Social letting agency, Homes for Good, has secured a £2.85 million pound investment to increase its supply of social and 'affordable' housing in Glasgow and the surrounding areas.

Social and Sustainable Capital (SASC) has invested money into a subsidiary of the letting agency, marking its first investment in Scotland.

Homes for Good focuses on providing a housing supply for people on low incomes within the private rented sector.

The SASC funding will enable Homes for Good to grow its portfolio of homes by at least 50 additional properties.

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Ben Rick, Managing Director, SASC said: "The investment structure is designed to allow high impact charities and social enterprises like Homes for Good, whose work is currently constrained because their beneficiaries are unable to access appropriate housing, to take control of that housing need. Such an investment will be most relevant to organisations who are wary of taking on large mortgages or entering into a significant number of leases but are interested in both the social impact and financial benefit that can come from property ownership."

Susan Aktemel, Executive Director of Homes for Good, added: "We are really delighted to welcome SASC as our investor in the next stage of growth within Homes for Good. Since 2014, we have brought 190 properties back to life. We plan to acquire a further 50 homes with this latest significant investment, which will help us work towards our goal of owning 500 homes for people on low income by 2022."

(CM/LM)