Long-term empty properties across the UK should soon be brought back into use as affordable homes through a partnership between the Nationwide Foundation and the Resonance Community Developers (RCD) Fund.
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, with the goal of transforming them into safe, affordable homes and helping to regenerate communities.
The Nationwide Foundation was launched in 1997 by the Nationwide Building Society as an independent charity. Resonance was created in 2002 as a social impact fund to connect capital to social enterprise. The commitment includes a £1m investment from Nationwide Foundation, matched with government grant funding, creating an initial fund of at least £1.67m to support RCD projects across the UK.
“This partnership is about turning empty properties into real opportunities for people and communities,” said Kate Markey, CEO at Nationwide Foundation. “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.”
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Daniel Brewer, CEO at Resonance, added: “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.”
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.
RCD aims to bring 30 to 40 empty homes back into use with this investment, with potential for further scale as money is recycled.
