Housing association reports 74% of 875 homes built in the past year were for private sale or rent
A2 Dominion, the south of England-based housing association, said a quarter of the 875 new homes it built in the past year, down 8% year-on-year, were affordable.
Publishing its results for 2018/19, the group – which owns and operates 38,000 homes across the region – said 26% of its new homes were affordable: 88 were for shared ownership, 113 for affordable rent and 24 for social rent.
The balance went for either private sale or private rent.
In 2017/18 the proportion of private sale/rental sales was 66% of the 954 homes built.
A spokesperson for A2 Dominion said the group targeted a split of 40% private sale and 60% affordable rent, shared ownership and private rent, but this would vary year-on-year due to the type of developments completed during the period.
It would seek to deliver this split over its 2015-2020 strategy period to take into account year-on-year fluctuations, along with an average 900 new homes a year.
A2 Dominion said it had more than 7,600 homes in its development pipeline and began building 1,837 in the past year.
The group reported turnover of £372m, up 24%, and a net surplus of £24m, lower the £92.5m recorded in 2017/18 which had been boosted by a £40m surplus resulting from the completion of its Queen’s Wharf Riverside joint venture scheme with Mount Anvil in Hammersmith, west London (pictured).
A2 Dominion said the lower surplus also reflected its £13.5m investment in fire safety measures and a 36% increase in investment in its homes maintenance programme.
The group raised £465m in new finance and secured a further 650 plots to take its total landbank to 3,000, while it was also on track to develop its first mixed-tenure extra-care scheme in Reading.
Darrell Mercer, A2 Dominion’s chief executive, said: “While our operating environment remains challenging due to the on-going economic and political uncertainty, the group remains in a very strong position.
“We have started to build more new homes than ever before, with 1,800 homes started in the last year alone.”
In May A2 Dominion began work on a scheme in Hounslow, west London, to build 200 homes.
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