Investing in existing homes

Published: 

Investing in existing homes Image

We will invest £45.6million on major investments and decarbonisation work on our homes, as part of our current, four-year Asset Management plan (between 2022-2026).

This will see an average investment per year of £11.4million, up from £7.3million during the previous five-year plan (2016-2022).

Along with electrical upgrades, roofing work and other ongoing investment projects, this is set to include significant programmes around:

  • New kitchens fitted – 2,000 (compared to 793 in previous five-year plan)
  • New bathrooms fitted– 490 (compared to 494 in previous five-year plan)
  • Boiler replacements – 3,118 (compared to 3,252 in previous five-year plan)

Following this, over the next 10 years the level of investment will continue to increase, with a further £165million included, at an average of £16.5million per year.

Pete Stones, Director of Property at Ongo said: “The main aim of these plans is to provide good quality homes that are safe, secure and fit for the future.

“Of course, we must adhere to legislation and regulatory standards, but it’s about much more than that. We want our tenants to feel proud of where they live and assured that they will see continued investment in their home.

“A key part of this is to increase the energy efficiency of our stock and continue with net zero and sustainability plans. This includes bringing all of our homes to an EPC rating of C or above by 2030, changing building fabric, increasing insulation and installing environmentally friendly features.

“We are also focussed on driving value for money throughout the delivery and exploring new technologies, so that we can be innovative in our approach.

“I’d like to say a massive thank you to all of our tenants who have been and continue to be involved in our investment plans, ranging from procurement processes and selecting contractors, to providing valuable feedback when works are carried out within their homes.”