Housing association boosts development by 10% in face of surplus squeeze
The 35,000-home housing association, in its annual financial statements for the year to 31 March, revealed it completed 1,524 homes in 2023/24.
This is up from the 1,390 on the number it delivered last year and is the highest amount the Hampshire-based landlord has built since its formation in 2017, although it slightly missed its original 1,600-home target for the year.
The landlord built 371 homes are for social rent, with a further 509 units for affordable rent and 522 for shared ownership.
It said: “Social rented homes are the most truly affordable option. However, we also understand the desires of those customers that want to own their own home, and there’s strong demand for our range of shared ownership homes giving people a choice to suit what they can afford.”
Vivid increased its turnover by 7.5% from £332.8m to £357.8m.
Its income form social housing lettings increased from £260.2m to £290.9m, which offset a drop in revenue from open market sales, from £62.4m to £56.2m. Income from shared ownership first tranche sales increased from £55.4m to £58.5m.
However, the association’s total surplus fell sharply from £71.8m to £53.8m. This drop was largely attributable to a near £18m increase in interest and financing costs.
The group approved £425m of new funding facilities in the year.
Vivid spent £87.5m on works to improve existing homes, up on the £82.1m it spent last year.
Vivid’s three-year transformation programme is due to complete next year. The association has been focused on introducing new ways of using technology to communicate more effectively with residents and developing new service standards.
Mark Perry, chief executive at Vivid, said: “The priority for every single one of our people this year has been on customer experience, focusing on three service areas: ensuring services are easy to use and access, keeping customers informed, and improving the speed in which routine repairs are completed.”
Housing association financial statements 2023/24
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