55,000-home landlord to set up new regional operating model

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

This is up on the 1,098 units completed the previous year, meaning a 17% increase in overall development.

accounts

When private sale and homes built through joint ventures are excluded, Home Group’s development increased by 11%, from 843 to 938.

Home Group increased its turnover for the year 9% from £453.8m to £493.2m. This was driven by an £34.8m increase in social lettings income to £493.1m.

Its overall surplus however fell slightly, from £24.6m to £23.5m, impacted by a £3.3m increase in net finance costs as interest rates rose, pushing up the cost of Home Group’s fixed-rate debt. Surplus from existing housing properties fell by £10.4m, as there was a one-off sale that inflated the previous year’s figure.

The group increased its investment in new homes from £180m to £187m, while its spend on existing stock reduced from £152m to £149.4m.

In his foreword to the accounts, John Cridland, chair of Home Group, said: “We invested £187m to deliver 1,284 new homes across England and Scotland, with more than 900 of those being affordable housing.”

“As well as developing homes we also invested £149m last year improving and maintaining our customers’ homes. A significant proportion of that investment is focused on greening our customers’ homes and communities.”

Home Group also said it will this year establish a new regional model, dividing its operations into six communities each led by a director. It has devised a “customer promise”, a set of commitments to residents, including providing a safe place to live, a reliable repairs service and transparency around how rent and service charges are spent. In May it appointed Colette Flattery as its new customer experience director.

Cridland said the new regional model “will allow us to work more locally, driving an increased focus on working with local partners and ultimately bring us closer to understanding our customers.”

Housing association financial statements 2023/24

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