Affordable housing provider, Square Roots, has reported a loss of £836,000 over the nine months to December 31 2023.
The affordable housing provider of London Square recorded a similar loss in the previous reporting period, the 12 months up to 31 March 2023 after gaining registered provider status in 2022.
Square Roots managing director, Barbara Richardson, described the figures as “in line with anticipated results for a start-up organisation”.
In the statement, Richardson added that over the nine-month period, the provider’s operating expenditure was 31% under budget, while stating that any future profits would be reinvested back into the business.
Square Roots’ trading update said that it was making strong progress with its delivery of affordable homes, with 1,800 homes currently in the pipeline and under construction. By the end of the year, the affordable housing provider will have 437 under ownership, a figure which will grow to 3,500 under construction or under ownership by the end of 2029.
The provider recently announced that it will be providing 338 homes for social rent, working with the GLA, the London Borough of Southwark and real estate company, Greystar, to deliver the homes at the Bermondsey Biscuit Factory development.
Square Roots to provide 338 homes for social rent at Biscuit Factory development in Southwark
Barbara Richardson said: “Building high-quality affordable housing in London has never been more important. Our delivery and significant pipeline demonstrate our appetite to become the market leader in the provision of affordable housing in the capital.”
“The homes we build are exceptionally well designed, backed by outstanding customer care, and in well-connected locations. We focus on the strong relationships we are nurturing with local authorities in Greater London and with our investors to deliver the homes that are desperately needed throughout the capital.”
