The housing association’s surplus increased by £8.5m during the year

Jigsaw Homes Group exceeded its target to build 906 new homes during the 2023/24 financial year, delivering a ‘record number’ of 929 new homes.

Jigsaw Homes

Source: Jigsaw Homes

This marks the highest number of homes the 37,000-home housing association has built since Jigsaw was formed in 2018 following the merger of New Charter Group and Adactus Housing Group.

In its financial accounts for the year ending 31 March 2024, published yesterday, Jigsaw noted that contractor insolvencies at two major sites had delayed the development of an additional 336 homes.

The group’s operating surplus increased from £48.8m in 2023 to £56.1m as of 31 March 2024.

Jigsaw’s pre-tax surplus increased from £13.1m in 2022/23, to £21.6m during the 2023/24 financial year. 

The chair’s statement added that Jigsaw’s surplus had  been affected by an “elevated level of repairs” reported by tenants, particularly related to issues with mould and condensation.

The group’s chair, Roli Barker, stated that the increased demand for repairs meant that customers “at times had to wait longer than we would want for calls to be answered”. It also impacted on the timeliness of repairs completions to empty homes. 

>> See also: Jigsaw Homes resumes 131 home development stalled by Ilke Homes going into administration

>> See also: We have a reputation for getting things done - talking growth with the new Jigsaw boss Brian Moran

However, the statement said by the end of year, “the contact centre’s performance had recovered and we had committed additional resources to turning around repairs to our empty homes, which remain in very strong demand”. 

The group’s turnover rose from £200m in the 2022/23 financial year to £215m as of 31 March 2024. 

Within this, the housing association’s turnover grew from £66m in 2022/23 to £71.6 million in 2023/24.

Jigsaw’s annual financial statement also stated that “the sector’s reputation has been severely damaged by repeated media reports of sub-standard housing and poor customer service following the tragic death of Awaab Ishak”.

As a result, there is increased scrutiny on the quality of homes across the sector. The group’s financial report stated that it expects major changes to the Decent Homes Standard soon, which will likely lead to higher spending on homes and may negatively impact performance metrics related to value for money in the future.

Housing association financial statements 2023/24 

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