Opendoor Homes reached a huge milestone this week, taking ownership of its 500th home.
Opendoor Homes, which has charitable status, is a registered provider of social housing, and part of The Barnet Group. It is providing affordable housing for those in housing need by building new homes and acquiring homes on the open market.
Of the 500 homes now in Opendoor Homes’ ownership, 243 were acquired on the open market and 257 were newly built properties in Barnet.
Opendoor Homes has invested approximately £24m in purchasing new homes (funded by the London Borough of Barnet), which are then refurbished (if required) and allocated to those with a housing need through Barnet Council’s allocations policy. The purchase of 243 homes makes up just 18% of the planned programme, and Opendoor will be purchasing many more properties until 2024-25.
Director of Growth and Development Derek Rust said “In 2017, we created a new start-up Registered Provider Opendoor Homes with the support of Barnet Council to increase the supply of affordable housing to rent.
“This week, through a mixture of new build and acquisition, we reached a key milestone of 500 homes in ownership, making a real contribution to meeting housing need within Barnet.
“With a further 100 new homes currently on-site and up to 400 to be purchased, we look forward to reaching the 1000 home landmark over the next three to four years.”
Pictured below, the 500th home at Swaythling Close.