Gentoo Group’s Genie Home Purchase Plan is seeking partnerships with London developers to deliver 2,000 new homes in the capital over the next 10 years.
The company signed a deal with the Greater London Authority this week which will see it access up to £40m of loan finance to deliver the properties.
Genie is a 30-year home-ownership plan which does not require a mortgage or deposit and is targeted at helping first-time buyers and long-term renters into home ownership.
It is looking to work with London developers to acquire new-build properties, development land and joint venture opportunities.
Peter Walls, chief executive of Gentoo Group, said: “We created Genie after asking ourselves the question where are our children going to live? We recognised that there is a large section of society who would like to own their own home but who have been unable to.”
Steve Hicks, managing director of Genie, added: “Now the deal has been signed with the GLA we are going full-steam ahead in acquiring sites for Genie customers. We hope to have the first properties available to customers by the end of this year.”
The investment in Genie has come through the Mayor’s Revolving Fund, which gives recoverable loans to fund new forms of affordable housing.
London deputy mayor for housing, land and property, Richard Blakeway, said: “The idea that Gentoo has come up with through the Genie product, of allowing people to effectively purchase their home through their monthly payment, is offering something new and exciting for the housing market.”
