Repair and maintenance spend exceeded planned budget
Places for People has delivered 31% more homes than last year, according to its annual report.
A total of 1,750 homes were delivered in the year to March 2024, compared with 1,326 the year prior.
Of the homes delivered, 265 were for social rent, 745 were for affordable rent, 137 were for intermediate rent and 369 were low-cost ownership homes.
The remaining 13% of homes built by Places for People were for market sale.
The organisation also said its 2021-26 strategic partnership with Homes England will see it deliver 4,403 affordable homes with £281m of grant by March 2029.
It said that programme had “progressed at pace” during the year, with 1,285 homes starting on site and 194 completed.
Places for People, which owns or manages 245,000 homes, recently called on the government to make the construction of 90,000 social rented homes a year a “top priority”.
Turnover at the 245,000-home organisation, which also operates 98 leisure centres across the UK, was down to £831.6m in the year from £849.6m.
Just over 59% of this came from affordable housing, with the rest coming largely. from leisure management, property management, development and non-social lettings.
Pre-tax surplus ticked up marginally, from £83.8m to £84m.
A total of £98m in the year was spent on capital improvements and a further £120.5m was spent on maintenance, driven by a high demand for repairs and rising costs.
The combined £218.5m spend was a significant increase on the £155m spent on repair and maintenance in the previous year.
“The board took the decision to significantly increase spend on repairs and maintenance and to exceed the planned budget to proactively meet the circa 20% increase in demand for repairs from the previous year,” the report said.
“We delivered 54,000 more repairs than was budgeted in 2023/24”.
In April of this year, the 7,800-home regional Origin became a subsidiary of PfP after a regulatory downgrade. The smaller organisation, which owns homes across London and Hertfordshire, will be folded fully into the group over the next year.
Housing association financial statements 2023/24
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