49,000-home provider continues strategy of upgrading stock
Platform Housing Group has increased the amount it spent on improving existing homes in the first quarter by 147% year-on-year.
The 49,000-home association, in a trading update today, said it spent £9.7m on existing stock, up from £3.9m in the same period last year.
It said: “Whilst investment in the quality and energy standards of existing homes is up the profile of the spend will increase as the year proceeds.” The increase comes on top of a 60% increase in its annual investment in existing homes in 2023/24 to £15m.
The association also increased its investment in new homes by 8.2% from £57.2m to £61.9m, however completions in the quarter fell year-on-year by 15.6% to 244.
Its turnover increased from 14.8%, from £80.4m to £92.3m, and its operating surplus excluding one-off items rose 16.8%.
>>See also: Platform Housing’s surplus falls due to pension scheme exits costing £18m
Elizabeth Froude, chief executive of Platform, said: “I am pleased to say that our results remain broadly consistent, with margins and surpluses both showing year on year positive trends, whilst our strategy of investing in both existing and new homes continues.
“Year on year the main differences to our trading are starting with an earlier pipeline of sales reservations, putting sales ahead of where they were last year. In our areas of operation demand for affordable home ownership remains strong, which is reflected in the prices and margins being achieved.”
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