Square Roots surges ahead with construction of 1,800 affordable homes across Greater London

Housing provider Square Roots, established by award-winning developer London Square, has surged ahead in the delivery of affordable homes, with 1,800 homes under construction and in the pipeline, according to its latest annual results published today.

 

In less than two years since becoming an independent registered provider, Square Roots has generated more starts on site this year than any other for-profit registered provider in London. In line with its growth aspirations, Square Roots will have 437 high-quality affordable homes under ownership/management by the end of 2024, at award-winning developments in Kingston, Lewisham, and its latest development at Hendon. Square Roots aims to have 3,500 homes under construction and/or ownership by the end of 2029.

 

The annual reporting period of Square Roots has changed to align with London Square and its parent company, Aldar, which operates with a financial year ending on 31 December. This first disclosure since Aldar’s acquisition of London Square therefore covers a nine-month period to the end of 2023. 

 

The growth of Square Roots is in line with London Square’s elevated activity levels and investments since Aldar acquired the business in December 2023. London Square has purchased eight new sites purchased across London since the start of 2024, increasing its development pipeline by 80% in value. 

 

As an affordable provider, any future profits of Square Roots will be reinvested back into the business and over £300 million of institutional investment has already been committed. Working with the Greater London Authority (GLA) as an investment partner, Square Roots has secured grant funding of over £74million for new homes, as part of the Homes for Londoners Affordable Homes Programme. The funding is being used to deliver 1,140 high-quality affordable homes, a mix of shared ownership, affordable and social rent, in the London Boroughs of Bexley, Lewisham, Kingston, Southwark and Barnet, with an active planning pipeline across Greater London. London Square is acting as contractor/developer.

 

The past year has seen the Square Roots’ Customer Charter established and the launch of the first Customer Community Committee at Square Roots Kingston for its  homes under management. Square Roots has won multiple awards for outstanding design and quality at its first site at Kingston, with Lewisham being chosen and awarded winner as the best large development at the First Time Buyer  Awards.

 

Barbara Richardson, Managing Director, Square Roots, 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.”