension fund investment represents a major opportunity to vastly increase the number of shared ownership homes in the market,” he said.

“Our goal to bring £1bn of institutional investment into this sector by 2020 is both transformational and achievable.”

Heylo said it was is already active in over 100 local authorities and is working with seven of the top 10 housebuilders to fulfil their S106 commitments on new-build sites.