35,000-home association increases investment in new build and improving existing stock
Midland Heart has increased its annual completions by 3% as it aims to hit its target of building or acquiring 4,000 homes between 2019 and 2025.
The 35,000-home housing association, in its financial statements for the year to 31 March, said it completed 670 homes in 2023/24, up from 651 the previous year.
The landlord said it has now built or acquired 3,198 homes towards its 4,000-home target. This includes 2,941 completions and 257 acquisitions.”
It said: “We have delivered 2,941 homes since the start of the corporate plan, despite the challenges of global supply issues, price increases, contractors and planning delays.
“Our development programme will continue to progress towards our Corporate Plan target of building and acquiring 4,000 new homes by the end of 2024/25” The group invested £145m in new homes in the year, up from £97.5m.
The accounts also show Midland Heart increased its annual turnover by 5% in 2023/24, from £221.1, to £231.9m. The landlord’s revenue from social housing lettings by £16.4m. This was partially offset by a £3.5m reduction in shared ownership first tranche income and a £3m drop in turnover from open market sales.
The group’s surplus increased from £40.7m to £41.8m.
Midland Heart said the increase was “largely due to increased income being offset by higher inflation and greater repair demand.”
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It said: “To mitigate this, several actions took place, such as insourcing more housing operatives and placing less reliance on sub-contractors. This has reduced costs and given us more control to improve and shape tenant services.”
Midland Heart increased its investment in existing homes through planned capital works by 50%, from £20.7m to £30.5m.
It said it has replaced 2,000 bathrooms or kitchens in the year and 500 tenants have a new set of windows or roof improving energy efficiency. Midland Heart said 6,000 repairs have now been booked through its new app.
Housing association financial statements 2023/24
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