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Social Housing analysis of 167 housing associations has found that their development income increased to £3.1bn in financial year 2020. Chloe Stothart and Robyn Wilson report

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Social Housing analysis of 167 housing associations has found that their development income increased to £3.1bn in financial year 2019/20. Chloe Stothart and Robyn Wilson report #UKhousing #SocialHousingFinance


Housing associations (HAs) saw a 15 per cent boost to their development sales income in the previous financial year, with healthy proceeds across both open market and first tranche shared ownership sales.

Social Housing has analysed the accounts of 167 HAs over the 2019/20 period and found that development income increased to £3.1bn. This was made up of a near-even split of first tranche shared ownership (£1.6bn) and open market sales (£1.5bn). Development as a share of total income saw a slight increase on the previous financial year. In the 2020 period it stood at 15 per cent, compared with 14 per cent in 2019.

Richard Donnell, research and insight director at Zoopla, put the growth down to HAs being able to “build with confidence” since they delivered a broader range of tenures over the period, in comparison with the private sector.

“[If you build more affordable housing], in the broader sense, then your sales rates are going to be supported because you’re building a mixture of housing that’s got a lot of value.

“Housing associations have been building up their development pipelines in recent years, and the private sector was starting to throttle back on housing starts from late 2018/19. Whereas, because the housing associations’ pipelines are full mixed-tenure and the open market sale is a smaller proportion, they can keep building with confidence.”



Our data has been split between providers with income above and below £4m. This showed that the 91 associations with income over £4m generated £3bn over the period, with the 76 providers in the lower bracket pulling in £133m.

Interestingly, there was big uptick in open market sales among the providers with income under £4m. They saw an 84 per cent increase here to £10m, compared with a three per cent increase in their first tranche sales, although the latter did account for the majority of their development income, totalling £124m.

Mr Donnell noted the timing of this uptick and said there would likely be a delay between when the land was bought and when it was developed. If that was the case, he noted that larger HAs revealed significant development pipelines about five years ago, so the 84 per cent jump could signify smaller HAs following in the footsteps of their larger counterparts.

He said: “I’d imagine you get this huge jump because all these schemes that might be lasting two or three years suddenly start to come through from land bought in 2016/17 that suddenly starts to come through in 2019/20. Whereas, for the big HAs it was around 2013/14 when they were announcing all their major developments.”

Our report also looks at the surpluses and margins generated by the 167 providers, and finds that the latter have gone down across the board. The only exception to this is on open market sales margin for the 76 providers with under £4m in development sales income. Collectively they made a margin of nearly 13 per cent, which had increased from two per cent the year before. Their surplus stood at £1.3m.

First tranche sales had the largest decrease in margin of five percentage points to 20 per cent, with a surplus of £320m. This decrease in margin follows Social Housing’s surplus report published in January, which showed that despite an overall rise in surplus among the UK’s largest HAs, surplus for first tranche shared ownership sales was down 10.6 per cent.

Lucy Chitty, head of shared ownership at Savills, put the decrease in margin down to build cost increases. “Building costs are increasing as a lot of social landlords are future-proofing their developments to increase the safety and quality of their buildings.”

She added: “If developments have just started on site, associations may be revisiting the integrity of those schemes and their designs. If you’re going to build anything, you don’t want to have to replace it later down the line, so they are looking to the future [and the materials that will be required] and those things cost more money.”

Similarly to last year, the smaller organisations performed better on their overall development income, generating a 24 per cent margin with a surplus of £32m. The larger organisations made a margin of 15 per cent with a £439m surplus.

Summary of first tranche and non-social housing development-related income, 2019/20

First tranche sales Non-social housing development Total development income Activities as share of total turnover
Income, £m Change on year, % Income, £m Change on year, % Income, £m Change on year, % 2019/20, % 2018/19, %
91 housing associations above £4m

1,463.23

15.40

1,511.36

15.63

2,974.59

15.52

17.59

15.83

76 housing associations below £4m

123.69

3.27

9.94

84.25

133.64

6.77

3.87

3.71

Total

1,586.93

14.35

1,521.30

15.92

3,108.23

15.11

15.26

13.75

Individual performance

The number of HAs making more than £100m from development sales once again increased this year from six to seven. All of the organisations were either based in London and the South East or had significant operations there.

Places for People topped the list, with a total development sales income of £206m, up 55 per cent on the prior year. The majority of this was made from open market sales (£193m). Its development activity as a share of its total turnover was also up to 24 per cent, from 16 per cent in the 2018/19 period.

Places for People’s accounts list its income but not its surplus from open market sale.

Out of the top 10, Hyde saw the biggest decline in development activity, dropping from second place to ninth, after its development income dropped 44 per cent to £99m.

This was driven in part by a 71 per cent drop in its first tranche shared ownership income, which reduced to £16m, although its open market sales were also down 31 per cent to £82m.

Summary of first tranche and non-social housing development-related surpluses, 2019/20

First tranche sales Non-social housing development Total development income
Surplus, £m 2019/20 margin, % 2018/19 margin, % Surplus, £m 2019/20 margin, % 2018/19 margin, % Surplus, £m 2019/20 margin, % 2018/19 margin, %
91 housing associations above £4m

289.59

19.79

24.70

149.11

9.87

10.96

438.70

14.75

17.73

76 housing associations below £4m

30.46

24.62

30.72

1.26

12.68

1.85

31.72

23.73

29.47

Total

320.04

20.17

25.22

150.37

9.88

10.92

470.41

15.13

18.27

Guy Slocombe, chief investment officer at Hyde, said: “Our adjusted surplus from development sales, including through joint ventures, was £22.1m (2018/19: £49.2m). We had taken a strategic view earlier to add a greater level of phasing to our programme in light of market risk in the economy and from Brexit.

“The outturn was lower than 2018/19 as a consequence of this and the end-of-year impact of COVID-19. Conversely, the disposal of carefully selected properties in our portfolio, in support of our strategic plan, resulted in an adjusted surplus on sales of fixed assets of £111.3m (2018/19: £51.5m). Receipts have been reinvested into new affordable housing, as well as existing homes.”

L&Q moved down a position for the second year in a row. The organisation now sits third in the table, after its development income decreased by five per cent to £177m. The drop tallies with the association’s announcement in November 2019 that it would be pausing new scheme approvals and “re-appraising existing commitments”.

Speaking to Social Housing this January, L&Q’s new chief executive, Fiona Fletcher-Smith, was keen to highlight the context to this pause. “We are currently on site with just shy of 20,000 new homes, we’ve got an approved pipeline of 30,000 homes and, through L&Q Estates [formerly Gallagher Estates], we probably have about 58,000 plots for new homes. So when L&Q pauses, it’s a bit different because we have that pipeline to build and to keep us busy, and that all adds up to about £5bn worth of new development.

“We will continue to do that. We just won’t be focusing on a lot of new business because I want L&Q now to really focus on the safety of our existing residents and the fire remediation work that we will need to do, and also investing in our existing stock to make sure that people have safe, warm, comfortable homes to live in.”

Margin on HAs’ first tranche income: top 30 (2019/20)

First tranche 2019/20 First tranche 2018/19
Registered provider Income, £m Surplus, £m 2019/20 margin, % Income, £m Surplus, £m 2018/19 margin, %

Pennaf

0.05

0.03

68.75

0.00

0.00

Broadacres

2.33

1.38

59.25

4.61

1.99

43.06

Anchor Hanover

0.97

0.55

56.01

1.12

0.21

18.50

North Devon Homes

0.99

0.55

55.42

0.18

0.11

58.89

Gateway Housing Association

0.69

0.37

54.22

1.22

0.59

48.73

Hundred Houses Society

1.10

0.53

48.36

0.86

0.50

58.05

Poplar Harca

4.60

2.19

47.50

1.54

1.04

67.70

Incommunities

1.40

0.65

46.64

0.00

0.00

Freebridge Community Housing

0.64

0.29

45.54

0.75

0.33

43.81

Arches Housing

0.47

0.21

44.89

0.00

0.00

Connect Housing

1.81

0.80

44.27

2.89

0.74

25.62

Islington and Shoreditch HA

3.96

1.75

44.25

2.85

1.14

39.86

Castles and Coasts

0.42

0.18

43.27

0.82

0.40

48.18

Ongo

0.25

0.11

42.86

0.34

0.19

56.76

Joseph Rowntree Housing Trust

1.66

0.71

42.63

0.64

0.23

35.63

Red Kite Community Housing

0.99

0.42

42.54

0.00

0.00

PA Housing

8.35

3.52

42.14

11.15

3.69

33.10

Bromsgrove District Housing Trust

3.85

1.61

41.94

3.03

1.18

39.02

Leeds and Yorkshire HA

1.17

0.49

41.88

0.76

0.41

53.94

Octavia Housing

7.36

3.07

41.66

4.19

1.19

28.33

First Garden Cities Homes (Howard Cottage)

2.70

1.12

41.36

3.10

1.26

40.64

BPHA

23.29

9.59

41.15

25.81

12.32

47.75

Selwood Housing

6.51

2.64

40.60

6.47

2.70

41.68

RHP

1.88

0.75

39.96

2.68

0.60

22.17

Cornerstone

1.26

0.48

38.17

0.00

0.00

Vale of Aylesbury Housing

0.99

0.38

38.10

4.90

1.79

36.56

Newlon Housing Trust

13.47

5.07

37.67

4.73

2.01

42.55

Wellingborough Homes

2.83

1.06

37.55

4.19

1.27

30.32

Leeds Federated

5.70

2.11

36.96

4.37

1.98

45.18

Orwell Housing

1.79

0.66

36.91

1.57

0.58

36.86

Swan saw one of the largest increases in its development sales, with its development activity as a share of total turnover jumping to 58 per cent, from 11 per cent in 2018/19.

Home Group and Vivid Housing saw notable increases in their development activities as a share of total turnover. Home Group’s increased from 15 per cent to 24 per cent and Vivid Housing’s went from 29 per cent to 44 per cent.

Vivid’s development income jumped 97 per cent to £142m, after it pulled in £99m from open market sales (up 112 per cent) and £43m from first tranche sales (up 69 per cent).

Home Group’s 79 per cent increase in development income to £96m was made up of £50m in open market sales (up 49 per cent), as well as a significant boost to its first tranche sales, which increased by 127 per cent to £46m.

Top 30 first tranche margins

Welsh association Pennaf made the highest margin on its first tranche shared ownership sales at 69 per cent, although this was on an income of £50,000. Its surplus here was £30,000.

Of the larger HAs in this list, which made upwards of £2m, Poplar Harca made the list for the second year in a row. This was for a margin of 48 per cent on £4.6m income, making a £2.2m surplus. The figure was down on last year, when the group made a 68 per cent margin on £1.5m, with a £1m surplus.

Margin on HAs’ non-social housing development activity: top 30 (2019/20)

Non-social housing development sales, 2019/20 Non-social housing development sales, 2018/19
Registered provider Income, £m Surplus, £m

2019/20 margin, %

Income, £m Surplus, £m 2018/19 margin, %

Abri

0.81

0.56

68.64

10.90

3.47

31.85

Castles and Coasts

0.54

0.24

45.19

1.00

0.15

15.18

Soha Housing

5.24

1.77

33.79

0.00

0.00

Southern Housing Group

47.32

13.92

29.41

35.41

16.96

47.89

Sanctuary Group

23.30

5.70

24.46

11.70

3.40

29.06

Peabody

117.00

27.00

23.08

90.00

22.00

24.44

Acis Group

3.44

0.78

22.71

0.16

0.05

28.13

Network Homes

4.34

0.96

22.02

3.93

-0.73

-18.56

GreenSquare Group

9.58

1.98

20.63

3.62

0.11

2.96

Your Housing Group

2.84

0.58

20.49

0.00

0.00

Great Places Housing Group

15.96

3.07

19.23

4.07

0.72

17.58

Torus (Torus62 Limited)

0.62

0.12

18.65

0.00

0.00

Broadland Housing

3.05

0.56

18.26

1.52

0.30

19.71

Anchor Hanover

43.05

7.10

16.49

53.55

11.59

21.64

Vivid Housing

98.99

16.08

16.25

46.65

10.64

22.80

Orbit

51.50

8.10

15.73

43.50

7.80

17.93

Metropolitan Thames Valley

54.31

7.94

14.62

23.87

3.54

14.82

LiveWest

29.22

4.25

14.55

29.12

5.45

18.70

Catalyst

58.81

8.50

14.45

32.69

6.42

19.64

L&Q

116.00

16.00

13.79

117.00

-9.00

-7.69

Hexagon

0.60

0.08

13.61

3.97

0.30

7.57

Home Group

49.68

6.66

13.40

33.27

6.49

19.52

Housing & Care 21

0.91

0.12

13.11

0.00

0.00

Yorkshire Housing

6.08

0.79

13.03

5.94

1.45

24.42

Paradigm

5.86

0.75

12.87

2.70

0.40

14.83

Connexus (Shropshire Housing)

9.41

1.09

11.55

4.27

0.33

7.68

Futures Housing Group

5.78

0.66

11.33

0.71

0.07

9.18

Thirteen Group

2.41

0.26

10.93

0.00

0.00

Halton Housing Trust

3.00

0.32

10.70

0.00

0.00

Karbon Homes

2.33

0.24

10.48

0.70

-0.002

-0.29

Notes: Places for People’s accounts give its income but not surplus from open market sale, Abri (merger of Radian and Yarlington) is Radian’s 2019 data pre-merger

Top 30 non-social housing margins

Abri (the merger of Radian and Yarlingon) topped the open market sales list, with a margin of 69 per cent but, again, this was on an income of under £1m, at £810,000. Its margin was up on last year, when it stood at 32 per cent on an income of £11m. However, the 2019 figures given here for Abri are Radian’s pre-merger and are not restated.

A number of other associations including L&Q, Housing Plus and Peabody also undertook mergers during 2019. These are not reflected in their 2019 figures here, which are not restated.

A number of the G15 sat in the list for having the highest open market sales margins. This included L&Q, Network Homes, Peabody, Metropolitan Thames Valley and Catalyst.

Of them, Peabody made the largest margin of 23 per cent on an income of £117m. Its surplus here was £27m. Network Homes and L&Q made a margin of 22 per cent and 14 per cent respectively. For Network Homes this was on an income of £4.3m, for L&Q it was on £116m income.

HAs’ first tranche and non-social housing development activities: income above £4m, 2019/20

Total turnover First tranche sales Non-social housing development sales Total development-related activity Development activities, share of total turnover
Registered provider

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

2019/20, %

2018/19,
%

Places for People

866.70

4.79

13.20

153.85

192.50

51.46

205.70

55.48

23.73

16.00

Notting Hill Genesis

731.50

9.08

78.10

79.54

103.20

12.91

181.30

34.40

24.78

20.12

L&Q

915.00

-2.35

61.00

-11.59

116.00

-0.85

177.00

-4.84

19.34

19.85

Peabody

662.00

17.17

51.00

21.43

117.00

30.00

168.00

27.27

25.38

23.36

Vivid Housing

326.66

30.58

43.08

68.77

98.99

112.22

142.07

96.85

43.49

28.85

Metropolitan Thames Valley

464.97

13.18

76.94

28.84

54.31

127.51

131.25

57.01

28.23

20.35

Clarion Housing Group

841.50

3.14

73.70

29.07

53.70

44.74

127.40

35.24

15.14

11.55

Swan Housing Association

170.46

110.11

16.34

12,281.82

82.69

840.59

99.03

1,009.84

58.10

11.00

Hyde

364.39

-19.06

16.35

-71.20

82.39

-30.74

98.74

-43.82

27.10

39.04

Home Group

406.10

10.56

46.00

127.22

49.68

49.33

95.68

78.80

23.56

14.57

Catalyst

285.92

58.77

35.07

95.45

58.81

79.90

93.88

85.41

32.83

28.12

Orbit

323.50

2.24

32.70

-7.37

51.50

18.39

84.20

6.85

26.03

24.91

Sovereign

411.20

2.25

75.80

37.42

7.62

-61.97

83.41

10.95

20.29

18.70

Southern Housing Group

236.85

2.77

15.25

-38.76

47.32

33.66

62.57

3.76

26.42

26.16

A2Dominion

320.40

-13.92

6.00

-54.55

54.90

-44.71

60.90

-45.87

19.01

30.23

LiveWest

248.55

6.70

31.53

45.99

29.22

0.33

60.75

19.77

24.44

21.77

One Housing

218.96

2.68

15.82

-36.20

44.30

38.63

60.12

5.94

27.45

26.61

Bromford

270.82

5.50

41.57

-13.66

7.66

31.30

49.23

-8.81

18.18

21.03

Aster Group

214.56

1.24

46.83

10.88

0.00

-100.00

46.83

5.37

21.83

20.97

Gentoo

172.20

-2.79

0.94

26.38

43.98

-1.91

44.92

-1.45

26.08

25.73

Anchor Hanover

522.22

-0.80

0.97

-13.05

43.05

-19.61

44.03

-19.47

8.43

10.39

Sanctuary Group

763.00

3.75

17.10

24.82

23.30

99.15

40.40

59.06

5.29

3.45

Moat

141.68

8.63

36.22

27.11

0.00

36.22

27.11

25.56

21.84

Radian

223.37

33.18

33.97

38.29

0.81

-92.57

34.78

-1.94

15.57

21.15

Riverside

355.65

-2.36

9.32

-29.95

22.82

-41.12

32.15

-38.26

9.04

14.29

Optivo

321.98

2.53

30.96

7.73

0.00

30.96

7.73

9.62

9.15

Platform Housing Group (Fortis Living)

257.12

-6.02

27.85

-7.78

1.11

-94.92

28.96

-44.42

11.26

19.05

Network Homes

205.65

-25.23

23.66

0.96

4.34

10.22

28.00

2.29

13.61

9.95

Longhurst Group

153.82

-8.09

20.52

2.07

7.11

-70.33

27.64

-37.30

17.97

26.34

Paradigm

129.17

-0.74

19.56

-38.25

5.86

116.61

25.42

-26.07

19.68

26.42

Great Places Housing Group

120.90

10.80

8.32

-24.08

15.96

292.38

24.28

61.60

20.08

13.77

Curo

95.99

3.05

10.17

172.32

13.38

-26.00

23.55

7.95

24.53

23.42

BPHA

126.25

1.39

23.29

-9.74

0.00

23.29

-9.74

18.45

20.72

Yorkshire Housing

115.69

2.35

13.92

6.08

2.32

20.00

236.76

17.28

5.25

Cross Keys Homes

79.13

9.02

18.15

29.35

0.00

18.15

29.35

22.94

19.33

GreenSquare Group

84.94

4.50

8.30

28.11

9.58

164.91

17.88

77.09

21.05

12.42

Flagship Homes

188.25

20.88

9.88

39.16

7.96

50.82

17.85

44.13

9.48

7.95

Hightown Housing Association

85.54

1.00

17.64

-14.79

0.00

17.64

-14.79

20.63

24.44

Stonewater

189.00

-0.90

17.44

-15.84

0.00

17.44

-15.84

9.23

10.86

Golding Homes

57.30

12.63

9.91

21.07

5.64

162.79

15.55

50.52

27.13

20.30

Soha Housing

54.86

12.59

9.58

-3.50

5.24

14.82

49.29

27.01

20.37

Midland Heart

200.93

-8.37

11.55

16.84

2.37

-87.98

13.93

-53.00

6.93

13.51

The Guinness Partnership

359.40

-0.31

13.80

-5.48

0.10

-50.00

13.90

-6.08

3.87

4.11

Newlon Housing Trust

91.00

13.37

13.47

184.93

0.00

13.47

184.93

14.80

5.89

MHS Homes

67.87

10.58

13.13

81.04

0.00

13.13

81.04

19.35

11.82

WHG

112.18

3.27

11.86

23.88

0.00

11.86

23.88

10.57

8.81

Connexus (Shropshire Housing)

64.56

6.85

1.74

7.69

9.41

120.27

11.15

89.42

17.27

9.74

Torus (Torus62 Limited)

195.49

0.94

10.23

-8.56

0.62

10.86

-3.00

5.55

5.78

EMH Group

111.07

7.02

10.54

230.33

0.00

10.54

230.33

9.49

3.08

WDH

158.49

1.88

10.40

33.36

0.00

10.40

33.36

6.56

5.01

CHS Group

38.31

17.57

6.95

87.07

3.26

51.86

10.21

74.17

26.64

17.98

Silva (Bracknell Forest Homes)

50.04

10.53

10.00

59.19

0.00

10.00

59.19

19.99

13.88

CHP

66.08

0.97

9.55

1.91

0.00

-100.00

9.55

-21.83

14.45

18.66

West Kent Housing Association

57.26

8.69

9.04

90.41

0.00

9.04

90.41

15.78

9.01

North Hertfordshire Homes

64.12

-5.77

6.75

3.99

1.81

-67.19

8.57

-28.74

13.36

17.66

PA Housing

149.59

-6.24

8.35

-25.09

0.00

-100.00

8.35

-29.14

5.58

7.39

Octavia Housing

58.67

-0.06

7.36

75.49

0.94

-89.01

8.30

-34.88

14.15

21.71

Futures Housing Group

57.82

14.29

2.41

-31.13

5.78

716.53

8.19

94.72

14.16

8.31

Thirteen Group

185.66

2.95

5.14

-51.62

2.41

7.55

-28.99

4.07

5.89

B3 Living

34.56

-0.30

6.67

-14.38

0.00

6.67

-14.38

19.29

22.46

Estuary Housing

42.17

4.60

6.66

25.11

0.00

6.66

25.11

15.80

13.21

Acis Group

40.08

19.25

3.18

41.74

3.44

2,051.88

6.62

175.75

16.51

7.14

Selwood Housing

41.94

0.77

6.51

0.60

0.00

6.51

0.60

15.52

15.54

Coastline Housing

37.00

26.01

6.46

54.15

0.00

6.46

54.15

17.46

14.27

Wandle

56.39

-17.77

6.26

-59.62

0.00

6.26

-59.62

11.10

22.60

Thrive Homes

32.19

17.42

6.09

168.18

0.00

6.09

168.18

18.93

8.29

Citizen (WM Housing)

150.61

-1.89

4.62

11.15

1.17

-76.16

5.79

-36.20

3.84

5.91

Housing & Care 21

192.26

3.12

4.88

382.39

0.91

5.79

472.21

3.01

0.54

Broadland Housing

33.11

14.00

2.72

95.05

3.05

100.07

5.77

97.67

17.41

10.04

Leeds Federated

27.57

5.97

5.70

30.29

0.00

5.70

30.29

20.66

16.80

Pobl Group Limited

144.35

7.20

5.68

0.00

5.68

3.94

0.00

Knowsley Housing Trust

64.99

-4.75

5.64

-24.77

0.00

5.64

-24.77

8.67

10.98

Karbon

135.93

5.03

3.29

256.89

2.33

233.05

5.62

246.60

4.13

1.25

Two Rivers Housing

26.93

5.79

5.60

37.17

0.00

5.60

37.17

20.80

16.04

Together Housing Group

182.67

2.94

5.52

122.72

0.00

-100.00

5.52

107.01

3.02

1.50

Hexagon

37.00

-10.97

4.85

-4.10

0.60

-84.99

5.44

-39.67

14.70

21.70

Raven Housing Trust

48.48

9.01

5.40

92.27

0.00

5.40

92.27

11.13

6.31

Southway Housing Trust

33.69

6.21

5.35

58.56

0.00

5.35

58.56

15.89

10.64

Onward Homes

155.76

6.10

5.27

211.53

0.00

5.27

211.53

3.38

1.15

Rooftop Housing Group

43.06

2.99

5.26

12.67

0.00

5.26

12.67

12.21

11.16

Saxon Weald

47.68

3.73

5.25

151.73

0.00

5.25

151.73

11.00

4.53

Cottsway

34.26

4.38

4.98

7.96

0.00

4.98

7.96

14.52

14.04

Equity Housing Group

25.63

6.46

4.88

47.21

0.00

4.88

47.21

19.03

13.76

Nottingham Community HA

77.17

0.15

4.67

-28.31

0.00

4.67

-28.31

6.05

8.45

Advance Housing and Support

36.90

-2.08

4.64

-41.20

0.00

4.64

-41.20

12.56

20.92

Poplar Harca

65.30

-12.88

4.60

198.31

0.00

4.60

198.31

7.04

2.06

Greenfields Community Housing

48.02

0.84

4.50

-12.01

0.00

4.50

-12.01

9.37

10.74

Broadacres

39.65

-9.27

2.33

-49.37

2.16

-58.46

4.49

-54.18

11.32

22.42

Halton Housing Trust

40.02

8.98

1.48

0.20

3.00

4.48

203.11

11.19

4.02

Havebury Housing Partnership

42.14

0.20

4.10

1.61

0.00

4.10

1.61

9.73

9.59

Housing Plus Group

79.86

27.66

4.04

17.70

0.00

-100.00

4.04

12.39

5.05

5.74

Total HAs over £4m

Total HAs under £4m

16,937.06

3,452.88

0

0

1,463.23

123.69

15.40

3.27

1,529.36

9.94

15.63

84.25

2,974.59

133.64

15.52

6.77

17.59

3.87

15.83

3.71

Notes: Places for People’s accounts give its income but not surplus from open market sale, Abri (merger of Radian and Yarlington) is Radian’s 2019 data pre-merger

Risk warnings

In terms of how the current climate is impacting buyer/lender sentiment, and therefore future sales, Savills’ Ms Chitty said it “is tougher and there are fewer lenders out there.”

This is a particular challenge for prospective shared ownership buyers looking for a mortgage, who are typically younger and may have been furloughed or made redundant due to COVID-19.

She added: “There’s still a lot of interest but affordability is still an issue for people. In terms of shared ownership lending pre-COVID, we had about 28 lenders who lent on shared ownership, but that’s reduced. That’s mainly because a lot of those lenders have paused their lending on shared ownership to focus on their mainstream business, which is homes for outright sale.”

On future development, Zoopla’s Mr Donnell anticipated that HAs would push ahead, but at a steadier rate. “It’s been tough in the housing market. I do think that HAs have had to adjust tack a little bit on some sites. I think there will be a continuation [in development sales], but I guess the question is: is the land there in volume?

“People will be holding programmes at current rates, but I don’t sense that organisations are ramping up the scale of their pipelines; they’re holding steady and hitting a certain target rate of delivery.”

HAs’ housing development-related surpluses: income above £4m, 2019/20

First tranche sales Non-social housing development Total development income
Registered provider Surplus, £m

2019/20

margin, %

2018/19

margin, %

Surplus,

£m

2019/20

margin, %

2018/19

margin, %

Surplus,

£m

2019/20

margin, %

2018/19

margin, %

Peabody

13.00

25.49

38.10

27.00

23.08

24.44

40.00

23.81

28.79

Vivid Housing

12.29

28.52

36.09

16.08

16.25

22.80

28.37

19.97

27.50

L&Q

9.00

14.75

23.19

16.00

13.79

-7.69

25.00

14.12

3.76

Notting Hill Genesis

20.80

26.63

23.45

4.10

3.97

15.32

24.90

13.73

17.94

Metropolitan Thames Valley

8.95

11.64

10.37

7.94

14.62

14.82

16.89

12.87

11.64

Southern Housing Group

1.33

8.75

16.28

13.92

29.41

47.89

15.25

24.38

34.84

Sovereign

14.41

19.02

21.75

0.40

5.28

19.66

14.82

17.76

21.19

Bromford

11.02

26.51

21.98

0.80

10.41

16.43

11.82

24.00

21.38

Orbit

3.10

9.48

19.55

8.10

15.73

17.93

11.20

13.30

18.65

Sanctuary Group

5.00

29.24

34.31

5.70

24.46

29.06

10.70

26.49

31.89

LiveWest

6.23

19.77

22.31

4.25

14.55

18.70

10.48

17.26

20.23

Catalyst

1.37

3.90

11.25

8.50

14.45

19.64

9.87

10.51

16.67

BPHA

9.59

41.15

47.75

0.00

9.59

41.15

47.75

Swan Housing Association

1.57

9.58

19.70

7.24

8.75

5.27

8.80

8.89

5.48

Hyde

2.48

15.18

28.04

6.13

7.44

16.47

8.61

8.72

20.21

Home Group

1.66

3.61

15.61

6.66

13.40

19.52

8.32

8.69

18.04

Abri

7.58

22.32

23.56

0.56

68.64

31.85

8.14

23.39

26.11

Anchor Hanover

0.55

56.01

18.50

7.10

16.49

21.64

7.64

17.36

21.58

Aster Group

7.48

15.96

17.45

0.00

10.10

7.48

15.96

17.08

Paradigm

5.98

30.55

29.66

0.75

12.87

14.83

6.73

26.48

28.49

Cross Keys Homes

6.68

36.82

42.07

0.00

6.68

36.82

42.07

Platform (Fortis Living)

6.08

21.83

29.06

0.04

3.32

2.59

6.12

21.12

17.93

Optivo

6.03

19.49

33.42

0.00

6.03

19.49

33.42

Moat

5.21

14.39

14.57

0.00

5.21

14.39

14.54

Longhurst Group

5.08

24.73

33.33

0.00

-0.01

7.86

5.07

18.36

19.48

Newlon Housing Trust

5.07

37.67

42.55

0.00

5.07

37.67

42.55

Network Homes

3.98

16.82

29.17

0.96

22.02

-18.56

4.93

17.62

22.31

A2 Dominion

1.90

31.67

35.61

2.60

4.74

1.91

4.50

7.39

5.87

Great Places Housing Group

1.24

14.92

15.59

3.07

19.23

17.58

4.31

17.75

16.13

GreenSquare Group

2.05

24.67

33.49

1.98

20.63

2.96

4.03

22.51

22.56

Places for People

3.80

28.79

19.23

0 *

0 *

0 *

3.8 *

1.85

0.76

Hightown Housing Association

3.78

21.44

25.86

0.00

3.78

21.44

25.86

Curo

3.56

35.02

26.45

0.12

0.88

18.91

3.68

15.63

20.20

Yorkshire Housing

2.81

20.21

0.79

13.03

24.42

3.61

18.03

24.42

PA Housing

3.52

42.14

33.10

0.00

5.49

3.52

42.14

31.61

Soha Housing

1.66

17.30

31.18

1.77

33.79

3.43

23.13

31.18

Silva (Bracknell Forest Homes)

3.30

32.95

30.38

0.00

3.30

32.95

30.38

Octavia Housing

3.07

41.66

28.33

0.08

8.51

18.83

3.15

37.90

21.95

Flagship Homes

3.07

31.03

43.57

0.00

0.00

22.31

3.07

17.19

34.50

Stonewater

3.05

17.47

22.36

0.00

3.05

17.47

22.36

The Guinness Partnership

3.00

21.74

13.01

0.00

0.00

-50.00

3.00

21.58

12.16

Gentoo

0.00

0.00

0.00

2.78

6.32

14.12

2.78

6.19

13.89

CHP

2.68

28.11

30.03

0.00

10.40

2.68

28.11

25.46

Selwood Housing

2.64

40.60

41.68

0.00

2.64

40.60

41.68

EMH Group

2.62

24.80

17.36

0.00

2.62

24.80

17.36

WHG

2.41

20.29

21.94

0.00

2.41

20.29

21.94

Golding Homes

2.13

21.47

28.68

0.20

3.46

12.95

2.32

14.93

25.41

MHS Homes

2.23

16.95

17.30

0.00

2.23

16.95

17.30

Poplar Harca

2.19

47.50

67.70

0.00

2.19

47.50

67.70

Thrive Homes

2.15

35.35

42.21

0.00

2.15

35.35

42.21

Leeds Federated

2.11

36.96

45.18

0.00

2.11

36.96

45.18

B3 Living

1.94

29.12

37.52

0.00

1.94

29.12

37.52

CHS Group

1.69

24.34

15.24

0.25

7.54

4.61

1.94

18.98

11.35

West Kent Housing Association

1.90

21.06

28.40

0.00

1.90

21.06

28.40

Midland Heart

1.86

16.11

17.76

-0.11

-4.42

14.71

1.76

12.61

15.73

Torus (Torus62 Limited)

1.41

13.76

14.28

0.12

18.65

1.52

14.04

14.28

Greenfields Community Housing

1.52

33.77

32.59

0.00

1.52

33.77

32.59

Havebury Housing Partnership

1.46

35.59

34.94

0.00

1.46

35.59

34.94

Two Rivers Housing

1.45

25.92

32.52

0.00

1.45

25.92

32.52

Southway Housing Trust

1.39

25.97

4.68

0.00

1.39

25.97

4.68

Raven Housing Trust

1.38

25.48

20.38

0.00

1.38

25.48

20.38

Pobl Group Limited

1.35

23.74

0.00

1.35

23.74

Acis Group

0.56

17.54

20.76

0.78

22.71

28.13

1.34

20.23

21.25

Citizen (WM Housing)

1.29

27.87

27.79

0.05

4.18

29.35

1.34

23.06

28.64

Cottsway

1.33

26.71

25.85

0.00

1.33

26.71

25.85

North Hertfordshire Homes

1.31

19.39

34.58

0.00

0.00

0.00

1.31

15.28

18.68

Connexus (Shropshire Housing)

0.22

12.49

23.68

1.09

11.55

7.68

1.30

11.70

12.06

Broadland Housing

0.74

27.31

27.31

0.56

18.26

19.71

1.30

22.53

23.35

Saxon Weald

1.28

24.34

28.98

0.00

1.28

24.34

28.98

Futures Housing Group

0.59

24.49

34.16

0.66

11.33

9.18

1.25

15.20

29.96

Estuary Housing

1.19

17.86

4.04

0.00

1.19

17.86

4.04

Together Housing Group

1.22

22.09

38.01

-0.03

18.09

1.19

21.47

36.61

Wandle

1.07

17.13

34.29

0.00

1.07

17.13

34.29

Equity Housing Group

0.99

20.30

30.97

0.00

0.99

20.30

30.97

Housing Plus Group

0.95

23.46

31.99

-0.04

-26.54

0.90

22.40

29.35

Broadacres Housing Association

1.38

59.25

43.06

-0.50

-22.97

21.36

0.89

19.78

31.57

Coastline Housing

0.86

13.25

11.84

0.00

0.86

13.25

11.84

Thirteen Group

0.56

10.93

5.54

0.26

10.93

0.83

10.93

5.54

Riverside

0.41

4.38

9.61

0.30

1.29

6.12

0.70

2.19

7.01

One Housing

3.96

25.01

30.57

-3.32

-7.49

-30.05

0.64

1.06

-3.57

Karbon

0.39

11.93

39.74

0.24

10.48

-0.29

0.64

11.33

22.47

Nottingham Community Housing
Association

0.56

11.89

14.42

0.00

0.56

11.89

14.42

Halton Housing Trust

0.16

10.80

-1.56

0.32

10.70

0.48

10.74

-1.56

Onward Homes

0.43

8.22

35.13

0.00

0.43

8.22

35.13

Knowsley Housing Trust

0.42

7.36

4.78

0.00

0.42

7.36

4.78

Clarion Housing Group Limited

7.60

10.31

27.50

-7.30

-13.59

-9.16

0.30

0.24

13.06

Housing & Care 21

0.17

3.53

12.96

0.12

13.11

0.29

5.03

12.96

WDH

0.26

2.51

3.42

0.00

0.26

2.51

3.42

Rooftop Housing Group

0.23

4.30

31.36

0.00

0.23

4.30

31.36

Advance Housing and Support

-0.06

-1.23

-1.32

0.00

-0.06

-1.23

-1.32

Hexagon

-0.26

-5.39

0.59

0.08

13.61

7.57

-0.18

-3.31

3.66

Total HAs over £4m

Total HAs under £4m

289.59

30.46

19.79

24.62

24.70

30.72

149.11

1.26

9.87

12.68

10.96

1.85

438.70

31.72

14.75

23.73

17.73

29.47

Notes: Places for People’s accounts give its income but not surplus from open market sale, Abri (merger of Radian and Yarlington) is Radian’s 2019 data pre-merger

Source

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