Housing association planned to build 786 in 2023/24

Great Places Housing Group built 490 new affordable homes in its most recent financial year, roughly 38% lower than its target.

The housing association, which manages 27,000 homes across 49 local authorities in the North, had intended to construct 786 homes in the year to 31 March 2024.

According to its accounts for the period, published earlier this week, the lower build rate was “reflective of the current delivery challenges facing the construction sector”.

Over the same period, Great Places sold 214 homes for shared ownership and began work on 925 affordable homes, starting the new financial year with around 2,000 homes on site.

Terra Nova Developments, its in-house construction subsidiary, was constructing 254 homes across seven sites at the end of the financial year.

Great Places recorded turnover of £172m, down from £168m in the same period the year prior, and operating surplus of £46.7m, up slightly rom £45.9m. Surplus before tax stood at £23.6m, up from £21.4m.

Total debt at the end of March 2024 was £687.8m, but the group said 96% of this was fixed rate, protecting it from the high interest rates of recent years.

Over the course of the year, Great Places invested £22.6m in its stock through planned and major works.

It spent £3.5m on “a range of various safety enhancements including the installation of smoke and fire detection systems”, as well as developing plans for remediation works, and spent a further £2.7m retrofitting nearly 400 homes to reach EPC C.

The housing association has a target of achieving EPC C across its portfolio by 2028.

There were 75,000 repair requests in the year, an increase of 13% which Great Places put down to “increased media focus on property condition in the sector with damp and mould inspections increasing significantly since October 2022”

Great Places has undergone a leadership shake-up recently, with Mervyn Jones, previously chief executive at Yorkshire Housing for ten years, taking over as chair in January.

In June 2024, chief executive Matt Harrison retired, after a delay in his departure caused by the housing association’s decision not to proceed with its planned merger with Mosscare St Vincents at the end of last year. Alison Dean, previously deputy CEO, has become the new chief executive.

Housing association financial statements 2023/24 

Metropolitan Thames Valley Housing increases development spend by 40% Accounts also confirm £80m deficit after building safety costs and write-downs

A2 Dominion’s deficit increases as it aims to restore regulatory compliance Landlord starts work on just nine homes as it focuses on improving existing stock

L&Q trebles surplus as operating costs fall Housing association spends £112m on capital works as it shifts expenditure towards existing homes

Orbit’s development drops by 30% as it ramps up spend on existing homes  Midlands housing association’s surplus falls by 39%

Turnover and surplus up at Onward Homes North-west landlord posts an 11% increase in its annual turnover

Peabody turnover down 11% due to reduced sales and site delays Landlords scales back development and invests more in improving existing stock as it shifts to neighbourhood model 

Guinness undershoots development target by nearly half Landlord says resource pressures and contractor administrations hit annual development figures

Housing delivery up 31% at Places for People Repair and maintenance spend exceeds planned budget

Flagship boosts surplus by 16% despite fall in open market sales and higher salaries East of England provider built 744 homes in the 2023/24

Aster’s surplus hit by higher interest costs and writedowns The housing association’s pre-tax profit falls 14%  due to a combination of an increase in costs caused by inflation and an ‘all-time high’ investment in its homes

Abri invests ‘record’ £100m in existing homes but sees 19% dip in annual completions The 50,000-home housing association reports  ‘exceptional’ surplus of £518m due to merger with Silva Homes.

Hyde Group misses build target by nearly half as it’s hit by £39m in write-downs 44,000-home association reports 78% drop in surplus as it is hit by contractor insolvencies on two schemes

Home Group increases development 17% Home Group handed over 1,284 homes last year, according to its financial statement for the year to 31 March 2024.

Moat reports squeezed margins and lower surplus Moat Homes has reported a drop in surplus and turnover, as its social housing lettings margin fell sharply.

Midland Heart increases development as it eyes 4,000-home target 35,000-home association increases investment in new build and improving existing stock

LiveWest undershoots affordable homes target due to delayed starts on site South west-based association built fewer affordable homes in 2023/24 than its target due to “site specific” issues.

Paradigm exceeds development target Buckinghamshire-based housing association says new build “central part” of mission as it increases surplus and turnover

Karbon increases development but sees margins squeezed due to hike in repairs costs Newcastle-based landlord builds 644 homes in 2023/24

BPHA boosts turnover but reports deficit due to one-off refinancing costs Bedfordshire landlord increases completions by 20%

Vivid increases development to more than 1,500 homes a year Housing association boosts development by 10% in face of surplus squeeze

Southern stops committing to new developments as surplus falls 80,000-home housing association ramps up spend on existing homes

Surplus down but turnover rises in SNG’s first post-merger financial accounts The merged organisation, which is aiming to develop 25,000 new homes over the next decade, says its balance sheet is ‘robust, diversified and resilient’

Platform Housing’s surplus falls due to pension scheme exits costing £18m The Midlands-based housing association also cited cost pressures from investment in homes, customer services, and high inflation

Bromford Housing reports increase in turnover, but higher operating costs Housing association cites  higher repair volumes

Clarion reports drop in turnover and surplus as it takes ‘cautious’ approach to development Housing association giant increases spend on existing stock from £393m to £418m

Sanctuary increases turnover despite 35% drop in sales income  Giant housing association misses development target

Turnover and surplus up at Onward Homes North-west housing association increases shared ownership sales income

L&Q trebles surplus as operating costs fall The 109,000-home housing association has spent £112m on capital works as it shifts expenditure towards existing homes

Jigsaw Homes delivers ‘record’ 929 new homes and increases surplus The housing association’s surplus increased by £8.5m during the year

Wheatley boss warns build pipeline depends on Scottish government grant funding 94,000-home group reports fall in annual development and warns government budget cuts will affect build rates

 

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