Wates Living Space, part of the Wates Group, has invested £1million into QSH, a new specialist provider of funding for the construction and letting of new social and affordable housing in the UK.

QSH acts an interface to match housing needs with institutional finance, enabling Housing Associations and Local Authorities to build much-needed affordable homes without government subsidy. Wates Living Space will be the lead construction partner on QSH schemes going forward.

In a move coinciding with the new investment, Steve Partridge, former Director of Financial Policy and Development at the Chartered Institute of Housing (CIH), will join QSH as Chief Financial Officer in May 2013. Paul Hardisty, Chief Executive of QSH commented: "Steve Partridge's appointment is an important move for us given his prominent profile and his experience of driving changes to housing finance at the national level. At QSH he will have many opportunities to build on the reforms he helped to create, to help us deliver new, essential affordable housing."

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QSH will build new homes or refurbish existing properties for people who want affordable housing using a range of innovative new models. In addition, QSH will refurbish empty properties and purchase existing social housing from social housing organisations to provide investment in regeneration.

Wates Living Space Managing Director, Andy Hobart, said: "Wates Living Space is extremely pleased to have joined forces with QSH to offer an innovative funding and delivery model which will enable QSH to provide thousands of affordable homes through both new-build and bringing the country’s empty homes back into use."

(CD)