Banker gives 45 million for new housing for London's poor

The banker in question was George Peabody. One hundred and fifty years ago this  American banker created one of social housing’s biggest success stories with £150,000 (equivalent of 45 million in today's money) of his own money. This month Peabody celebrate 150 years. 

The story begins on 26 March 1862, when the Times newspaper carried news of one man's extraordinary financial gift, "which will for ever place his name among the chief benefactors of this capital."

 The banker, diplomat and philanthropist wanted to tackle the poverty he saw around him in his adopted home of London.

His sense of social justice led him to make a substantial financial donation, setting up the Peabody Donation Fund. His vision was to:

"ameliorate the condition of the poor and needy of this great metropolis and to promote their comfort and happiness."

In 1900 Peabody was awarded a Royal Charter granting it the power to operate only within 12 miles of the Royal Exchange in the City. By this time, it had already built 5,000 homes. In the next 40 years more and more estates were built, including the Peabody Estate in Tottenham which comprised one hundred and fifty four terraced cottages built in 1907.

Today, Peabody now owns and manages more than 19,000 properties in the capital.

Links:

Inside Housing Article including timeline.

Peabody