Long-term empty properties across the UK will be brought back into use as Nationwide Foundationannounces a new partnership with social impact investor Resonance to create affordable homes.
At a time of growing housing demand, the project focuses on unlocking the potential of properties that have stood empty for six months or more, transforming them into safe, affordable homes and helping to regenerate communities.
Nationwide Foundation has invested £1million equity into the Resonance Community Developers (RCD) Fund to support community organisations repurposing empty homes.
The fund will provide secured loans to acquire and refurbish vacant properties, bringing them back into circulation as quality housing.
It builds on the strong investment model of the Resonance Community Developers Fund, which blends capital from multiple sources.
Initial funding includes a £1 million investment from Nationwide Foundation, matched with government grant funding, creating an initial commitment of at least £1.67 million to support projects across the UK.
The Foundation will also work closely with partners to build evidence demonstrating the social and economic value of bringing empty homes back into use.
Kate Markey, CEO at Nationwide Foundation, said:“This partnership is about turning empty properties into real opportunities for people and communities. Home should be the foundation of our lives, yet we have record numbers of people living in temporary accommodation, awaiting social housing or living in unsustainable private rented homes … whilst too many properties sit unused.
“By working with Resonance, we’re supporting a practical, scalable solution that brings those homes back to life – helping more people access safe, affordable places to live while creating lasting social impact. We hope local authorities, investors and community-building organisations are inspired to join us.”
As the RCD fund scales its work on empty homes, it is expected to:
- Bring 30 – 40 empty properties back into use to increase the supply of genuinely affordable homes, with safeguards to ensure long-term affordability
- Provide a replicable model that can attract further investment into empty homes at scale
- Support community-led organisations to grow and deliver long-term housing solutions.
Properties supported by the fund will be developed via organisations with asset locks for community benefit and affordability protections, ensuring that homes remain accessible to people in need over the long term.
Daniel Brewer, CEO at Resonance, added his support: “There are over 1 million empty homes in England, including over 300,000 which have remained unoccupied for longer than six months. Meanwhile, communities remain in dire need of housing. This needs to change.
“Nationwide Foundation’s £1m investment into the Resonance Community Developers Fund is a powerful demonstration of what mission-driven capital can achieve. It will unlock empty homes, support local regeneration and create lasting impact in areas where affordable housing is desperately needed.”
Scale of the problem
Today there are over one million empty properties in England, with over 309,000 classed as long-term empty, according to the Empty Homes Network. Local authorities have different enforcement powers to fine, charge higher council tax or compulsory purchase empty properties – however many lack the resources to enact these consistently.
The Government is currently falling behind its ambition to deliver 1.5m new homes by the end of this parliament (2029). Revitalising empty properties does not fall under the same planning regulations as new build properties and therefore have the potential to be completed earlier, more sustainably and more cost-effectively in areas where infrastructure and amenities already exist.
Looking ahead
The project is designed not only to deliver homes in the short term, but also to build evidence that repurposing empty properties can be scaled as a long-term solution to the
UK’s housing challenges. By reinvesting funds as loans are repaid, the initiative is expected to recycle capital and extend its impact over time.
Through this partnership, Nationwide Foundation and Resonance aim to support more communities, attract further investment and help establish empty homes as a core part of the overall Housing Strategy.