The banking group will utilise their funds to break down barriers of entry that charities and regional governments face in accessing finance to refurbish, build and develop homes for people who need the additional support, reports Zahra Jawad
In a significant move to address the growing issue of homelessness in the United Kingdom, Lloyds Banking Group has announced a £50 million partnership with Homewards, a foundation established by Prince William. This collaboration aims to support small and medium-sized housing providers in six flagship locations across the UK, including Aberdeen, Bournemouth Christchurch & Poole, Lambeth, Newport, Northern Ireland, and Sheffield.
Lloyds, the UK’s largest commercial supporter of social housing, will utilise its funds to help break down the barriers that charities and regional governments face when accessing finance to refurbish, build, and develop homes for those in need. The partnership comes at a critical time, as homelessness continues to be a severe and pressing issue in the country.
Recent government statistics reveal that 4,667 people are sleeping rough every night in 2024, a figure that has risen by 19.7% from the previous year in 2023. Charities have been struggling to tackle this epidemic, with Inside Housing reporting in 2024 that organisations have warned of potential closures of homelessness services due to upcoming changes in national insurance contributions. These changes, set to take place in April 2025, will see employer NI contributions rise from 13.8% to 15%. The increase is likely to result in hiring freezes as organisations face higher payroll costs, and those unable to absorb the costs may be forced to shut down, exacerbating the problem if immediate action is not taken.
Lloyds’ partnership with Homewards could potentially ease the burden on charities facing these costs. The collaboration will support organisations such as the Bournemouth Churches Housing Association (BCHA), which already manages nearly 1,500 houses, including supported housing in the local region. The banking group’s support will enable the BCHA to expand its operations, tackling broader issues like human trafficking, slavery, and domestic abuse.
Charlie Nunn, Group Chief Executive Officer of Lloyds Banking Group, said: “A safe and lasting home is the foundation for good lives and livelihoods. In partnership with Homewards, we want to increase the provision of homes for those most in need – working with small, specialist housing providers and charities in communities across the UK.”
This partnership is not Lloyds’ first initiative to address homelessness. In 2023, the bank partnered with Crisis, the UK national charity for people experiencing homelessness. During this partnership, several plans for policy strategy and fundraising were implemented, with Crisis reporting that Lloyds Banking Group has provided nearly £15 billion to the social housing sector, supporting more than 200 housing associations across the UK. This makes Lloyds the largest funder of social housing in the country.
Since 2018, Lloyds has worked with over 340 housing associations of all sizes and contributed over £18.5 billion in funding to the sector. The bank has committed to working closely with The Royal Foundation to continue exploring ways to end homelessness.
The partnership between Lloyds Banking Group and Homewards is a significant step forward in the fight against homelessness in the UK. By providing financial support to housing providers and charities, Lloyds aims to create a lasting impact and improve the lives of those most in need. As the country faces an increasing number of people sleeping rough, this collaboration offers hope and a tangible solution to a pressing social issue.
