Housing partnership company Ulo launches to tackle council accommodation crisis
Ulo, a new housing partnership company, has launched to help councils deliver affordable homes without upfront investment. The company partners with local authorities to fund, build and manage housing through long-term institutional capital, with properties protected from Right to Buy and transferring to council ownership after an initial lease period.
Founded by experienced housing, finance, and legal professionals, Ulo addresses the growing crisis in temporary accommodation spend that is crippling council budgets across London and Nationally. The model enables councils to expand housing supply immediately while maintaining full control over tenancies and property management.
"Councils are spending millions on temporary accommodation while struggling to find capital for new housing and for investment in existing stock," said Ike Mbamali, Ulo’s founder. "Our model removes the barriers to funding and supply, and delivers homes that councils will eventually own outright. It's a partnership that works for all parties: councils and communities, residents and investors."
Proven backing and early momentum
Ulo has secured commitments from leading institutional funders and is in discussions with the Ministry of Housing, Communities and Local Government and Homes England about potential support in deploying the model nationally to ramp up housing supply.
Several local authorities are already in talks with Ulo about co-designing delivery programmes, focusing on reducing temporary accommodation costs, increasing social and affordable housing supply, and regenerating underused sites.
The company's approach combines:
- Immediate impact: Properties acquired within months; new builds delivered rapidly without dipping into council capital
- Long-term value: Full asset ownership transfers to councils after an initial lease
- Financial control: Councils retain rental income above funding costs for maintenance and services, keeping any spending efficiencies
- Streamlined process: Structure avoids lengthy procurement requirements and frees up capital by avoiding loans on council balance sheets
With homelessness at record levels and temporary accommodation costs rising by over 30% annually in some areas, Ulo's mission focuses on delivering scalable housing solutions for families in greatest need.
"We aim to build sustainable housing partnerships that will serve communities for decades," added Mbamali. "Our goal is to help councils break the cycle of expensive short-term fixes and create permanent housing solutions."
