Provider owned by property company London Square is aiming to have 4,100 homes under construction or in ownership by 2029/30

Square Roots has posted a loss of £808,000 in its first year as a for-profit registered provider of social housing.

The provider, set up by property giant London Square, said in its accounts for 2022/23 that it has yet to generate turnover as its first developments are due to complete next year.

Square Roots Kingston site

A Square Roots scheme in Kingston

The provider, which delivers homes for affordable rent and shared ownership and is backed by institutional investment, says it has 1,015 homes under construction across six sites. These include Kingston Riding School, Axion House in Lewisham, The Hyde in Colindale, Hawks Road in Kingston, Electrobase in Crayford, and a scheme at Lea Bridge, east London.

It said 193 homes are due to be complete next year and 822 between 2024 and 2027. Square Roots said it has an identified pipeline of a further 500 homes on top of this.

It said that it aims to have 4,100 homes under construction or in ownership by 2029/30.

“As two of our initial projects, Kingston Riding School and Axion House in Lewisham, will be completed in the next financial year ending 31 March 2024, we were not operational in the financial year 2022/23,” it said.

The provider added that it postponed the appointment of two senior directors and “used the skills available in London Square” to “generate significant savings in staff and operating costs”.