P3 Charity

Challenge

The UK is facing a housing crisis. Crisis estimate that providing sustainable high-quality housing to everyone in the UK at risk of homelessness would require an estimated £19 billion between 2018-2041 – and the number of people experiencing homelessness has been predicted to jump by a third by 2024.

There can be many barriers for charities wishing to buy property to support people experiencing homelessness or in vulnerable situations, such as having sufficient cash for deposits.

Approach

P3 purchases housing and leases it to people who are socially excluded, at risk of homelessness, or have complex needs. It offers a range of housing options to support people to live somewhere that is right for them, including direct-access hostels, 24-hour staffed accommodation, self-contained flats for single people and larger accommodation for families in the community. The housing is safe, affordable and high-quality, based in areas where people want to live.

P3 also offers housing-related support services which aim to prevent homelessness. It supports tenants with areas including mental health, substance misuse and money worries which may affect their ability to cope. It helps people build on their skills and resilience so they can develop their independence and maintain their accommodation.

Revenue model

P3 Housing, which is part of the P3 Charity Group, is a Registered Social Landlord. Any surplus it makes from the rent paid by tenants is reinvested in the homes and communities it works in.

P3 has received two loans from Social and Sustainable Capital’s Social and Sustainable Housing fund. In 2019 it took on £3 million to acquire 34 one-bed and two-bed (shared) properties in Wolverhampton, offering 54 people somewhere safe to stay. An increased investment from the fund in 2021 then enabled P3 to purchase an additional 69 properties to provide vital accommodation in Lincolnshire and Gloucestershire.

In January 2021 P3 also took on £2 million investment from Social and Sustainable Capital’s Third Sector Investment Fund, which enabled it to purchase 43 properties in Gainsborough and Derbyshire.

Back in 2015, P3 also took on an investment from the Cheyne Capital Social Impact Fund – a property fund which develops and leases homes to charities, social enterprises and local authorities.

Impact

P3’s staff and volunteers have worked alongside 28,000 people. They have delivered education, youth and community services for 1,500 children and young people; 9,200 people have used P3's advice services; and its mental health support service has provided stability for 13,500 people.

P3 has provided homes for over 2,000 people and worked alongside 2,600 people as they 'move away from the street into a new home'. 86% of tenants said that P3 Housing ‘listens to my views and does something about them”. 87% of tenants said they were happy with the standard of their accommodation.