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Two G15 landlords receive first consumer grades

Michael Lloyd — Fri, 01 May 2026 10:03:38 GMT

Two G15 landlords have received their first consumer grades from the Regulator of Social Housing (RSH).

The regulator has handed The Guinness Partnership a C1 grade and Peabody a C2 following their first consumer inspections.

The RSH said that Guinness’ C1 means it is delivering the outcomes of the consumer standards. Peabody’s C2 means there are some weaknesses in the landlord’s delivery of these outcomes.

Both housing associations retained their G1/V2 grades under the Governance and Financial Viability Standard.

Peabody

The regulator said that Peabody provided evidence-based assurance that it has appropriate systems in place to ensure the health and safety of its tenants in their homes and associated communal areas.

It added that Peabody, which owns around 93,000 social homes, has “effective arrangements” in place for managing a “significant and complex” building safety programme.

The housing association has completed assessments for its higher-risk buildings and is working through a remediation programme prioritised according to risk.

“Peabody provided evidence that it is making progress on delivering its building safety remediation programme and that it has appropriate mitigations in place in the meantime, which are regularly reviewed,” the RSH said in the judgement.

However, the inspection found weaknesses in the provision of an “effective, efficient and timely” repairs and maintenance service.

“Peabody has made substantial changes to its repairs service over the past 18 months to deliver a more localised approach and there are early signs of improvement,” the RSH said.

“However, more work is required for the repairs service to meet Peabody’s own targets on timeliness, including on emergency and priority repairs, to reduce cancellations and improve tenant satisfaction.”

The judgement showed that Peabody reviews the effectiveness of its anti-social behaviour service and makes improvements as a result. This includes targeted campaigns to raise awareness of anti-social behaviour and hate crime, and improving referral pathways with partner agencies.

The RSH said Peabody recognised that further work is needed on its anti-social behaviour service to improve response times and tenant satisfaction.

Peabody had taken action to improve its complaints performance, and the RSH’s inspection found that this has been “effective” in reducing the landlord’s complaints backlog and improving response times.

“Peabody will need to continue this improvement to ensure that complaints are addressed fairly, effectively and promptly,” the regulator said.

Ian McDermott, chief executive of Peabody, welcomed the regulator’s assessment of where it needs to improve, which he said were consistent with the landlord’s own views and plans.

“We’re entering the second year of our three-year strategy, which is focused on further improving services for residents,” he said.

“Over the next three years, residents will continue to see our services become more reliable, with fewer issues, quicker fixes and better outcomes all around.”

Mr McDermott added that the V2 grade reflects Peabody’s investment in providing better homes, places and services, but that the landlord is working hard to be “more effective and efficient for the benefit of residents”.

“This has been a comprehensive inspection, and I’m pleased we’ve been able to show how we’re listening more, acting faster, and learning from what residents tell us in local areas,” he said.

Caroline Corby, chair of Peabody, said the inspection provides a “clear and helpful” assessment of its performance.

“This year we’ve made progress and are laying the foundations for further improvement, but resident satisfaction is still lower than we would all like,” she said.

“However, we have clear plans to reduce service failures and boost standards for the residents we serve. I’m grateful to all Peabody residents and colleagues who engaged with the regulator throughout the process.”

The Guinness Partnership

The Guinness Partnership, which owns almost 65,000 social homes, was awarded the top C1 grade, showing the landlord meets the consumer standards.

For example, the judgement showed it keeps an accurate record of the condition of its homes through physical surveys and has a process in place for keeping this information up to date.

The regulator said the landlord provides an “effective, efficient and timely” repairs, maintenance and planned improvements service and complaints are addressed “fairly, promptly and effectively”.

Catriona Simons, group chief executive of Guinness, said: “I’m very pleased that, in awarding us G1/V2/C1 grades, the regulator has recognised the work we are doing with and for our residents.

“The judgement reflects that we are clear when improvement is needed and focused on delivering good services for residents. It shows we are going in the right direction and is a testament to the hard work and commitment of all our Guinness colleagues.”

Elsewhere in the regulatory judgements, the RSH upgraded the consumer grades of two local authorities.

Housing bodies welcome top-up to sector’s decarbonisation grant funding

Michael Lloyd — Wed, 29 Apr 2026 16:39:36 GMT

Housing sector bodies have welcomed a £100m top-up to the social housing sector’s decarbonisation grant fund.

The Department for Energy Security and Net Zero (DESNZ) will provide an additional £100m for the Warm Homes: Social Housing Fund (WH:SHF) in 2026-27, subject to final approvals.

The department made the announcement in an update on 21 April. It said this will support the delivery of up to 57,000 solar installations for households. The government will set out the deadlines for this funding round in due course.

The National Housing Federation (NHF) said the additional funding is “very welcome”.

The top-up to the WH:SHF means that £854m is now available through the scheme for 2026-27, with a portion of this to be allocated regionally via agreed settlements. Over half (£459m) has been allocated already.

DESNZ had already increased the amount for the scheme for the year in January, from £459m allocated in November 2024 to £754m. Bidding for this additional £295m closed today (29 April).

The WH:SHF supports social housing providers to upgrade stock up to Energy Performance Certificate (EPC) Band C.

“Through the Social Housing Fund and social housing regulations in the Warm Homes Plan, this will help households cut bills by hundreds of pounds and support up to a million homes [to] reach EPC C,” DESNZ said.

A spokesperson from the NHF said that the £100m to upgrade almost 60,000 social homes with solar panels is “hugely welcome”, particularly at a time when residents are living through a cost of living crisis.

“The NHF has worked closely with the government on the implementation and design of this plan from the outset to ensure that social housing residents up and down the country benefit as soon as possible,” the spokesperson said.

Gavin Smart, chief executive of the Chartered Institute of Housing (CIH), said: “As another international crisis starts to push energy bills even higher, it is right that the government looks to accelerate the Warm Homes Plan.

“Every piece of loft insulation or solar panel that we install helps to keep homes warmer and cheaper to power, while reducing our reliance on volatile fossil fuel markets. CIH and our members will continue to support the government with this work in these crucial months before next winter.”

New integrated fund for the sector

The government is expected to soon release more details on an integrated decarbonisation grant fund for the sector.

As part of its Warm Homes Plan, DESNZ has said it intends to integrate the WH:SHF and Warm Homes: Local Grant (WH:LG) into a single scheme for low‑income households.

In the plan, published in January, the government said that it would unveil more about the evolution of low-income schemes by spring 2026.

The WH:LG, which is delivered by local authorities, provides grants for energy performance upgrades and low-carbon heating to low-income households living in the worst-quality privately owned homes.

Minimum Energy Efficiency Standards

Elsewhere, the government last month delayed the publication of the reformed metrics it will use for the Minimum Energy Efficiency Standards (MEES).

In January, as part of an update to the government’s affordable housing plan, it unveiled further details on the standards, which will be introduced to the sector for the first time.

To comply with MEES, social housing providers must achieve an EPC C rating against any one metric, at the landlord’s discretion, under the reformed EPC system by 1 April 2030. The metrics include fabric performance, heating system, smart readiness and energy costs. It will then need to meet a second by 1 April 2039.

In March, DESNZ announced that following engagement with industry on the delivery timeline of the reformed EPC metrics, it has decided to move the launch of the reforms to the second half of 2027.

Two councils receive consumer upgrades

Michael Lloyd — Thu, 30 Apr 2026 12:49:59 GMT

The English regulator has upgraded the consumer grades of two local authorities.

In its latest batch of judgements, the Regulator of Social Housing (RSH) upgraded Castle Point Borough Council from C4 to C3 and North Kesteven District Council from C3 to C2.

There are now 41 housing providers graded C3, including 36 councils, and seven at C4, all local authorities.

There have only been seven other consumer upgrades so far since the regulator introduced the new standards two years ago.

Five landlords were upgraded from C2 to C1, including Great Places, Together Housing, Torus, MSV Housing and North East Derbyshire District Council. Willow Tree Housing Partnership was upgraded from C3 to C2 in February and Guildford Borough Council from C3 to C1 in March.

Castle Point Borough Council

Castle Point, which owns and manages around 1,500 homes in Essex, was first given a C3 grade in September 2024 after the RSH identified its failure to collect and report tenant satisfaction measures (TSMs).

Then in December 2024, it was downgraded to C4 after the regulator concluded there were “very serious failings” in the council’s delivery of the outcomes of the consumer standards that required fundamental changes.

Now the council has been upgraded to C3, with the RSH reporting that progress has been made in addressing the failings found in December, particularly regarding the safety of tenants’ homes.

However, the regulator added that “serious failings remain and significant improvement is still required”.

The RSH said Castle Point has now provided evidence of its “ability to put matters right”, which the regulator said the council had failed to do when it received its previous C4 judgement.

“Castle Point has addressed the very serious failings in its delivery of health and safety assessments,” the RSH said in its judgement.

“It has provided assurance that it is taking reasonable steps to comply with legal health and safety requirements in line with the Safety and Quality Standard. Castle Point BC has implemented processes to manage and deliver remedial actions.”

The council now needs to ensure that the changes made to its housing service are “fully embedded and operating effectively”, the regulator said.

This includes securing and sustaining the appropriate skills and expertise within the service to “consistently” deliver the outcomes of the consumer standards.

It involves ensuring that councillors and senior leaders maintain “effective” oversight and the council continues to implement new systems to manage and use data to “effectively” deliver its services, the regulator added.

Kate Dodsworth, chief of regulatory engagement at the RSH, said: “Landlords must have the capacity and skills to properly diagnose the issues and their root cause, and put in place a timely, credible action plan to deliver improvement.

“Safety of tenants’ homes is our clear priority and where we identify serious failings, we expect landlords to act quickly to protect their tenants by prioritising the most urgent health and safety issues.

“As set out in our guidance, these changes are fundamental and take time to embed as rebuilding relationships with tenants will be intensive and gradual. But at the same time, it provides landlords with an important opportunity to involve tenants and secure lasting change.”

A spokesperson for Castle Point said: “The council welcomes the regulator’s judgement and remains committed to ongoing, intensive engagement with them as it continues to deliver its housing improvement programme.”

North Kesteven District Council

North Kesteven District Council, which owns around 3,900 social homes in Lincolnshire, was given a C3 grade in July 2025.

The council has now been upgraded to a C2 after demonstrating it had improved its understanding of the condition of its homes and compliance with the Decent Homes Standard.

“Through our responsive engagement, we now have assurance that North Kesteven DC has a more comprehensive understanding of the condition of its homes, allowing it to identify required investment to ensure tenants live in good-quality, well-maintained and safe homes, and evidence that it is meeting the requirements of the Decent Homes Standard,” the regulator said in its judgement.

“However, North Kesteven DC needs to do further work to ensure that homes remain free of category one hazards. We intend to closely monitor its progress on this through our ongoing regulatory engagement.”

Ian Carrington, deputy leader of North Kesteven District Council, said: “With all of this now in place, we are pleased that the regulator has recognised this by publishing its revised C2 judgement, an improvement which recognises that the council has addressed the serious failing and made progress on the previous areas of weakness.

“As pleased as we are with the improved position, showing that in most areas we are delivering to the required standards, we do recognise that the C2 judgement does still identify some weaknesses in how we do this and that further improvement is needed in a few areas.”

He added: “We continue to work to address those, mindful that there is still more to do on issues of contractor performance [and] repairs, and in better knowing our tenants in order that services can be tailored for any specific needs.

“We continue to invest in new homes, our current homes and in our service, making our homes easier and more comfortable to live in. In these and many other ways we are committed to improving the services our tenants receive.”

Wales’ largest housing association secures £130m sustainability-linked RCF

Michael Lloyd — Wed, 29 Apr 2026 15:37:45 GMT

Wales’ largest housing, care and support provider has secured a £130m sustainability-linked revolving credit facility (RCF) to invest in new and existing homes.

Codi Group, which formed through a merger in April 2024 and now manages almost 25,000 homes, obtained the sustainability-linked loan (SLL) from Swedish bank Handelsbanken.

The housing association rebranded from Pobl Group in January, two years after taking on Linc Cymru as a subsidiary. Both legacy landlords had been working with Handelsbanken for nearly a decade.

Codi will use the funding from the RCF to retrofit existing homes to improve their energy efficiency and build new low-carbon developments, while also aligning with its sustainability strategy.

While the term length and interest rate were undisclosed, the housing association said the SLL means the interest rate is tied to Codi meeting “specific environmental and social goals”.

Andy Hassall, head of treasury at Codi, said: “The Handelsbanken team are a key funding partner in enabling Codi to deliver on its ambitious plans for development, decarbonisation and social impact.

“We value the relationship we’re able to have with the team in Cardiff who offer a local service while accessing the bank’s global scale to deliver funding solutions for borrowers like Codi.”

Chris Price, manager of Handelsbanken Cardiff, said: “Housing associations have complex financial structures, and Wales’ devolved policy landscape adds another layer of nuance. We also know that Codi’s sustainable ambitions are very closely aligned with our own ethos and values.

“Our deep understanding of their business, developed through years of close collaboration, has enabled us to put together a deal that will help them achieve their aims.”

According to its results for 2024-25, Codi Group reported a pre-tax surplus of £11.2m, almost double the previous year’s £6m surplus.

The rise in short-term debt risks more frequent cliff edges

Jamie Thorn — Wed, 29 Apr 2026 12:50:25 GMT

Sector finance has been trending towards short-dated tenors as providers look to lower costs amid market changes. But a reliance on this approach poses several risks, argues Altair’s Jamie Thorn

As the sector continues to evolve and adapt to financial pressures – most recently with the Iran war – increased focus has been placed on funding for the sector.

The sector appears to be moving towards a short-dated funding model. This is somewhat evident when looking at the most recent repayment analysis in the fourth quarter of the English regulator’s 2024-25 Quarterly Survey results. Borrowing due in over five years’ time went from making up 79 per cent of the sector’s debt in 2023 to just 73 per cent of the sector’s debt in 2025.

This means the amount of debt due within the next five years has risen by 13 per cent, which likely reflects some existing debt coming closer to maturity and some amount of new revolving credit facilities.

There are a few factors that feed into this. One has been the steepness of the yield curve over the previous 24 months and a sustained elevation of long-term interest rates, with 30-year gilts having hit a lofty 5.58 per cent as of 22 April 2026.

This has meant that rates have been more appealing on short to medium-term debt, and many borrowers have considered the relative value of different maturities and looked to capitalise on the structure of rates.

Another factor has been availability of long-dated capital. While the sector is in no way short of private finance it can access, the tenors at which demand exists has shifted.

There has been a structural shift at the long end of the yield curve, as the demand previously generated by defined benefit pension schemes is falling as these schemes reach maturity. Last year, the governor of the Bank of England went as far as to say that the 30-year gilt is no longer a funding benchmark.

Despite this, the sector norm is still to issue bonds at 25-year maturities, and a less active market means that issues continue to be heavily oversubscribed.

However, there has been a trend towards short-dated tenors on some recent bond issuances and bond aggregators are doing more deals at seven and 10-year maturities.

As advisors, we continue to see the bank funding market most typically offering 10-year term debt. Historically, the maturities were more commonly 15 to 25 years on this kind of debt.

Given that organisations can still access funding and are doing so in a way that is keeping costs low, why does this pose a risk to the sector?

Immunisation is an interest rate risk-management approach taken by many investors and businesses. The guiding principle is that the durations of assets and liabilities should be as closely matched as possible.

Interest rates do not move uniformly across the curve, with a good example being the reaction to the Iran war.

As of 22 April, the two-year swap rate was up 68.7bps year to date, compared with a more measured 35.6bps rise in the 15-year swap rate. The difference here is a neat example of how funding a medium-term asset with a short-dated liability in this instance would have created additional risk, with the liability becoming proportionally greater than the asset as a result.

Given how long the duration of social housing assets is considered to be – 30-years or longer for most newly developed homes – there is a real need to consider the tenor at which this is funded.

Developing organisations will invariably utilise more flexible funding lines, such as revolving credit facilities, which are shorter dated during the development period.

However, once schemes complete, associations refinance on to long-dated debt. Where this has started to shift medium-dated facilities, there is more risk of a mismatch between developed assets and debt liabilities.

This is somewhat symptomatic of capital market activity slowing, which suggests more medium-term bank debt is accumulating as sector debt grew by £5.6bn last year.

Taking the sector on an aggregate basis, having funding more concentrated between two and 10 years also creates more frequent sector-wide cliff edges for refinancing.

If a significant portion of the sector has to refinance in a relatively small window, what happens if there is a reduced supply of private finance?

By spreading debt over longer timeframes, there is a smoother flow of existing debt expiring and new debt being agreed, as has been the case for the sector historically.

As with any risk, and especially one that is not totally avoidable, stress-testing can help to get comfortable with the level of exposure.

Looking at non-uniform stresses to interest rates or increasing margins on new funding, for example, serve as good scenarios that help organisations identify where there is risk, while understanding whether mitigation needs to be taken earlier.

Jamie Thorn, senior consultant – corporate finance and treasury, Altair

THFC pledges £500m in funding across Wales, Scotland and Northern Ireland

Michael Lloyd — Wed, 29 Apr 2026 09:35:02 GMT

The Housing Finance Corporation (THFC) has announced a £550m funding pledge to support the delivery of affordable housing across Wales, Scotland and Northern Ireland through three ringfenced programmes.

The affordable housing bond aggregator said these “dedicated” funds will consist of £250m for Wales, £200m for Scotland and £100m for Northern Ireland.

THFC said the new funding can be used to support new affordable housing development as well as portfolio investment, including capital programmes such as retrofit and remediation works.

Further announcements confirming programme deployment and local partnerships are expected to follow as the initiatives progress in each nation.

David Brigden, senior commercial director at THFC, said: “Affordable housing demand continues to outpace delivery across Wales, Scotland and Northern Ireland. Housing associations are working hard to meet that challenge, but rising costs and competing investment pressures mean additional funding is needed to unlock viable schemes.

“Our £550m funding pledge demonstrates our long-term commitment to supporting the sector with financial solutions that help housing associations build and improve homes and create sustainable communities across the devolved nations.

“By creating dedicated funding capacity, we want to give partners the clarity and confidence they need to plan ahead, accelerate development pipelines and deliver more affordable homes for the communities that need them most.”

The aggregator said its “competitive funding pledge” aims to provide “greater certainty and tailored funding for housing associations” to help them progress stalled developments, accelerate new projects and invest in the sustainability and quality of existing homes.

“The funding pledges are designed to provide visible and targeted support for the devolved housing markets, while maintaining the flexibility required to respond to sector demand and investment opportunities,” THFC added.

By creating dedicated funding capacity for each devolved nation, THFC aims to “deepen relationships” with housing associations while “strengthening collaboration” with local government bodies and investors to support delivery at scale.

The initiative forms part of the organisation’s wider strategy to expand its multi-programme funding platform and increase its support for housing associations across the UK. THFC launched its new strategy in September 2024.

A spokesperson from THFC told Social Housing that while the aggregator is “continuing to develop and evolve” its proposition, the fund is “presently aimed” at not-for-profit providers.

Earlier this month the organisation unveiled its new and updated funding structures. The spokesperson confirmed that these can be used for the ringfenced programmes in Scotland, Wales and Northern Ireland.

Among the changes are allowing lending to treasury vehicles that on-lend to not-for-profits, introducing zero-coupon bonds that mean landlords can defer interest payments during the life of the bond, and accepting commercial property assets as security.

How a new strategy gives us the discipline to invest for maximum impact

Rose Bean — Tue, 28 Apr 2026 10:23:08 GMT

Abri’s Rose Bean explains how the housing association’s new investment strategy will support it to invest in the projects and interventions where it will have the greatest impact

Demand for affordable homes is rising, while the investment required to meet customers’ expectations and regulations on safety, quality and sustainability continues to grow.

To rise to meet the challenge, Abri has launched its new investment strategy.

This sets out how we will direct funding over the next five years to protect existing customers’ homes while supporting our long-term ambition to deliver more high-quality affordable homes and meet net zero commitments.

The pressures we face today – including rising costs, regulatory expectations, ageing stock and the essential work needed to prepare for net zero – mean investment can’t be reactive or disjointed.

A clear, long-term strategy gives us the discipline and certainty to plan responsibly and invest where it will have the greatest impact.

Our investment strategy was built with customers and colleagues, grounded in what communities told us matters most: safety, affordability and quality.

Bringing together insight and experience from across Abri helped us test assumptions and focus investment where it will make the biggest difference.

With a larger combined footprint, consistent standards and greater financial resilience, Abri can now plan investment at a scale that wasn’t possible before.

Our new corporate strategy for 2026-2031 has set the overarching direction of this investment strategy and is the first step in delivering it.

A key pillar of the investment strategy will be the creation of our new Home and Place Standard, our benchmark for what every customer should expect from their home and neighbourhood, going beyond compliance.

We will test the standard and our priorities by analysing customer feedback data, reviewing customer consultation responses and holding workshops with colleagues.

The standard will cover quality, design, energy efficiency, safety and the wider environment, and will evolve as we learn what works best.

Where investment is going and why

Like many housing providers, we’re balancing investment in existing homes with building new ones. Meeting the ideals of the future starts with getting today’s homes right.

Investing in the quality and resilience of our existing homes is essential to sustaining the confidence, capability and financial strength required to continue to deliver homes at pace.

Over the next five years, our customer-led investment programme includes:

Approximately £250m for essential component replacements, with forward programmes so customers know what’s coming and when
More than £70m (inclusive of grant funding) for energy efficiency works including Energy Performance Certificate C upgrades, to reduce bills and improve comfort
£85m for building safety (inclusive of government grant)
Investing more than £40m in accelerating communal and estate improvements

These choices reflect careful prioritisation. We’ve had to balance competing pressures, and that means focusing on what’s most important to customers: safety, quality, affordability and energy performance to reduce bills.

Taking an evidence-based approach ensures investment is directed to the right place, where it will have the biggest impact.

Unlocking 20,000 homes: partnerships and purpose-driven investment

To step up and meet the demand for more quality housing and contribute towards the government’s targets, Abri’s long-term ambition is to deliver 20,000 new homes by 2036 – that’s double our previous target of 10,000 by 2030.

Embracing partnerships is essential if we’re going to meet the demand for the thousands of homes needed across the UK.

The housing crisis won’t be solved by any single organisation. It will be solved through collective investment across the sector that is financial, strategic and operational. Partnerships give us the platform, but investment gives us the capacity.

Achieving this will require fresh thinking: new funding models, new delivery approaches and new partnerships.

We’ll continue our work with Homes England as a strategic partner and draw on routes such as joint ventures. We’ll keep a balanced development pipeline that includes Section 106, package deals (where a developer provides the land and build as a complete offer), land-led and regeneration opportunities.

Partnerships are how Abri turns investment into delivery by bringing land, skills and funding together to build the homes communities need. Done well, they also create the space to share insight, challenge thinking and improve how we target investment.

Practical lessons from our approach

Every organisation’s context is different, but a few practical choices we’ve made, through lessons learned along our journey, have helped make our ambitions a tangible, deliverable investment plan:

Start with a customer-defined standard, and keep iterating it, so investment decisions stay grounded in lived experience
Use evidence early (customer feedback, consultation responses and colleague workshops) to test assumptions and build ownership
Treat partnerships as a delivery lever: blend routes (joint ventures, Section 106, land-led and regeneration) to keep the pipeline resilient

Our strategy is set, but it isn’t static. As we deliver, Abri will keep listening to customers and being accountable to our new Home and Place Standard when developed, refining our programmes so investment continues to meet changing customer needs.

With the right partnerships and funding routes in place, we can translate collective ambition into more safe, warm and affordable homes.

The housing crisis demands long‑term, collaborative investment, and we’re ready to play our part, guided by clear standards and partnerships that turn ambition into quality homes.

Rose Bean, chief investment officer, Abri

Abri’s Caroline Moore, chief financial officer, and Vimal Gaglani, director of corporate finance, will be speaking at the Social Housing Finance Conference on 14 May in London, as part of our new CFOs stream and Treasurers stream, respectively.

Be part of the conversation, from ‘Joining the dots on resilience, innovation and transformation’ to ‘Striking the right funding deal’. For more information and booking, click here.

South West landlord secures £125m funding package from three banks

Michael Lloyd — Tue, 28 Apr 2026 08:18:13 GMT

A South West landlord has secured £125m in total from three banks to support its plan to deliver 1,500 new affordable homes over the next five years.

Magna Housing has obtained a £70m, seven-year term loan with Allied Irish Bank and two £40m, five-year revolving credit facilities (RCFs), one from Barclays and the other from Nationwide.

The deal is a partial refinance, with the process enabling an undrawn £25m RCF to be cancelled and replaced by the new facility from Nationwide.

The housing association said the funding will be used to invest in new and existing homes. It currently provides more than 9,000 social rented, sheltered, supported and shared ownership homes across Dorset, Somerset and Devon.

The finance package will support its “ambitious plans to significantly grow the number of new homes” it delivers for local communities, Magna said.

The housing association plans to double its contribution to tackling the shortage of affordable housing by delivering up to 300 homes a year over the next five years.

It will also continue to invest in the condition of its existing homes, including energy efficiency improvements partly funded by the government’s Warm Homes Plan.

Ian White, head of finance at Magna, said: “We’re delighted to have secured funding to enable Magna to continue to deliver more new, affordable homes in line with our strategy.”

The interest rates were undisclosed and there were no environmental, social and governance (ESG) elements attached to any of the loans.

Magna said the new funding agreements have “built-in flexibility”, allowing the landlord to draw on a mix of RCFs and term debt, with “costs spread out to help provide security over the investment period”.

This refers to the ability to draw and repay the RCFs throughout the term, and to the two-year availability period on the term debt, so the landlord does not need to draw down all the funds straight away.

The now-cancelled £25m RCF was from Clydesdale, which joined Nationwide (as part of Virgin Money) in October 2024. Earlier this month, the transfer of Virgin Money business into Nationwide completed. Magna said that the new RCFs created “better value”.

Centrus advised Magna on the deal and Bevan Brittan served as the landlord’s lawyers, while Pinsent Masons acted for the funders.

Mr White said: “The support from Centrus and Bevan Brittan not only ensured appropriate governance but most importantly achieved best value, allowing us to keep more cash to invest in new homes, sealing a great job done by all.”

Tom Miller, director at Centrus, added: “We are delighted to have supported Magna in its latest fundraising process, which resulted in a highly competitive outcome that will support delivery of much‑needed new homes.”

According to Magna’s financial results for 2024-25, the housing association posted a surplus of £8.8m, up from £7.4m in the previous year.

The housing association is rated G1/V2 by the Regulator of Social Housing.

Update: at 12:39pm, 27.04.26

The story was updated to include detail of the cancelled RCF after this was provided.

L&G: new ‘scalable’ partnership model could unlock £9.2bn investment in social housing each year

Sarah Williams — Thu, 30 Apr 2026 07:19:22 GMT

Legal & General (L&G) has unveiled a new “scalable” partnership model intended to recapitalise social housing providers and fuel investment in homes, Social Housing can reveal.

The insurance giant is urging other institutional investors, housing associations, councils and the government to back what it calls a “scalable mechanism” to unlock more long-term institutional capital for social housing.

A white paper being published by the insurance giant today suggests that, if adopted “at scale” across England, the approach could unlock £9.2bn per year in net new investment.

This would support an additional 18,500 homes to be delivered in England per year, the report estimates, taking overall delivery to 80,000 on a national level. The total is based on an assumption that the current ceiling for annual delivery stands at 61,500 under existing arrangements, including both grant-funded and Section 106 homes.

The initiative follows a major deal signed between L&G and Hyde Group last month, in which the parties established a jointly funded landlord, seeded by 1,000 of the housing association’s existing homes.

L&G has today unveiled what it calls a “standardised” model for housing providers to partner with pensions and insurer capital and “rebuild their balance sheets”.

Through the approach, capital is unlocked using what L&G describes as a “partnership registered provider”, in which a housing association or council sells homes into a joint venture co-owned by them and the investment partner. Housing providers can then use capital released through the sale to increase new homes delivery or to invest in improvements to existing homes.

The transferred homes would be owned by the partnership registered provider – a for-profit registered provider belonging to the joint venture – keeping them within the regulated sector.

The report’s analysis suggests that every five homes transferred to an entity of this kind would create financial capacity sufficient to deliver at least one additional affordable home over and above existing delivery, and without grant.

The £9.2bn figure is L&G’s estimate of the “additional annual investment” that would be unlocked if widespread adoption meant that a total of 980,000 homes were transferred to the model over the course of a decade.

This equates to around a third of the 2.9 million homes currently owned by housing associations, or 22 per cent of the 4.5 million total homes when including those owned by local authorities.

The modelling is set out in detail in the white paper, Delivering affordable housing growth – a partnership approach for England.

Wider adoption

Pete Gladwell, group managing director for public investment at L&G, told Social Housing that while the firm was able to demonstrate “to some extent, a precedent” for the new model through its recent deal with Hyde, it was now keen to see other institutional investors adopt the approach.

“It’s really, really important to say this isn’t an L&G thing. We don’t want L&G to be the investor in every single one of these partnerships,” he said.

It would be important for housing providers to find “the right pension fund” to partner with, he added.

Mr Gladwell suggested that local government pensions schemes could “easily” have a part to play in the initiative. This could be with or without the support L&G offers through its third-party capital platforms.

The investment firm has been pursuing a third-party capital strategy within housing for several years, leading in July 2024 to the launch of its L&G Affordable Housing Fund. To date this has raised £750m.

It has also invested £1bn of its own capital since 2018, through its Legal and General Affordable Homes (LGAH) division.

Combined, these investments have delivered more than 9,000 new social and affordable homes since 2018 (including homes under construction or in management).

L&G currently owns seven for-profit registered providers, all of which received top gradings of C1*/G1*/V1* in regulatory judgements at the end of March.

Through its joint venture with Hyde, it also co-owns two other for-profits, Lanecroft (set up by L&G) and Halesworth (set up by Hyde), which have not yet been graded.

The standardised model proposed by L&G does not require housing associations or councils to already have their own for-profit registered provider set up, but instead this would be established by the joint venture partners.

Mr Gladwell told Social Housing that L&G continues to believe strong regulation is important to the success of partnerships with investors. “We are 100 per cent behind the concept that these partnerships should be in the regulated sector,” he said.

Social Housing asked what potential issues L&G has needed to tackle in discussion with stakeholders when designing its model, for example, concerns over charged properties or lender consents.

“Lender consents is an important one,” Mr Gladwell said. “And we’ve actively consulted with major lenders in the industry when we put this white paper together, and they’ve been genuinely supportive, which is fantastic.”

More than anything, the proposed partnership approach would require a “mindset shift” within housing providers in regard to “preconceptions around what financial health looks like”, he said.

He added: “Because the sector has become so focused on borrowing and debt, the natural default assumption of a chief financial officer therefore naturally becomes the interest coverage ratio. But [that] itself is predicated on an assumption that debt is what is fuelling ambition and delivery.

“If you’re bringing equity into the equation, clearly an interest coverage ratio is no longer relevant for that particular thing, because you’re not paying interest on equity, you’re sharing returns.”

Rather than focus on the cost of capital, Mr Gladwell proposed that the key indicator for providers to consider should be what he terms “impact on capital employed”. The model is intended to enable more impact to be achieved – whether that is building new homes or investing in existing ones – using the same “pot” of capital.

“The fundamental point is, the cheapest form of money would always be borrowing that pushes all of the risk onto a housing association,” Mr Gladwell said.

“But the impact a housing association has is then limited by its balance sheet capacity. And this is a model that enables a total mindset shift where you leap over the barrier of your... balance sheet capacity, because you’re using other people’s money to do good.”

From the investor perspective, L&G describes its model as being designed to appeal to “long-term pension capital... seeking stable inflation-linked returns”.

Asked what target returns might look like for third-party investors in a vehicle of this kind, Mr Gladwell said these would be “the typical returns a housing association would make on their properties, so in that higher single digits range”.

Appetite for new models

L&G’s white paper launch comes just days after news of the appointment of England’s next regulatory chief arrived, accompanied by indications of a renewed focus on innovation.

Jonathan Walters, who will become chief executive of the Regulator of Social Housing in May, used the announcement of his appointment to signal that he wanted “new models and new ideas coming forward” to support the delivery of homes.

And, in a letter the same day, housing secretary Steve Reed urged the regulator to use an upcoming engagement process with the sector to “actively consider what more the regulatory system can do” to support the delivery of new homes. The regulator is due to engage stakeholders over a potential refresh of its economic standards.

As part of this, the regulator should consider how it can “ensure that its practices support increased investment [in] the sector”, Mr Reed said.

For several years now, various parties within the social housing sector have been exploring methods intended to relieve pressure on housing association and council balance sheets, including the potential use for equity capital to achieve this.

Government expectations for the sector to deliver more homes, matched with continuing low levels of interest cover within the sector have added urgency to the need to find workable solutions.

Mr Gladwell said that proposals for the model L&G is launching had been “floated around at a very high level” for some time. The white paper has therefore been an opportunity for L&G to “dig into the detail” of the numbers and to capture the scale of the impact it might have for both national housing delivery and economically.

He added: “We are just encouraging housing associations: ‘you could fulfil more of your social role, do more good, house more families, if you create the right type of long-term equity alongside you in your social mission rather than relying on the bond markets and debt markets.’”

L&G is now looking to achieve government backing for the approach. However, the model does not require additional government subsidy.

“We don’t need major legislative change to make this happen. We don’t need the creation of new bodies or new powers,” Mr Gladwell said.

“This is something that a combination of the right type of investors and ambitious housing associations can deliver together.”

Hear from L&G Affordable Homes’ Catherine Raynsford, managing director for major stock acquisitions, at the Social Housing Finance Conference, on 14 May in London. For more information and booking, click here.

Update: at 9.07am, 27.04.26

The story was updated to provide further context to the 80,000 homes figure after this was supplied by L&G, and to include the name of the white paper.

Housing secretary calls on RSH to support ‘increased investment’

Michael Lloyd — Fri, 24 Apr 2026 16:18:32 GMT

The housing secretary has asked the Regulator of Social Housing (RSH) to “actively consider” what more the regulatory system can do to support new homes delivery and to “ensure that its practices support increased investment”.

In a letter to the RSH’s chair, Bernadette Conroy, and its incoming chief executive, Jonathan Walters, Steve Reed asked the regulator to consider how its framework and engagement with providers can “better reflect the importance of new supply”.

Mr Reed asked the RSH to incorporate this as part of its plans to engage stakeholders in a discussion about regulatory practices that takes into account sector changes and government priorities.

“I ask that through this process you actively consider what more the regulatory system can do to encourage and support the sector to deliver the increase in social and affordable homes that this country needs,” Mr Reed said in the letter sent on Tuesday (21 April).

“I would ask that this includes consideration of how the regulatory framework and the engagement that the regulator has with registered providers can better reflect the importance of new supply, as well as how the regulator can ensure that its practices support increased investment into the sector.

“This should be achieved while of course continuing to hold providers to account for delivering high-quality and safe homes and services.”

Mr Reed said that delivering “the biggest increase in the supply of social and affordable housing in a generation, along with ensuring a “transformational and lasting change” in the safety and quality of homes, is a “critical mission” for the government.

He said the regulation of social housing has a “key role” to play in delivering this.

“Through its regulation of the consumer standards, the regulator is supporting the social housing sector to deliver a step change in the safety and quality of homes and services,” Mr Reed said.

He said this focus will continue as the sector prepares to respond to the government’s reforms, such as the new Decent Homes Standard, Minimum Energy Efficiency Standards, and Competence and Conduct requirements.

“Protecting tenants and ensuring they have top-quality homes is a core and shared purpose through all this work, and I hope to continue working constructively with you to deliver these vital reforms,” Mr Reed said.

He added that economic regulation of private registered providers continues to “form the bedrock for a stable, viable and well-governed” social housing sector able to invest in new and existing homes. In March, the RSH set out that it will work with the sector while it evaluates its approach, including a possible refresh of its economic regulation.

Mr Reed said: “I look forward to working with you in the coming months as we build on these strong foundations and consider the renewed role that the regulator can play to support the sector to deliver on our ambitions.”

In the letter, the housing secretary welcomed Mr Walters to the role of chief executive of the RSH and thanked Ms Conroy for overseeing the recruitment of this “important post”.

Mr Walters will take over from Fiona MacGregor at the start of May. As secretary of state, Mr Reed signed off on the appointment.

“I know Jonathan will bring many years of experience and expertise to the role, and my ministerial team, my officials and I are all very much looking forward to working with you as you step into the post,” Mr Reed said.

Market digest: housing association bond yields – April 2026

Social Housing — Fri, 24 Apr 2026 05:30:00 GMT

How did financial market movements and political swings affect housing association bonds in the secondary market in April 2026?

At a glance

Market summary
Sonia rates
Gilt yields
Swap rates
Retail bonds
UK Treasury reference gilts
Housing association public issues

Special report: housing associations’ net impairments rise 2% to £272m

Keith Cooper and Chloe Stothart — Wed, 29 Apr 2026 16:56:11 GMT

Net impairments at the UK’s largest housing associations have risen again, partly as a result of contractor failures and a volatile housing market. Keith Cooper and Chloe Stothart report

At a glance

Our analysis shows that net impairments inched up two per cent to £272.1m in 2025 from £267.7m the previous year
Of the 159 associations analysed, 38 reported higher net impairments in 2025 than in the previous year
The impairments in this year’s report shrunk the collective operating surplus of the 60 associations that reported them by 10.3 per cent
Reversals at the 10 associations reporting these boosted their collective surpluses by 5.5 per cent

Net impairments at the UK’s largest housing associations have stayed above the £0.25bn mark for a third year running as contractor failures, a volatile housing market, and loss-making land and property sales affect their bottom lines.

Our analysis shows that net impairments inched up two per cent to £272.1m in 2025 from £267.7m the previous year, after hitting a five-year high of £281.6m the year before that. Before this peak, net impairments had leapt annually since 2019, the earliest year in our seven-year analysis, when they sat at £35.1m.

Our figures are based on the audited accounts of the UK’s 159 largest housing associations for the 2024-25 financial year by stock and category, ie those formed through a large-scale voluntary transfer and those categorised as traditional. The data is taken from notes on operating surplus so the impact of impairment on them can be gauged. Our net impairment figure is the sum of impairment and reversals, which are also known as write-backs.

Download the data

This year’s impairments shrunk the collective operating surplus of the 60 associations that reported them by 10.3 per cent. By contrast, reversals at the 10 associations reporting these boosted their collective surpluses by 5.5 per cent. A further 34 associations were found to have had an impairment in 2023 or earlier.

Housing associations carry out impairment reviews annually. They can result in assets being written down to recoverable amounts where there is evidence of them being worth less than previously assumed. Any write-down in value is charged to the operating surplus. The beneficial effect of reversals is accounted for in a similar way.

Associations’ own assessments of impairments are checked by their auditors and have come under scrutiny in recent years after hitting historically high levels in an increasingly challenging and volatile environment. Accountants say they are increasingly on the lookout for “management bias”, where staff may have made questionable assumptions about the scale of claimed impairments that are relevant to the robustness of their accounts.

Of the 159 associations analysed, 38 reported higher net impairments in 2024-25 than in the previous year. Net impairments fell at 22 organisations.

Total impairments for the risers jumped from £31.7m in 2023-24 to £209.6m in 2024-25. Registered providers with falling impairments saw them almost halve from £160.5m in 2023-24 to £82.4m in 2024-25.

Our analysis has found that impairments have continued to be swollen by contractor failures, a challenging housing sales market, including for low-cost ownership homes, and the cost of fixing defects in recently completed developments, as well as remediating existing stock. Our recent report on shared ownership sales revealed that these had slowed to a five-year low and found a weakening of previously bullish markets, such as in London and the South East.

Associations also reported major impairments for selling or earmarking for sale land and property at a loss.

RSH gives council C4 grade and downgrades two landlords to G2

Michael Lloyd — Thu, 23 Apr 2026 16:10:30 GMT

The English regulator has given a council a C4 rating under the consumer standards and downgraded the governance grades for two housing associations to G2.

In its latest batch of regulatory judgements, the Regulator of Social Housing (RSH) handed out a C4 to Basildon Council, meaning eight social landlords now hold the lowest consumer grade.

The updates, released on 15 April, also saw Worthing Homes and One Vision Housing receive governance downgrades while remaining compliant with the standards. The grade for each moved from G1 to G2.

Following their first consumer inspections, Worthing received a C2, while One Vision was given a C1.

Meanwhile, the regulator upgraded Torus from C2 to C1, gave Norwich City Council a C1 grade and placed YMCA Thames Gateway on its gradings under review list.

Basildon Council

The RSH said it found “serious failings” during its inspection of Basildon Council.

This included “poor data assurance” for legal health and safety requirements, and a lack of assurance that remedial actions are accurately recorded or actioned in a timely way.

The regulator found a lack of accurate information on the quality of tenants’ homes, particularly the recording and monitoring of potential hazards.

The council, which owns almost 11,000 social homes in South Essex, had identified around 4,600 fire safety remedial actions arising from fire risk assessments, but had been unable to evidence their completion.

Although Basildon Council reported that none of the actions were high risk and it had mitigations in place, the RSH was not assured that there was a plan in place to address the outstanding work in “a timely manner”.

The regulator said there were “serious failings” in its engagement with tenants and a lack of meaningful opportunities for them to scrutinise landlord services, policies and strategies. The RSH also found the council did not have “sufficient assurance” of repairs performance, or effective oversight of its contractor.

Furthermore, the regulatory judgement cited issues with the council’s tenant satisfaction measure (TSM) reporting, and no evidence of any analysis, learning or actions from the results to improve services.

In addition, the RSH criticised Basildon Council for failing to self-refer to the regulator, after an external review in March 2025 found the council was not delivering a range of outcomes in the consumer standards.

“Due to the seriousness of the issues we identified during the inspection, including the scale and breadth, we consider the lack of self-referral to be a very serious failing,” the regulator said in its judgement.

The RSH said Basildon Council has been “engaging constructively” with the regulator.

Kate Dodsworth, chief of regulatory engagement at the RSH, said: “We are working intensively with Basildon Council to make sure it understands the risks to tenants and takes prompt action to put things right – prioritising the highest-risk issues.

“This case reinforces the importance of landlords self-referring to us when they find problems – either themselves or through external reviews. This is a fundamental requirement of our consumer standards. By flagging issues to us at an early stage, landlords can solve them more quickly and, in doing so, protect tenants and improve services.”

Gary Jones, chief executive of Basildon Council, said the findings highlighted “very significant failings”.

“We recognise that we have let our tenants down, and for that we are deeply sorry,” he said.

"We have taken full accountability [and] are acting urgently to deliver the improvements required to our services. This grading confirms that while we have made progress, there is much more to do.”

Mr Jones thanked the RSH for its “extensive engagement” with the council and said he is “confident” the provider will return to a compliant rating.

He said the council understands the scale of the challenge required and has taken the “necessary steps” to improve, starting with implementing a new leadership team last year.

“I am confident that we will deliver better outcomes for our residents and returning our services to a compliant rating,” Mr Jones said.

Governance downgrades

One Vision Housing and Worthing Homes were both downgraded from G1 to G2, and the former retained its V1 rating while the latter kept its V2.

The RSH said One Vision Housing, which owns over 13,000 social homes across the North West, met the regulator’s governance requirements overall but needed to improve “some aspects” of its governance.

This includes board reporting to support improved oversight of safety and quality outcomes for tenants, as well as aspects of its stress testing.

A spokesperson from One Vision Housing said: “We are proud to hold C1 and V1 ratings, the highest possible grades for service delivery and financial strength. These show that our foundations are secure and we’re investing in our homes.

“We have a robust plan in place to address the regulator’s feedback regarding our governance rating and are focused on returning to G1 status by the end of the year.”

The RSH said Worthing Homes needed to improve aspects of its governance to support continued compliance. This includes the “reliability, accuracy and completeness” of the information it holds, and work was already underway to strengthen these areas, the regulator said.

Donna Cezair, chief executive of Worthing Homes, acknowledged the judgement.

She said the grades confirmed the landlord, which owns and manages around 4,250 social housing homes in the South East, was meeting the regulator’s requirements, while also making clear where it needs to improve.

Ms Cezair said: “The inspection recognised strengths in our customer service culture and the role residents play in helping shape our services. It also highlighted areas where we need to strengthen aspects of our safety work, internal processes and repair services.

“We know residents want safe homes, reliable services and repairs that are completed properly. That is where our focus remains, alongside tackling damp and mould and embedding the improvements being delivered through our new responsive repairs service.”

Torus’ consumer upgrade

Torus was upgraded from C2 to C1. The housing association, which manages around 41,000 homes in Liverpool, was given a C2 grade following an inspection in May last year, and since then has been delivering an improvement plan.

The RSH has now concluded that as a result of this work the provider has “strengthened” its oversight of health and safety compliance and provided assurance that it is delivering “an effective repairs service”.

Torus’ G1/V1 grades are based on its previous assessment in November.

Steve Coffey, group chief executive at Torus, said: “We are really proud to have received confirmation from the regulator that our consumer standards rating has been upgraded to C1.

“This reflects the exceptional efforts of colleagues and board members across the organisation who have worked tirelessly to strengthen oversight, assurance and service quality for our customers.

“Achieving C1/G1/V1 demonstrates our continued commitment to strong governance, financial resilience and delivering high‑quality services for the communities we serve.”

Gradings under review list

Elsewhere, the regulator placed YMCA Thames Gateway on its gradings under review list, while it investigates matters which may indicate “serious failings” in the landlord delivering the outcomes of the Governance and Financial Viability Standard and the consumer standards.

The provider said this relates to the late submission of the group’s 2022-23 audited accounts, during a period in which an operating deficit was also reported and a “limited number” of properties were identified as potentially not meeting the Decent Homes Standard. The landlord said this was around 25 out of 400 bedrooms.

The landlord said that since this engagement began, it had been working “closely and transparently” with the regulator.

The provider owns fewer than 1,000 homes so is not subject to regulatory gradings.

The landlord said: “YMCA Thames Gateway Group remains focused on strengthening its financial resilience, improving performance and meeting all regulatory expectations. Services for residents continue to operate as normal.

“The group welcomes the regulator’s engagement and is committed to demonstrating the effectiveness of the actions being taken. Further updates will be provided once the RSH has concluded its review.”

Two landlords secure total of £225m in government-backed loans

Michael Lloyd — Thu, 23 Apr 2026 11:32:05 GMT

Two housing associations have obtained a total of £225m from a new bond under a government-backed lending scheme, to invest in new and existing homes.

The fundraise was achieved through the issuance of £325m of bonds through a new 13-year series under the Affordable Homes Guarantee Scheme (AHGS). The scheme is managed by Venn.

Following the inaugural issuance, Citizen Housing accessed a £150m loan, while Be One Homes secured £75m. The remaining £100m bond proceeds have been retained to support future lending under the scheme.

The government-guaranteed bonds achieved an all-in rate below 5.5 per cent.

The loan to Citizen, which manages 30,000 homes across the West Midlands, will support the delivery of more than 450 new homes and £75m of investment in existing homes.

Be One Homes, which owns and manages 19,000 homes in Bolton and the surrounding area, will use its loan to support the delivery of over 300 new homes and £25m of investment in existing stock.

Venn said the introduction of the 13-year tenor expands the range of financing options available to borrowers under the scheme.

This complements the AHGS’s existing short, medium and long-term facilities and provides “greater flexibility to align funding with business plans”, the investment manager said.

Vicky To, director at Venn, said the AHGS continues to demonstrate its ability to “deliver reliable, cost-effective financing” that supports the delivery of new homes and investment in existing stock.

She said the new 13-year bond “further strengthens” Venn’s curve of funding options and gives borrowers “additional flexibility to select tenors that align closely with their long-term strategies”.

“For these transactions, we were asked independently by Citizen and Be One Homes to deliver the longest-term funding possible within pricing parameters that worked for their business plans,” Ms To said.

“By bringing together transactions with similar objectives, we were able to meet both borrowers’ requirements and secure a strong outcome, particularly against the backdrop of a volatile market.”

Gary Booth, chief financial officer at Citizen, said: “We are delighted with our recent £150m AHGS transaction with Venn and how, through close collaboration, we have managed to navigate a volatile market backdrop to secure a new 13-year maturity at sub 5.5 per cent.

“This funding is critical to support the delivery of our development strategy and asset investment requirements.”

Pam Welford, executive director of finance, development and business services at Be One Homes, said the housing association is “pleased” to secure £75m of AHGS funding “at a time of significant market volatility”.

“This funding supports our objective to continue developing new homes for our customers while also investing in our existing homes under our ambitious stock investment plan,” she said.

“The team at Venn have been a pleasure to work with, keeping us fully informed throughout the process. The outcome provides long-term interest rate stability, which supports effective planning and risk management.”

These transactions follow a £50m loan under the AHGS to Accent Group in February.

Venn and USS partnership

The latest deals come after an announcement at the end of March about a new partnership between Venn and pension fund the Universities Superannuation Scheme (USS).

USS, which owns for-profit registered provider Sparrow Shared Ownership, will acquire a majority interest in Venn, acting as a long‑term, patient capital provider.

Subject to regulatory approvals, the transaction is expected to complete in the second quarter of 2026.

Richard Green, partner at Venn, told Social Housing that the investment manager remains “committed” to the sector and that the partnership will “help accelerate” Venn’s growth. He also emphasised that the deal will not impact the AHGS.

“Venn remains committed to social housing, it is a core market for us, and we continue to explore further ways of supporting it,” Mr Green said.

“We retain our specialist focus on the residential markets, and the new partnership is intended to help accelerate our growth. The investment will enhance Venn’s capacity to deploy capital across the UK housing market.

“The AHGS will be unaffected, we will continue its successful deployment to support the sector, with loans of c.£1bn currently in execution.”

Eamon Ray, head of private credit at USS, told Social Housing: “This new partnership reflects USS’s support for the UK residential market, a sector that can deliver high-quality, long-duration, inflation-linked exposure, while also providing valuable housing options across the UK.

“Venn’s approach aligns with USS’s philosophy of deploying capital responsibly and at scale into sectors of strategic importance, and we have been impressed by its capabilities to deliver long‑term financing solutions for major patient‑capital investors and on behalf of the UK government.”

Developers must share the compliance burden on social landlords under Awaab’s Law

Anita Rasaratnam — Thu, 23 Apr 2026 05:00:00 GMT

If developers engage early and consistently, Awaab’s Law can become not only a landlord responsibility, but a sector-wide commitment to building safer social homes, writes Shakespeare Martineau’s Anita Rasaratnam

The introduction of Awaab’s Law at the end of 2025 marked one of the most significant regulatory shifts in social housing for decades.

In October 2026, the scope of the law will expand – however, the increasing compliance burden cannot rest solely on registered providers (RPs). Much of the risk originates earlier in the process, during development and construction.

Since phase 1, the impact has been immediate and clear – RPs have had to build completely new triage, investigation and repair workflows at speed, often requiring recruitment, new systems and extensive retraining.

The regulatory expectation has also shifted from reasonable effort to evidenced compliance within fixed timeframes, with failure exposing landlords to enforcement and reputational risk.

The core focus of phase 1 has ultimately required deeper and more intrusive investigations beyond what many RPs had historically resourced for damp and mould, adding significant pressure to technical and repairs teams.

From October 2026, phase 2 will expand Awaab’s Law to a wider set of serious hazards, including excess cold and heat, structural instability and collapse, fire and electrical hazards, falls, and hygiene and food safety risks.

As phase 2 draws closer, a key factor that could determine its success is greater collaboration between landlords and developers.

Phase 2 now exposes landlords to liabilities for issues that may originate at the design stage, which can include inadequate ventilation, thermal efficiency, long-term latent defects that only surface once buildings are occupied, or construction quality failures such as structural instability.

When these hazards emerge after handover, RPs are legally responsible for making them safe within the statutory timeframes, regardless of where the hazard originated.

The compliance responsibility, however, is too much for RPs to carry alone, especially where many underlying structural issues occur during the build process. This makes proactive developer involvement not just desirable, but essential.

Developers need to recognise their own role in engaging with the regulations to keep buildings compliant in the long term and, ultimately, creating better-quality social housing.

Traditionally, developers and RPs have grown accustomed to a siloed approach to working. Over time, it’s become the norm for developers not to concern themselves with considerations beyond the build process, and communication with RPs is largely isolated to the day of handover.

At this point, however, many RPs could find themselves in hot water, becoming liable for structural issues that might have been avoided earlier on.

Recently, one of my clients expected to receive handover of new properties in the West Midlands from a large, well-established and reputable house builder.

Upon a pre-handover inspection, the RP identified damp within the property. This is just one example of lack of collaboration in the social housing build process. With Awaab’s Law continuing to shape the quality of homes available for tenants across the country, it requires urgent attention for the sector to be able to move forward.

To address this, a culture shift across the industry is required, and will rely on mutual participation. Early engagement from both developers and RPs during the build process will allow for enhanced inspections before handover, early detection of defects and quicker resolution.

Working together with developers, RPs can integrate design risk assessments in the early stages to inspect thermal efficiency, electrical fire safety, ventilation and structural integrity, to ensure new builds are not just ‘to standard’ but remain resilient against future failures.

Developers should also familiarise themselves with the guidance available to them to further optimise the build process, such as the changes to the Future Homes and Buildings Standard taking effect in 2027. This outlines higher insulation standards and enhanced thermal bridging.

Greater awareness from developers and RPs alike will contribute to a smoother transition to tighter regulations on excessive cold and heat in buildings.

Developers who fail to engage with regulations during the build process will find themselves facing additional costs, resources and staff time dealing with structural shortcomings that could have been avoided early on.

Beyond practical inconvenience, developers who continue to dismiss their vital role in creating quality, compliant social homes risk heightened commercial exposure and reputational risk within the housing market, just as RPs do.

They also risk jeopardising their relationship with RPs, damaging the possibility of future projects with reputable landlords and, in turn, harming future profits and business longevity.

While it might seem like a simple fix, the social housing sector is in urgent need of greater collaboration between RPs and developers in order to see the value of Awaab’s Law.

Until then, the quietly growing strain on RPs will continue, requiring greater resources, more investment in systems to cope with new workflows, and more staff across operational, complaints and technical repairs teams.

Ahead of phase 2, now is the time for RPs and developers to work together, detaching from the norm of siloed working and recognising their mutual responsibility to remain aware of, and adherent to, regulations.

Greater engagement from developers will be the key to unlocking compliant, higher-quality social homes, not only protecting RPs, but also developers themselves.

If developers engage early and consistently, Awaab’s Law can become not only a landlord responsibility, but a sector-wide commitment to building safer social homes, for the benefit of tenants who will reside in them for years to come.

Anita Rasaratnam, partner in the affordable housing team, Shakespeare Martineau

National Housing Bank to open bids for £1bn low-cost loans in autumn

Michael Lloyd — Fri, 24 Apr 2026 16:00:49 GMT

The National Housing Bank (NHB) will open bids for its £1bn share of low-cost loans for social housing providers in the autumn, Social Housing can reveal.

The long-awaited loans will be offered at 25-year terms and below‑market rates, with 0.1 per cent set out as the benchmark rate. They are intended to support the delivery of new social and affordable homes.

Social Housing has now learned that the ‘go live’ date for the products will be in the autumn, while further detail on “eligibility, pricing and how providers can engage” will be published closer to the time.

On pricing, this refers to the full set of loan terms rather than just the headline interest rate, including the structure and length of the loan, as well as confirmation of final pricing and terms.

The intention is to provide a simple, affordable offer that supports delivery, with more details to be revealed in due course ahead of the launch.

The NHB will deliver £1bn of the loans, while the Greater London Authority (GLA) will administer £1.5bn in the capital.

The NHB’s portion of the loans form part of its £16bn of financial transactions to deploy. The bank published its investment prospectus shortly before the institution’s official launch at the start of April.

A spokesperson for Homes England told Social Housing that the prospectus had been “deliberately high-level on the mechanics”, to enable the bank to use the loans flexibly.

“What’s clear is the intent: these will be below‑market loans, focused on unlocking additional delivery and helping providers bring forward more social and affordable homes at pace,” they added.

The low-cost loans were first announced at the Spending Review last year. Then in January, details including the 0.1 per cent rate and the 25-year tenor of the loans were unveiled as part of an update to the government’s affordable housing plan.

At the time, housing finance leaders celebrated the loans package for the boost it will give development plans, along with the ability to ‘crowd in’ further finance.

The government has previously said that eligibility criteria for the loans is expected to be similar to the criteria for private registered providers applying for Social and Affordable Homes Programme funding. It has also said that, in some cases, additional grant would be available to combine with the low-cost loans.

The Homes England spokesperson told Social Housing: “In terms of timing, we expect the RP low‑cost loan offer to launch in the autumn, with further detail on eligibility, pricing and how providers can engage published closer to that point.

“The prospectus is deliberately high‑level on the mechanics, reflecting the flexibility we want to retain in how loans are deployed and blended with grant and other interventions.”

In an interview with Social Housing at the time of its launch, NHB chair Peter Vernon said the bank will “prioritise” the development of affordable homes without being “a substitute for market provision”.

London bidding

Social Housing understands that the GLA is still working through details with the government and does not have an indicative timeline yet.

Hear from Simon Century, chief executive of the National Housing Bank, at the Social Housing Finance Conference on 14 May in London.

Mr Century will be joined by Tom Paul, chief financial officer of Southern Housing, Andrew Winstanley, chief financial officer of Places for People, and session chair Geeta Nanda, an experienced sector non executive director and former chief executive, on a panel entitled ’Open for business: The National Housing Bank’. For more information and booking, click here.

Chief executive of housing association setting up for-profit calls for tax changes

Michael Lloyd — Wed, 29 Apr 2026 16:58:14 GMT

The chief executive of a housing association in the process of registering a for-profit provider has called for changes to taxation to level the playing field between both types of landlord.

North East landlord Karbon Homes is currently working on the registration of Graphite Living as a for-profit registered provider of social housing (FPRP).

Paul Fiddaman, chief executive of the 34,000-home association, said that levelling the playing field in terms of taxation between institutionally backed organisations and not-for-profits would be “quite important” to achieve the “scale and impetus that we’re looking for in the new homes delivery space”.

Speaking at the Build More Homes and New Towns Summit, Mr Fiddaman said for-profit vehicles pay more in taxes so require higher returns to offset this.

He said: “It seems to me that as we’re all engaged in the same activity, which is providing affordable homes for people, then a levelling of the taxation might be a good way to encourage investment into that,” he said.

Mr Fiddaman suggested that implementing a US-style system of tax credits could be one way of enabling the higher returns investors need.

The concept of tax credits dates back to at least 2014 but has returned to sector discussions in recent months and years.

When asked for more detail on his comments, Mr Fiddaman told Social Housing: “Clearly taxation is a complicating factor in the calculations and careful tax planning is required to offset some of the impact of that. In setting up Graphite we’ve had to think carefully about the tax implications of the for-profit status.”

Not-for-profits have the benefit of relief from corporation tax on their charitable activity, whereas for-profits do not.

Mr Fiddaman said: “If you think of corporation tax as an additional cost to investors, you will identify that they would require a higher overall return to offset this. This therefore ripples through into pricing and would require a higher grant rate to offset it.

“So, a tax exemption for FPRPs would level the playing field and would make it easier to deliver investment opportunities that meet investors’ parameters for returns, thereby reducing the requirement for upfront capital subsidy.

“This could also be achieved through the use of tax credits. This is used in other countries to give tax relief to investors for their investments in projects with a social purpose. This enables investors to lower their requirements for returns and enhances the viability of projects.”

Elsewhere on the panel session on 16 April, Mr Fiddaman said that Graphite will be wholly owned by Karbon’s institutional investment partner, with some contractual restrictions on what it can and cannot do without the housing association’s interventions.

Mr Fiddaman said Karbon and Graphite will have a long-term relationship, with the housing association managing the for-profit’s homes. Karbon would be delivering its existing pipeline development opportunities through Graphite using its investment partner’s funding.

He called this “the Holy Grail that we were trying to get to in the first place”.

When asked why Karbon is going down the for-profit route, Mr Fiddaman said “there is no difference between paying a high street bank five per cent or paying an equity investor five per cent”.

“I just think we need to get over ourselves a little bit when we get hung up on that distinction,” he added.

Speaking on the same panel session at the event, Matt Cowen, partner at Winckworth Sherwood, pointed out that there is a difference in stamp duty exemptions for for-profits and not-for-profits and that this is a “real bone of contention” among the FPRP community.

“What I’m told ends up happening is when a for-profit RP can’t access that exemption when buying stock from a not-for-profit RP, they end up just [factoring] that into the purchase price… It’s one that needs to be looked at,” he said.

When followed up by Social Housing, he said where for-profit RPs buy Section 106 units or other non-grant-funded stock from RPs, they are generally required to pay stamp duty land tax (SDLT) on the purchase price and any other chargeable consideration given.

This is not an equivalent position for not-for-profit RPs, which can usually claim RP relief from SDLT for the purchase of any non-grant-funded units where the seller is another not-for-profit RP or local authority, or otherwise potentially claim charities relief.

This means it is “relatively unusual” for SDLT to be payable by a not-for-profit RP, Mr Cowen said, although it can happen in specific scenarios, particularly where neither of those reliefs are available.

Mr Cowen said: “We are aware of a number of for-profit RPs that find that the fact they have to pay SDLT in those scenarios often means they are at a competitive disadvantage to non-profit RPs since the SDLT is inevitably factored into the price the for-profit RP is able to offer (in the same way as any other transaction cost).

“There is therefore a view among for-profit RPs that this policy may ultimately be limiting the amount of new funding coming into the sector.”

Hear from Karbon’s chief financial officer, Scott Martin, at the Social Housing Finance Conference on 14 May in London. Mr Martin will be speaking on a session entitled ‘The housing partnerships of tomorrow’. For more information and to book your place, click here.

‘Strong ambition’ for SAHP bids seen in London, deputy mayor says

Michael Lloyd — Wed, 22 Apr 2026 13:47:14 GMT

London has seen ambitious bids for the Social and Affordable Homes Programme (SAHP) from local authorities and housing associations, the capital’s deputy mayor for housing has said.

Speaking at the Build More Homes and New Towns Summit, Tom Copley said the Greater London Authority (GLA) had seen “real interest” in bids for its £11.7bn settlement of the £39bn SAHP. Bids closed on 15 April.

Mr Copley said: “I have had a number of emails pop into my inbox, particularly from London borough council leaders, setting out their very, very strong ambition in the Social and Affordable Homes Programme. [It’s] very, very heartening to see that.”

He told the event on Thursday 16 April that he is seeing larger traditional housing associations, such as G15 members, return to “ambitious development programmes”.

This followed a few years of what he called “quite rightly” focusing on building safety, management and maintenance because of the “large challenges around those issues”.

“Of course, housing associations’ first duties are to their existing residents. But more now, I think, are moving back into a space where they are ambitious when it comes to housing delivery,” Mr Copley said.

Low-cost loans

Referring to the incoming package of low-interest loans for the sector, Mr Copley described the terms – offering rates of 0.1 per cent and tenors of 25 years – as “very, very good”.

Out of the £2.5bn total, the GLA will have £1.5bn to deploy, while the National Housing Bank will administer £1bn.

Mr Copley said: “I imagine it will not be difficult for us to get that money out of the door. We really want to use it, in combination with the Social and Affordable Homes Programme, to ensure that we’re maximising delivery.”

City Hall Developer Investment Fund

Mr Copley urged registered providers to take advantage of the £324m in initial grant funding under the GLA’s City Hall Developer Investment Fund. Bidding opened for this on 27 March when the guidance for the fund was published.

The fund was created by the mayor of London and the government to boost housing delivery in the capital to unlock stalled developments, accelerate new supply and increase social and affordable homes.

Mr Copley said: “The bidding for that is still open. I hope you will have a look at the prospectus for that. We want that grant to be, wherever possible, recyclable.

“It can just be used as ordinary grants. It can also be recyclable grant loans, equity investments and things like that. It can be used for gap funding. It’s similar in many ways to the mayor’s previous Land Fund.”

London Emergency Housing Package

Mr Copley said the London Emergency Housing Package will “likely see” an increase in the delivery of affordable homes in the capital. Last month, the GLA set out the final package and outcome to its consultation on the plan, which was launched in October.

The package reduced the threshold of affordable housing needed for developers to secure planning permission on private land via a time-limited fast-track route. The requirement was cut by 42.9 per cent from 35 per cent to 20 per cent, which Mr Copley said was a “very difficult decision”.

Mr Copley said: “It was not an easy step for the government, for the mayor, to take, but it was the right thing to do in the circumstances. And I think now really is the time to get those spades in the ground and deliver the homes that we need.”

The emergency package also includes greater powers for the mayor of London to call in applications where they had been refused by London boroughs.

Mr Copley said the plan has “broadly been very, very welcomed” by the sector.

He said: “We’ve had excellent feedback about the final package, and we’re absolutely determined to make sure it works.

“And now that that package has been introduced, I think it’s for everyone, for the whole sector, for all of us, to make sure that it delivers the impact that we all want it to have, which is to turn around, particularly the low-level starts that we saw last year, and get the homes that we need built.”

National Housing Bank

Speaking on the same panel session, Simon Century, chief executive of the National Housing Bank, said that while market conditions may be a “little bit harder now”, the bank has a “huge toolkit that’s going to make a big difference”.

The bank was launched at the start of April and has £16bn in financial transactions to deploy in the sector.

Mr Century said: “If you find yourself stuck for whatever reason, whether it’s the planning or the financial elements, talk to us… let’s help unlock those things.

“We have a lot of skillsets to help you along the way. We can’t do everything, but we’ll do all we possibly can. So please do engage.”

Simon Century will be speaking on a panel entitled ‘Open for business: the National Housing Bank’ at the Social Housing Finance Conference on 14 May in London. For more information and booking, click here.

Hyde appoints new chief financial officer with immediate effect

Michael Lloyd — Mon, 27 Apr 2026 09:27:12 GMT

The Hyde Group has promoted a long-standing director to chief financial officer, who begins with immediate effect.

The housing association, which owns or manages around 130,000 homes across the UK, has promoted Sharon Pearce to the role.

Ms Pearce has over 30 years’ experience in housing and finance, including spending the past 19 years at Hyde. She had served as the group’s commercial director since December 2022 and was financial director prior to that.

Hyde announced on 17 April that Ms Pearce had taken over as chief financial officer with “immediate effect”. She replaces Rod Holdsworth, who decided to step down after six years as chief financial and resources officer.

Ms Pearce said she is “honoured” to have been appointed at “such an exciting time” for the group.

She added: “Hyde has been at the forefront of social housing in London and the South East [of England] for nearly 60 years. We now operate nationally but serve locally, and our strategy is clear as we leverage our unique end-to-end offer to support communities across the UK.”

Mr Holdsworth first joined Hyde in 2019. Hyde said that since then he had played a “leading role” in guiding the finances of the group through a period of “significant transformation and growth”. He leaves Hyde in a “strong financial position with a clear roadmap for continued growth and success”, the G15 landlord said.

He will remain an advisor to group chief executive Andy Hulme and the board until June.

Last month, Hyde received a C1 as its first grade under the consumer standards from the Regulator of Social Housing, while retaining its G1/V2 grades for governance and financial viability.

Mr Hulme said: “I’m thrilled Sharon will be taking on the chief financial officer role. She brings a wealth of experience and will play a key role in the next phase of our growth in line with our strategic plan.

“Rod has made a valued contribution to Hyde and has been a great business partner to me over the last four years. His financial leadership, discipline and insight have been instrumental in strengthening the group and enabling our growth, most notably through the Pinnacle Group and THCH [Tower Hamlets Community Housing] acquisitions.

“Rod leaves Hyde in a very strong position and I would like to personally thank him for his financial leadership, vision and commitment to our purpose. We wish him every success in the next chapter of his career.”

Last month at a housing finance conference, Mr Holdsworth said Hyde was preparing for more partnership arrangements with institutional capital, following the launch of a new joint venture with Legal & General.

Commenting on his decision to step down, Mr Holdsworth said: “It has been a real privilege to be part of Hyde’s journey and to work with Andy in recent years.

“I am incredibly proud of what we have achieved, particularly navigating a turbulent period for the sector while delivering strong growth, financial resilience and a successful transformation of the group.

“Hyde is in a strong financial position, with a clear strategy and a talented leadership team, and I leave confident in its continued success.”

According to Hyde’s 2024-25 results, its group turnover grew from £350.9m to £465.6m over the year, boosted by the acquisition of property management specialist Pinnacle Group at the end of October 2024.

Hyde’s credit ratings are A with a stable outlook from Fitch Ratings and A- with a stable outlook from S&P Global.

These are the partnerships helping us to do more and deliver more

Faye Gordon — Wed, 22 Apr 2026 08:46:08 GMT

Believe Housing’s Faye Gordon describes how collaboration is helping the housing association to achieve more and deliver more homes

After years of uncertainty, the social housing sector is now operating within a clearer policy framework.

Greater certainty around rents and grant funding, alongside stronger political recognition, reflects a growing consensus about the role housing associations play in delivering healthy, affordable homes and supporting wider social and economic outcomes.

Greater clarity and support come with heightened expectation. There is renewed focus on delivering significantly more social and affordable homes, investing in existing ones and raising standards in line with the Decent Homes Standard, Awaab’s Law and Minimum Energy Efficiency Standards.

These are moves we support, because raising the quality of homes and helping people to live well is fundamental to the purpose of social housing.

As one of the largest housing associations in the North East of England, with more than 18,000 homes, Believe Housing recognises both the scale of the challenge and the opportunity now facing the sector.

For boards and executive teams, the challenge is balancing pace and compliance with long‑term financial resilience in an increasingly demanding operating environment.

Social and affordable rents do not cover the full cost of delivery, while inflation and sustained economic volatility continue to intensify financial pressure.

At the same time, the loss of wider support services and pressure on the third sector has reshaped the nature of need, with housing associations increasingly supporting more complex vulnerabilities within their homes.

Rising expectations and tragic events have sharpened scrutiny on safety with a stronger focus on understanding our customers and our homes through robust data and the right systems, reinforcing the need to invest in technology.

Delivering the homes and services that the regulator expects, the way customers expect and that we ourselves expect comes at a cost. Standing still is not an option.

We cannot deliver more without either generating additional income or achieving better value from the resources we already have.

That means thinking differently about how we operate, supported by strong governance, robust board oversight and effective partnership working. Collaboration offers significant potential.

Joint ventures

A few years ago, we entered joint ventures on two schemes with Homes by Carlton, allowing us to be involved in market sales without carrying all the risk ourselves.

While these schemes include a small element of affordable housing, for us they are primarily medium‑term investments. They generate stronger returns than financial money markets, which we can reinvest in delivering new social and affordable homes and improving existing ones.

Housing partnerships

Collaboration through the North East Housing Partnership (NEHP) has also become a practical way of unlocking further value.

Established in 2023, NEHP brings together housing associations and councils from across the region to build more affordable homes, align investment and skills, and support devolved priorities for the North East.

One of our most ambitious initiatives to date is an active investment collaboration between eight NEHP members and JTC Furniture Group, bringing together planned kitchen replacement programmes at scale.

To support delivery, JTC has opened a new regional assembly and distribution centre in Northumberland. While initiatives of this size are complex, the value of the approach is already becoming clear.

Facilitated by procurement specialists Prosper, the collaboration is expected to deliver savings of more than £10m over the next decade.

The benefits go beyond cost, supporting improved sustainability, reduced waste, and the creation of social value and local employment opportunities, including for social housing residents.

Getting something like this over the line is not easy. Partners bring different specifications, objectives and ways of working, and shifting established approaches can be challenging.

But with senior‑level buy‑in, the right people around the table and a genuine commitment from organisations to get it to work, this kind of collaboration is possible.

It must work for larger organisations like ours while also enabling those without the same purchasing power to benefit.

Unlocking schemes with partners

Working with NEHP partners, including Karbon Homes, has enabled schemes to progress, supporting the delivery of 115 new homes across five sites, more than half for social rent to help address acute local housing need.

We are also continuing conversations with NEHP partners about how we can better align plans in future, with a shared aim of supporting long‑term development and maximising investment in the region. This approach can help us do more with the resources we have.

I would like to reach a point where we can invest in unlocking real placemaking opportunities, working with partners to identify priority areas and align the funding we collectively have available.

The reality is that this is not always possible but collaborating with partners gives us the best chance of staying focused on what matters most: safe, healthy and affordable homes, and stronger outcomes for customers and communities.

I feel optimistic. I don’t feel we have ever had such a groundswell of support, even from organisations and partners not directly involved. We are sharing information and getting this to work – this is not just talk, it is happening.

Faye Gordon, executive director of finance and investment, Believe Housing

Hear from Faye Gordon at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

Jonathan Walters announced as new RSH chief executive

Michael Lloyd — Thu, 23 Apr 2026 09:24:02 GMT

The Regulator of Social Housing (RSH) has announced that Jonathan Walters will become its next chief executive.

Mr Walters, who is currently the body’s deputy chief executive, will take up the role at the start of May. He succeeds Fiona MacGregor, who steps down at the end of April after over a decade in charge.

The appointment follows an open recruitment process, the RSH said.

Mr Walters has worked as deputy chief executive since July 2019. Prior to this he served as the regulator’s deputy director of strategy and performance for nine years, when it was part of the now-defunct Homes and Communities Agency.

He first joined the agency in 2000 under its previous name, the Housing Corporation, in the role of financial regulator.

The appointment of the new chief executive was signed off by Steve Reed, the secretary of state for housing, communities and local government.

Mr Reed said: “I warmly welcome Jonathan Walters and I know his invaluable expertise will help us deliver the biggest increase in social and affordable housing in a generation and ensure social landlords are providing safe, decent and high-quality homes.”

Bernadette Conroy, chair of the RSH, said she was “delighted” with the appointment.

“This comes at a crucial time for the social housing sector as, against a backdrop of global uncertainty, the country needs a step-change in the delivery of new homes and an improvement in the quality of existing homes and services,” she said.

“Jonathan’s many years of experience mean that he is well placed to lead the RSH as it changes to further develop its role at the centre of the social housing sector.”

One of the early tasks on Mr Walters’ desk will be to engage with the sector as the regulator considers a refresh of its economic standards, in view of changes that have occurred since their introduction in 2015. As previously reported, this process would set out to ensure that regulation is “agile, assertive and modern”.

In the announcement today, the incoming chief executive hinted at his expectations for the regulator and the sector at a time of economic challenge, including the need to “change and develop”, and to consider “new models” for delivery.

Mr Walters said: “Having more and better social homes is vital for people and the wider economy. Regulation is central to making that happen, driving landlords to improve their homes and services and building as many high-quality social homes as they can.

“I also want to see new models and new ideas coming forward that will ensure the delivery of high-quality social homes from landlords that have a long-term sustainable commitment to social housing in England.

“The social housing sector continues to face economic challenges. It will need to change and develop, and so will the RSH if it is going to play a full role in this exciting agenda. I look forward to leading the regulator to take on these challenges.”

A ‘huge contribution’

Ms MacGregor will officially step down from her post on 30 April. As part of today’s announcement, Ms Conroy paid tribute to the outgoing chief’s 11 years spent in post.

“I would also like to take this opportunity to thank Fiona MacGregor on behalf of the board for the huge contribution she has made as chief executive, leading the RSH through the expansion of its consumer remit,” Ms Conroy said.

“She leaves the RSH in a good position to tackle the new challenges it faces.”

Mr Reed also expressed his thanks, citing Ms MacGregor’s “years of leadership in driving up the quality of social homes and holding social landlords to account”.

At a sector event last month, Ms MacGregor used her last public speech in post to urge the sector to ensure that current and future tenants “remain at the heart of what we all do”.

Hear from Jonathan Walters at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

DESNZ programme director urges housing sector to take advantage of extra funding

Michael Lloyd — Thu, 16 Apr 2026 11:55:18 GMT

The programme director of the sector’s decarbonisation grant fund has called for social landlords to take advantage of almost £300m in additional funding for 2026-27 and to reply to the call for evidence on a new government fund.

In the Warm Homes Plan published in January, the Department for Energy Security and Net Zero (DESNZ) said the Warm Homes: Social Housing Fund (WH:SHF) will receive £754m in 2026-27.

This was up from the £459m allocated for the year by the department in November 2024.

Speaking at the Warm and Safe Homes Summit, Caroline Withey, programme director of the WH:SHF, said social landlords have until 29 April to apply for this additional £295m for WH:SHF Wave 3.

The scheme supports social housing providers to upgrade stock up to Energy Performance Certificate (EPC) Band C. Technical support for applicants and recipients of the scheme is available through an appointed consultancy, Taylor & Townsend.

Ms Withey told the event yesterday (15 April): “For those existing Wave 3 grant recipients who do want to take advantage of that additional funding there is a route to do that through your delivery support managers at Turner & Townsend.

“And the window is open until 29 April, so please do submit that request in.”

Ms Withey said some of the additional grant funding for Wave 3 will go to devolution settlements.

She said that the £295m in funding, along with the initial grant for Wave 3 and co-funding is a “significant level” of investment in social housing across England.

In addition, together the WH:SHF and Warm Homes: Local Grant (WH:LG) scheme total nearly £4bn in funding, Ms Withey said.

“It’s a significant investment by the government,” she said.

Shaun Garvey, programme director of WH:LG at DESNZ, also urged providers to apply for and make use of grant funding.

He said that when WH:LG launched, he told grant recipients that “the best way and the maximum opportunity to actually secure more funding is to deliver everything we’ve got”.

The WH:LG scheme, which is delivered by local authorities, provides grants for low-carbon heating and energy performance upgrades to low-income households living in the lowest-quality privately owned homes.

“So, I think that’s my message to you, work with your grant recipients, work with the other stakeholders to deliver every allocation,” said Mr Garvey.

“So, if we deliver everything, we’ve got the opportunity to ask for more.”

Warm Homes Fund

Ms Withey called for the sector to engage in the government’s call for evidence on the Warm Homes Fund.

DESNZ first mentioned this in its Warm Homes Plan in January, in which it said the fund will have a total of £5bn in financial transactions to deploy.

The call for evidence was launched on 24 March and closes on 1 June. Within this, DESNZ said that the fund will deliver financing that generates a return for the taxpayer.

The £5bn includes £1.7bn already allocated to consumer loans, supported by £300m in capital investment.

The remaining £3.3bn will be available as “innovative finance” for investments in and loans to the building upgrade and retrofit sector, according to the document.

Ms Withey said the fund is about capitalising upon investment already out there, “enabling the government pound to go further”.

She said: “Not everything can be done by government funding. We can’t do it all through the taxpayer. We need a joined-up, targeted approach to retrofit which enables local government, combined authorities, social housing landlords to deliver at scale to drive forward resolutions around emissions and fuel poverty.

“So, collaborating with housing partners, and looking at ways that they can unlock funding through loans or private finance, including the new Warm Homes Fund of up to £5bn.”

Ms Withey said the Warm Homes Fund is designed to support the whole-home upgrade supply chain all the way through bringing in loans and investments.

She said this to drive down costs, to drive innovation and scale up delivery and deployment of energy efficiency technologies, helping social housing landlords and local authorities “to go further”.

She said: “The call for evidence will help to shape the design of the fund so that it meets objectives and delivers the best possible impact. So please do engage with that.

“And then, following the closure of that, the government will set out their detail and future ambition for the fund.”

Building Safety Regulator hires chair of advisory committee

Michael Lloyd — Thu, 16 Apr 2026 08:53:09 GMT

The Building Safety Regulator (BSR) has appointed a chartered senior engineering executive who served as an expert witness for the Grenfell Inquiry as chair of its advisory committee.

The BSR has hired Dr Barbara Lane as the first independent chair of the Building Advisory Committee (BAC). The regulator has also named Dr Hywel Davies, an existing member of the committee, as deputy chair.

The Building Safety Act 2022 created both the BSR and the BAC. The regulator, which is part of the Health and Safety Executive (HSE), advises the government on the safety and standard of all buildings, while the BAC provides advice and information to the BSR to assist it in addressing new and emerging issues across the built environment.

Dr Lane is a fellow of Arup and a chartered senior engineering executive with 30 years’ experience operating across a wide variety of sectors within the built environment. She also served as an expert witness for phase two of the Grenfell Tower Inquiry from 2017 to 2024.

Dr Davies has served on the BAC since its inception and is currently head of technical insight at the Chartered Association of Building Engineers. In addition, he serves on several industry groups and chaired the BAC’s predecessor body, the Building Regulations Advisory Committee, from 2020 to 2023.

The BSR said the appointment of Dr Lane and Dr Davies to these senior roles represents the “start of an important transition” for the committee.

The BAC is “committed to strengthening its role” as a key source of advice and support to the regulator, the BSR said.

The BSR said that Dr Lane and Dr Davies are already “liaising closely” with the regulator to ensure a smooth leadership transition.

The strategic direction of the BAC is being considered to ensure that it works in conjunction with the BSR to deliver “maximum impact”, the regulator said.

Dr Lane said: “Taking on this independent role is part of my ongoing commitment to create a safe and equitable built environment, one that works for everyone.

“I believe that the committee can be a powerful force for good across the sector, building on the harsh lessons learnt from the Grenfell fire. My aim is to try and remedy the shortcomings exposed in our building standards to protect and improve the lives of millions throughout the country.”

Dr Davies said: “I am pleased to be appointed deputy chair, supporting Dr Lane in her new role. The committee has a critical role to play supporting BSR in its work to improve the building safety regime, identify risks to building users, and provide consistent and timely standards and guidance that can meet the complex challenges we face today.”

Charlie Pugsley, acting chief executive of the BSR, welcomed Dr Lane and Dr Davies to their new roles.

“Together they bring a wealth of expertise garnered from successful careers working in the built environment and will make a real difference to the positive impact of BSR, the committee and regimes under the Building Safety Act,” he said.

“Their combined knowledge and skills will be invaluable to informing and supporting our mission to ensure safer homes and buildings for all.”

Last week the BSR set out an external remediation improvement plan to reduce delays to higher-risk building safety works.

Richard Petty on innovation, the next generation and three decades in social housing valuation

Michael Lloyd and Social Housing editors — Wed, 29 Apr 2026 16:56:23 GMT

JLL’s Richard Petty reflects on his retirement following a 30-year career in social housing, from successful collaborations to the innovations that didn’t take off. Interview by Michael Lloyd and Social Housing editors

When JLL’s UK head of residential valuation first moved into the sector in 1996, he encountered some new challenges professionally, but also personally. Taking over the social housing team at what was then Drivers Jonas, his new role came just two weeks after the birth of his second child. Richard Petty recalls falling asleep in a client meeting because of how little sleep he was getting.

But he loved the work and ethos, a passion that has seen him stay in housing for 30 years, and become a respected voice within both valuations and his non-executive work.

His recent decision to retire delivers a “nice sort of circularity”, Mr Petty says, in being motivated in part by a desire to spend more time with his eight-month-old baby grandson. Mr Petty officially left his post on 31 March.

“I realise my son was only two weeks old when I joined the sector, and now he’s nearly 30 with a baby of his own, and that makes me think about how long I’ve been in housing,” he tells Social Housing.

From working with just two colleagues in 1996, Mr Petty has grown JLL’s affordable housing division to a 70-strong team today that undertakes more than 2,000 valuation instructions every year and reports property values in excess of £100bn annually.

Both as JLL and as an eager participant in sector collaborations, Mr Petty’s team has steered valuations through a range of challenges to enable crucial property charging and stock transactions to continue, from weighing the impact of unexpected rent cuts, to responding to a swiftly changing regulatory environment for high-rise buildings in the aftermath of the Grenfell Tower fire.

Mr Petty still has a month to go when Social Housing visits JLL’s London offices near Oxford Circus in February, to hear about his career highlights, the challenges encountered along the way and the valuation battles won and lost.

Sitting in a meeting room on the first floor, Mr Petty also speaks about his much-loved work in board roles, which he emphasises will continue post-retirement.

And when asked about legacy, Mr Petty makes clear his focus on the next generation isn’t limited to family life. His “favourite” professional legacy, he says, has been hiring young people into the business of valuation. This extends to more than 200 graduates, he estimates, after starting graduate recruitment in 1997 for Drivers Jonas and continuing the scheme when the business later joined JLL.

“Some years we might have taken on 10, in others it’s been six, and they’re now scattered all over the business, other firms, and all over the world,” Mr Petty says. “Some of the people I hired as grads are still here, some are working as far away as Australia.”

Mr Petty’s warmth towards his colleagues and wider contacts can be seen in action a month after our interview, as Social Housing returns to a packed-out first floor at JLL’s offices for his retirement party. Attendees celebrate Mr Petty’s professional achievements as well as his personal quirks – from a love of magicians (he books them at every event), to subtle one-liner jokes and a fondness for Blackadder.

Career history

Like the sitcom, Mr Petty’s career has spanned some distinctive locations and contexts. These included a first job serving in the army for a year in West Germany in 1984, before swapping patrols for pen and paper and moving into management consultancy.

However, it was in 1989 that Mr Petty’s valuation career began, initially in commercial property, as he trained and qualified as a surveyor at Drivers Jonas. He would spend 21 years at the firm.

After Deloitte acquired Drivers Jonas in January 2010, Mr Petty was one of 650 partners and staff to join forces with Deloitte’s much smaller real estate team at the start of March that year. Just weeks later, the affordable housing team moved to King Sturge, which would itself be acquired by Jones Lang LaSalle (now known as JLL) in May 2011.

“A lot of change happened in a very compressed, turbulent period, either side of which my career has had long periods of relative stability,” Mr Petty says.

Referring to housing specifically, he says: “This has been a fantastic sector to work in, and I have loved it.”

Legacy and greatest achievements

Mr Petty’s arrival in social housing in 1996 meant that the two main valuation methods used by the sector today – EUV-SH and MV-ST – were already in play, after being introduced during the previous decade.

However, his career presented several opportunities to innovate and collaborate to tackle issues within valuation, security and beyond. This has included work as a member of the National Housing Federation’s (NHF) property finance working group.

For Mr Petty, the “most important” accomplishment achieved within this group has been to craft and push for the adoption of a standardised form for mortgagee exclusion clauses (MECs) before introducing a centralised register of local authorities that have agreed one.

An MEC is an affordable housing carve-out agreed with a local authority to give a registered provider’s (RP) lenders comfort that, if an RP is in default, the lender can sell the property on the open market without being subject to affordable housing restrictions. These would typically be part of the Section 106 agreement.

Local authorities can use any MEC (also known as a ‘mortgagee protection clause’) they wish. However, a standardised model clause, such as the NHF’s clause, has the benefit of enabling housing associations to achieve higher valuations by applying MV-ST methodology. These valuations are on average 50 per cent higher than EUV-SH valuations.

“I think that’s been hugely impactful,” Mr Petty says. “The take-up by local authorities is extensive, and it’s growing all the time.”

The working group has also worked to standardise other forms, including ‘reports on title’ in the context of land security.

“[If] that can be standardised as much as possible, it makes it so much easier for valuers and other lawyers to look at it,” Mr Petty says. “The adoption of that has not been universal, but it’s quite widespread, and it has helped.”

Other efforts have included standardised lists of information requirements for valuers around modern methods of construction.

Work with other firms

Mr Petty also values his work with colleagues at other firms, from weighing up the impact of policy events like the 2016-20 rent cut on valuations, to collaborating on mitigations for properties where a provider is in distress.

On the latter point, JLL and fellow valuer Savills collaborated with the NHF and the Regulator of Social Housing (RSH) to create a Special Administration Regime (SAR) for social housing. This was in response to new requirements introduced in 2018 by the Housing and Planning Act 2016.

Mr Petty explains how this has worked in practice: “If a housing association got into severe financial difficulty, rather than simply allowing the funder to swoop in and take control, it created a formal regime, similar to what you have in some of the utility industries, to enable the government to put a special administrator in to protect the tenants and the assets.”

“The SAR provides a moratorium period to ensure things are addressed in an ordered way, and it adopted the hierarchy from the Insolvency Act 1986 for the order in which creditors are dealt with.”

When innovation fails

At the same time, there have been innovations and endeavours that have not taken off as expected.

As reported by Social Housing, both JLL and Savills have long lobbied for the need to adopt prudent ‘lotting’ for loan security valuations, and three years ago they renewed their case for the approach.

However, funders have not taken to the concept.

Lotting involves putting different homes into groups according to factors, which can include tenure, size and geography, as well as other portfolio characteristics.

For the past two decades, it has been used in stock rationalisation sales in the sector to gain more bids and bring in more revenue from these sales. It is conducted using evidence of previous market trades and knowledge of how bidders will respond to particular portfolios.

“[Grenfell] was a difficult, bumpy time for the valuation world, but all that paled into insignificance behind the human impact of it”

However, for loan security valuations for social housing finance, valuers cannot currently use lotting because they are only instructed by funders to value units in a single hypothetical transaction.

“We’ve been aware of the lotting debate for as long as assets have been sold, but we still can’t use it, which is frustrating,” Mr Petty says.

Mr Petty was also involved in an attempt to create a new valuation method – Market Value-Social Housing (MV-SH) – during 2017 and 2018. JLL’s efforts were in collaboration with Savills again, as well as the Royal Institution of Chartered Surveyors (RICS).

When partial deregulation was introduced in April 2017, it took away the requirement for providers to gain approval from the RSH for stock disposals. Mr Petty says that the argument was that, if providers were starting to price this new freedom into the bids they made to acquire stock, funders should look at it differently, too.

He describes MV-SH as a hybrid between EUV-SH and MV-ST, with an opinion of market value supplemented by “some special assumptions”. These reflected the ability to take a “sensible” approach to underlying asset value and how a funder should look at a hypothetical default on EUV-SH valued stock.

“It worked for everybody, but there was no take-up from funders,” Mr Petty says, adding that the firm has never been instructed to give an opinion using MV-SH.

“I think it’s died a death now, but you’ve still got EUV-SH, you’ve still got MV-ST. Do you need something in the middle? Well, arguably, yes, but there’s been no take-up, unfortunately.”

Changing trends and the ‘watershed’ moment

As well as his work on innovation, Mr Petty has witnessed plenty of wider change throughout his 30 years in social housing.

He points to the amount of consolidation and trading between providers, diversification into commercial activities and the volume of debt accessed through the bond market.

However, it is the Grenfell fire that he cites as being “the single most significant, watershed moment”. His demeanour visibly changes as he reflects on the tragedy in June 2017, in which 72 people lost their lives.

The impact of the fire has “redefined” the sector’s “approach to safety and the relationship between residents and landlords”, Mr Petty says.

“Changes in regulation and customer expectation have happened around us all the time, and we’ve had to be very mindful of them as advisors”

At the same time, evolving policy and regulations delivered in line with the government’s response to Grenfell have changed and challenged the conditions for valuation.

“However, we were never afraid to value high-rise buildings post-Grenfell, and we weren’t afraid to talk about the valuation implications of the tragedy relatively soon afterwards,” Mr Petty says.

He adds: “It was a difficult, bumpy time for the valuation world, but all that paled into insignificance behind the human impact of it.”

Customer changes

More broadly, the advent of the new proactive consumer regulation regime and the expectations of the Housing Ombudsman have resulted in a “healthy” rise in customer expectations.

“Changes in regulation and customer expectation have happened around us all the time, and we’ve had to be very mindful of them as advisors,” Mr Petty adds.

But while the sector has grown and changed in many ways, Mr Petty does not believe it is “fundamentally different” now to when he joined social housing.

The “beating heart” of organisations and individuals working in the sector is “still around social purpose and meeting housing need and having a positive impact on people’s lives”, he says. “I don’t think those principles have changed at all.”

Richmond Housing Partnership

Mr Petty’s work hasn’t been limited to valuation: a series of non-executive roles populate his CV.

In fact, one of his proudest contributions is the creation of Richmond Housing Partnership (RHP). He joined the organisation’s shadow board in 1999, a year before it was formed in July 2000 from a large-scale voluntary transfer of around 7,200 social homes from Richmond Council. Mr Petty then served on the board of the new association and was deputy chair for six years, before becoming its second chair.

Under his tenure, the housing association invested around £100m in improving its existing stock and began developing new homes, too. The west London housing association now owns and manages around 11,000 homes.

“We had a huge impact on social housing in Richmond, and we created what I think is still a brilliant organisation,” Mr Petty says.

Mr Petty now wants “very much” to continue to be involved in the sector as a non-executive. He is currently on the board at Watford Community Housing Trust and serves as an observer at The Riverside Group.

Going forward

Looking to the future for JLL as he steps away from the firm, Mr Petty expresses strong hopes for the “continuation of the business that I’ve spent a long time building up”.

From a team of just three in 1996 to more than 70 staff today, the affordable housing team will now be led by Marc Burns. He will report to Lauren Hunt who takes over as head of UK residential valuation, leading a total of 120 colleagues across eight offices.

Under this leadership, Mr Petty hopes the division he has built up will continue to “flourish and grow”.

“Over 30 years, I’ve been very fortunate to have been given the chance to find my own way of leading and growing the social housing business, and I’m sure my successors will also have their own approach. We need to evolve all the time, especially to adapt to new technology.”

Alongside his desire to continue in non-executive roles, Mr Petty is interested in exploring other avenues for contributing to public life, with his interest already piqued by the government’s recent recruitment drive for 2,000 magistrates.

“If there’s an opportunity to do that, I’d be really interested in taking it,” he says.

For the time being though, Mr Petty’s sights are set on spending his newfound free time with his family, including its youngest member, and visiting the site of his very first job – although this time as a civilian.

“I’m looking forward to having a rest, and in April, making a trip back to Berlin, where my working life started in uniform in 1984.”

Final version of financial reporting standards for social housing published

Michael Lloyd — Thu, 16 Apr 2026 11:20:41 GMT

An updated version of guidance on financial reporting standards for the social housing sector has been published, including changes to revenue recognition and lease accounting.

The new Housing Statement of Recommended Practice (SORP) interprets and provides guidance on financial reporting and accounting standards for all registered social housing providers in the UK.

The previous edition of the SORP was last published in 2018. The updated edition reflects changes to national accounting rules, in particular Financial Reporting Standard (FRS) 102. It also takes into account a range of topical accounting issues that have emerged for housing associations in recent years.

Key areas covered in the updated guidance include revised requirements on revenue recognition and lease accounting and new and updated guidance on shared ownership, regeneration schemes and building safety remediation works, as well as the capitalisation of sustainability-related costs.

Providers will first report under the new SORP for the 31 December 2026 financial year or, for much of the sector, on 31 March 2027.

The updated Housing SORP is available to purchase via the National Housing Federation’s (NHF) website. The trade body said the sector‑specific guidance that the SORP provides is “essential” in ensuring confidence among lenders, investors and other stakeholders, and in enabling housing associations to invest in safe, sustainable homes.

Work on the revisions and development of the SORP was led by the SORP Working Party (SWP), a representative group including housing associations, auditors, lenders and advisors, supported by technical advisor Crowe UK and facilitated by the NHF.

The NHF is recognised by the Financial Reporting Council as responsible for developing and issuing the Housing SORP in England.

Further amendments to the SORP were made following a consultation on proposed changes that closed earlier this year. This included reverting back to the existing treatment of grant following stock transfers and removing specific requirements around employee benefit reporting.

Matthias Barker, finance policy leader at the NHF, said: “We are pleased to support the development of the Housing SORP on behalf of the social housing sector.

“The publication of this edition will ensure continued consistency and clarity in housing association financial reporting, and I’d like to thank all involved in its development.”

Ed Farnsworth, chair of the SWP and executive director of finance at L&Q, said: “As a sector that stewards around £250bn of assets and £110bn of debt, ensuring regulatory compliance and maintaining the confidence of lenders, investors and stakeholders is crucial.

“The Housing SORP plays a key role in helping housing providers meet those important aims by addressing sector-specific accounting challenges and ensuring consistent and comparable financial reporting throughout the industry.

“This work will contribute to the vital role we play in providing homes for those most in need and addressing the housing crisis.”

Julia Poulter, partner and head of social purpose and non-profit organisations at Crowe UK, said: “As technical advisor, I welcome this updated Housing SORP and the clarity it brings to an increasingly complex operating environment as the sector navigates heightened regulatory expectations and greater scrutiny from stakeholders.

“Strengthening the consistency and transparency of financial reporting is essential to maintaining trust and ensuring that providers can continue to invest confidently in safe, sustainable homes.”

In an article for Social Housing published today, Ms Poulter examines the key changes between the consultation draft and the final SORP, and their implications for social housing providers preparing for implementation.

Key changes between the consultation draft and the final Social Housing SORP

Julia Poulter — Thu, 16 Apr 2026 05:00:00 GMT

The final SORP reflects a pragmatic response to sector feedback, with the working party prioritising clarity, proportionality and alignment with regulatory frameworks, writes Crowe UK’s Julia Poulter

The publication of the final Social Housing Statement of Recommended Practice (SORP) represents the culmination of an extensive consultation process that drew significant engagement from housing associations, auditors, lenders and sector bodies.

While the final SORP broadly aligns with the direction set out in the consultation draft, two areas saw material change following stakeholder feedback: the proposed new disclosures on staff benefits, and the accounting treatment of grant on stock transactions.

The final SORP also introduces important clarifications on contingent‑liability disclosures for grant, which will have practical implications for all providers.

In this article, I look at these key changes and their implications for social housing providers preparing for implementation.

1. Removal of the proposed staff‑benefit disclosure requirements

One of the most notable reversions from the consultation draft is the decision to remove the proposed new disclosure requirements relating to staff benefits.

The consultation version had suggested expanding the SORP to include additional disclosures on remuneration for staff earning over £60,000 in £10,000 bandings, which is comparable with the Charities SORP.

These proposals were intended to enhance transparency and comparability across the sector, particularly in light of public interest in executive pay and workforce structures.

Why the change was made

Feedback during consultation highlighted several concerns:

Duplication with existing regulatory frameworks: Providers are already subject to detailed remuneration disclosure requirements through the Regulator of Social Housing’s (RSH) Accounting Direction in England, the Welsh government’s general determination, and equivalent frameworks in Scotland and Northern Ireland. Stakeholders argued that embedding these disclosures in the SORP risked creating overlap, inconsistency or conflict if regulators later updated their own requirements.

Existing inconsistencies across the sector: Several responses highlighted existing inconsistencies in interpretation of the RSH’s Accounting Direction disclosure requirements. This referred to whether the disclosure was in relation to all staff, as paragraph 27 of the direction would suggest, or purely “key management personnel”, which the heading would suggest.

The SORP’s purpose: Many respondents emphasised that the SORP should focus on interpreting FRS 102 for the social housing sector, not on creating additional regulatory‑style disclosure obligations.

Outcome in the final SORP

The final SORP removes the proposed disclosure requirements entirely. Instead, it explicitly defers to the relevant regulator in each jurisdiction to prescribe staff‑benefit disclosures through their own accounting direction or determination.

We expect the RSH to update and reissue the accounting direction in due course, including clarifying this point.

2. Reversion to the extant SORP treatment of grant on stock transactions

The second major change relates to the accounting treatment of grant when social housing properties are acquired through stock transactions with other RPs.

The consultation draft had proposed a revised approach that would have aligned grant recognition more closely with the underlying asset transfer, potentially requiring recognition of grant on acquisition.

Sector feedback and concerns

Respondents raised several issues with the proposed changes:

Complexity and operational burden: The proposed treatment would have required providers to track and reassess grant balances at a more granular level, particularly for older grant regimes where documentation may be incomplete.

Inconsistency with long‑standing practice: The extant SORP has historically treated grant on stock transactions in a way that avoids remeasuring grant on transfer, instead focusing on whether any repayment obligations arise and disclosing a contingent liability. Many providers argued that the existing approach is well understood, operationally workable and aligned with how grant‑funding bodies administer their programmes.

Potential for unintended consequences: Some respondents noted that the proposed treatment could distort reported surpluses or deficits on stock transfers, particularly where grant balances were large relative to the carrying value of the assets.

Outcome in the final SORP

The final SORP reverts to the extant treatment. This means grant is not recognised by the acquiring RP in a stock transaction.

3. Clarification of contingent‑liability disclosure requirements for grant

Although the final SORP reinstates the existing accounting treatment, it introduces an important clarification: all grant received, whether directly or via a stock transaction, must be assessed for contingent‑liability disclosure. The SORP states that the possibility of an outflow to settle the obligation is unlikely to be considered remote.

What this means in practice

Providers must now ensure that:

Any potential obligation to repay grant is evaluated under FRS 102’s contingent‑liability framework.
Disclosures must explain the nature of the grant conditions, the circumstances that could trigger repayment, and the basis for concluding whether a liability or contingent liability exists.
This assessment applies equally to grant inherited through stock acquisition, not just grant originally received by the provider.

This clarification strengthens transparency around grant‑related risks and ensures consistent reporting across the sector.

Conclusion

The final SORP reflects a pragmatic response to sector feedback. The SORP Working Party has prioritised clarity, proportionality and alignment with regulatory frameworks.

Julia Poulter, partner and head of social housing, Crowe UK

Latest iteration of Sustainability Reporting Standard launches

Michael Lloyd — Thu, 16 Apr 2026 08:17:29 GMT

An updated version of the Sustainability Reporting Standard for Social Housing (SRS) has launched to strengthen the sector’s ability to communicate its environmental, social and governance (ESG) performance.

Sustainability for Housing (SfH), the board behind the standard, said SRS v2.1 reflects “extensive feedback” from adopters, lenders, investors and other key stakeholders, gathered during a structured review process.

SfH said the updated standard reflects the changing needs of housing providers, strengthens the sector’s ability to communicate its ESG performance, and ensures the SRS remains “practical, usable and aligned” with emerging regulatory expectations.

Although the updates will involve relatively minor changes to the reporting process, they are designed to have a “meaningful impact and enhance the framework’s effectiveness for adopters”.

The improvements include strategic consolidation of SRS themes and restructuring of select criteria, making the standard “easier to navigate and reducing unnecessary overlap”.

SfH said there is improved alignment with sector regulatory requirements and wider sustainability reporting expectations, ensuring the SRS remains “relevant and useful”.

There is now a revised guidance document, including worked examples. It is intended to provide clearer explanations for more complex criteria, helping providers report and interpret data more consistently.

SfH will ask adopters to report against SRS v2.1 in the October 2026 reporting cycle because of the relatively minimal nature of the changes to the reporting process.

The organisation said that since its foundation in 2020, the SRS has enabled over 138 housing providers across the UK to report on ESG performance in a “clear, consistent and comparable way”. The standard has also been adopted by 38 of the sector’s largest funders.

Piers Williamson, chair of SfH, said: “SRS v2.1 positions the sector to look forward. The standard has always been rooted in the belief that housing providers are strongest when they work together, and this update reflects the insights of those who use it day in, day out.

“As expectations around sustainability and financial reporting evolve, the SRS remains the only ESG standard designed specifically for social housing and wholly focused on its interests.

“With v2.1 we are equipping the sector to tell its story more clearly, demonstrate its leadership and continue building confidence among all stakeholders.”

SfH said the SRS continues to serve as a “strategic tool” for boards and executive teams to view their organisations, informing decision-making and strengthening business planning.

The SRS also helps the sector showcase the breadth of its impact and demonstrate its performance to investors, regulators and the wider public. The standard shows the sector’s honest ESG performance and reinforces its ambition to lead on sustainability, SfH said.

Government consults on updating tenancy requirements to reflect significant reforms

Michael Lloyd — Thu, 16 Apr 2026 10:30:56 GMT

The government has launched a consultation on updating the tenancy requirements for the sector to implement the “significant reforms” from the Renters’ Rights Act.

The act, which passed into law in November, comes into effect from 1 May 2026 for the private rented sector (including social landlords with market rent homes) and from October 2027 for registered providers (RPs) of social housing.

Ahead of the act’s implementation on social housing tenancies, the government has launched a consultation to update the direction on the tenure standard to the Regulator of Social Housing (RSH) to make sure it is “consistent” with the new legislation.

Within the consultation, the Ministry of Housing, Communities and Local Government (MHCLG) said the new requirements introduce “significant reforms” to the assured tenancy framework, “establishing a simpler and more secure tenancy system”.

Key changes include abolishing Section 21 ‘no-fault’ evictions, replacing assured shorthold tenancies (ASTs) with assured periodic (rolling) tenancies and removing fixed-term assured tenancies.

MHCLG said in the consultation: “This consultation sets out proposals for a new tenure direction to the Regulator of Social Housing, requiring it to set a regulatory standard relating to tenure, aligned with the new assured tenancy and regulatory framework.”

The government added: “The proposed direction reflects the consumer regulation regime that has been in force since April 2024 and primarily sets out the outcomes registered providers should deliver relating to tenure, except for specific areas where a prescriptive approach is needed to achieve government policy. Registered providers will be responsible for delivering these outcomes in the way that best meets their needs, the needs of tenants, and their local circumstances.”

The statutory consultees are the RSH, Homes England, the Greater London Authority, the Housing Ombudsman and the Charity Commission, as well as bodies that represent the interest of RPs, local housing authorities or social housing tenants.

Catherine Little, director at Campbell Tickell, said the proposed direction comes as “no surprise”, with the 2012 Tenancy Standard “out of step with the format and focus of the remainder of the standards”.

Ms Little said: “Much in the previous standard is strengthened and more clearly defined in the draft direction, for example the need for security, suitability and sustainability. As with the review and update of the other three consumer standards in 2024, there is a stronger focus on outcomes.”

Impact on the sector

Sarah Orchard, senior associate at Bevan Brittan, said that while many RPs have moved away from offering ASTs, there are “still many” that are using the probationary-style tenancies. They will therefore need to prepare for their removal once the act is implemented in the sector.

She said there are also “a significant number” of social housing providers that use ASTs for specific portfolios within their stock. This includes supported housing and properties where the provider is not the superior landlord, due to existing lease provisions, Ms Orchard said.

“Although there are additional grounds for possession being introduced as part of the [Renters’ Rights Act] which are aimed to support these scenarios, this will still present a challenge for teams who are less adept and experienced at managing and ending tenancies, where there needs to be reliance on a ground for possession (with the added risk of the new grounds being untested),” she said.

“A significant impact, which is likely to be felt more so by social landlords (given the level of their stock in comparison to those in the PRS), is the inevitable impact on the ability of county courts to handle and process claims for possession – most of which already have significant backlogs. This poses a considerable concern where prompt action needs to be taken, for instance due to serious anti-social behaviour.”

Ms Little said there are slightly different implications for different types of RP.

“Local authorities will note the confirmation that the revised standard will apply to social housing within and outside of the Housing Revenue Account (mainly reflecting changes to HRA expectations since 2012 and bringing the standard in line with the remit of the other consumer standards),” she said.

Ms Little said the abolition of Section 21 no-fault evictions and the review of the assured tenancy framework will require changes to tenancy policies and agreements for many housing associations.

She said for those with supported housing, it will be “important to understand the levers put in place to retain homes to the supported sector”.

The changes do not apply to most local authority tenants, she said, but instead, stock-holding councils can continue to provide fixed and introductory tenancies under the secure tenancy framework.

Ms Little said: “From working across the sector, our sense is that preparations have been mixed. Some housing associations have already stopped some uses of ASTs, in particular as introductory tenancies.”

When asked what preparation is required from housing associations, Ms Little said one of the “biggest mistakes” the firm sees in response to changes in regulatory requirements is treating compliance as a reporting tick box – instead of as “an opportunity to focus on robust evidence that regulatory outcomes are met”.

“The tenure direction and standard are no different,” Ms Little said. “There will be a raft of practicalities to consider: policy and procedure updates, training for staff, reviewing information for tenants and an opportunity to take legal advice on revised tenancy agreements.”

Ms Little said that RPs will want to update their self-assessments when the new standard is confirmed and it would be sensible to map out the likely requirements now, considering the changes that will be required over the coming year or so.

She said: “The RSH expectation will be that the board or council can demonstrate how it is assured that regulatory outcomes are met. In my experience, this is best thought through at the point requirements are introduced. So, those that put in place a clear assurance framework now will be in the position to share this evidence at the point of inspection.”

Lee Russell, partner at Devonshires, said the changes mean RPs face “significant operational challenges” in moving away from established tenancy models.

He said that the proposed direction on the tenure standard is an “important step” in implementing the act for the sector, but that the consultation questions are “relatively narrow given the scale of the reforms”.

“Social landlords already operate within a heavily regulated environment and face significant operational challenges in moving away from established tenancy models, particularly in supported housing, homelessness provision and anti-social behaviour management,” Mr Russell said.

Specialist pensions insurer establishes for-profit registered provider

Sarah Williams — Thu, 16 Apr 2026 09:20:42 GMT

A specialist insurer of pension schemes has launched its own for-profit registered provider as part of a housing investment strategy intended to support its long-term cash flows.

Pension Insurance Corporation (PIC) is a long-time investor in affordable housing in the UK, providing nearly £4bn of long-term debt since 2012.

The establishment of its own registered provider was a “natural next step”, according to Hayley Rees, managing director of PIC Capital.

Known as Verda Living, the for-profit formally entered the RSH register on 9 April.

It will support the investment firm in taking a “more direct role” in the provision of social and affordable homes, Ms Rees said.

In doing so, the company will work alongside local authorities and delivery partners.

Previously PIC’s investments have centred on the debt capital markets, agreeing private placements and backing public bonds from sector issuers. However, in more recent years it has adapted its approach to include equity investment, committing £50m to its first deal in 2023 with developer London Square and the latter’s for-profit registered provider Square Roots.

The returns on PIC’s investments are used to support payments to its policyholders in defined benefit pension schemes.

Rasheed Rahman, head of affordable housing and real estate structuring at PIC, said that Verda Living had been created to be a “practical, delivery-focused partner for local authorities, developers and other stakeholders who are serious about bringing forward high-quality social and affordable housing”.

Mr Rahman, who is also PIC’s executive lead for Verda Living, added: “Our focus is on working collaboratively to unlock schemes, manage risk sensibly and deliver homes that communities need.”

Social Housing has asked for further details regarding PIC’s investment ambitions for Verda Living and the intended approach to delivery and management.

PIC joins a growing line-up of institutional investors owning their own for-profit registered provider. Last month Legal and General saw all seven of its providers awarded G1*, V1* and C1* grades by the Regulator of Social Housing.

The insurance, pensions and investment management company registered its first for-profit in 2018, and recently agreed a major deal with housing association Hyde in which both parties committed one of their existing for-profits to a new partnership.

A number of directors and former directors at housing associations have been appointed to Verda’s board.

The for-profit will be chaired by Nathan Warren, who is group director for growth and partnerships at 125,000-home landlord Sanctuary.

Meanwhile Chyrel Brown, executive director of customer services at MTVH, and Helen Moore, previously group director of Orbit Homes from 2021 to 2024, have been appointed as independent non-executive directors.

Mr Warren said: “Verda Living has been established with a strong independent board and a clear commitment to the values and responsibilities of the social and affordable housing sector. Verda Living will ensure that decisions are made in the best interests of residents and in line with regulatory expectations.”

In the announcement on its website today, PIC said that Verda Living was committed to delivering high-quality, affordable and “well-governed” homes that provide “long-term stability for residents, while maintaining the highest standards of financial resilience and regulatory compliance”.

PIC was advised on the registration by Winckworth Sherwood (legal) and Savills.

Why the social housing funding landscape is cause for cautious optimism

Rachel Orgill-Harris and Rachel Dros — Tue, 14 Apr 2026 07:57:48 GMT

The social and affordable housing finance landscape is becoming more stable, write Devonshires’ Rachel Orgill-Harris and Rachel Dros

The social and affordable housing financing landscape is being shaped by new government initiatives, changing market dynamics and ongoing consolidation. Despite economic pressures, loan funding remains available, with several recent developments influencing providers’ future planning.

Access to finance: still strong, with new players joining in

Meeting the requirements and expectations laid on the sector will be expensive – with notable recent challenges from the Decent Homes Standard, building safety, decarbonisation, damp and mould and other health and safety issues, new housing capacity, increased regulatory requirements and the economic crime levy, to name just a few.

Housing associations continue to secure loan funding without a slowdown. Major lenders remain firmly engaged: NatWest recently announced plans to lend £10bn to social housing by 2028, after hitting its £7.5bn target for 2024-26 a year early.

Similar commitments to UK social housing from Lloyds and other high‑street banks underscore funders’ long‑term confidence in the sector.

Meanwhile, fresh international lenders, notably Japanese and European institutions, are expanding the pool of available finance, suggesting that the sector’s underlying credit strength remains attractive even amid global economic uncertainty.

Debt capital markets also remain open, with several new bond issues in prospect, although providers are timing their issuances carefully due to recent interest rate volatility.

Sustainable finance: green and social loans gain ground

Sustainability‑linked loans are currently less prevalent, as parties reassess the practicalities around KPIs and reporting. But many housing associations are continuing capital market bond programmes aligned with sustainability frameworks, keeping ESG‑minded investors on board.

At the same time, use‑of‑proceeds funding, ringfenced for green and social projects, is still available. Facilities supported by National Wealth Fund guarantees, earmarked for decarbonisation projects, are also steadily coming through.

The National Housing Bank: exceptionally favourable loan terms

The National Housing Bank (NHB) is attracting considerable interest among treasury teams. The NHB became operational on 1 April 2026, offering a range of debt, equity and guarantee financial products to registered providers and others.

Most notably, this includes up to £2.5bn of 25‑year, unsecured, subordinated loans at a fixed interest rate of just 0.1 per cent, with £1.5bn earmarked for London.

These terms are extraordinarily favourable and so providers are understandably enthusiastic.

Policy stability starts to take hold

The NHB sits alongside several other long‑term government measures that directly impact the sector’s finances, including the 10‑year rent settlement, a long‑awaited rent convergence programme and the £39bn Social and Affordable Homes Programme.

These measures have collectively bolstered confidence in a sector previously destabilised by fluctuating rent policy.

Even if, as some predict, the benefits are wiped out by interest rate rises, the sector is in a considerably stronger position than it would be without these measures. Credit rating agencies are taking note, referencing these commitments in more positive sector outlooks.

Increasing opportunities for collaboration

As the need for finance increases, some housing associations are again contemplating joint ventures, including partnerships between for‑profit and not‑for‑profit providers, for example Hyde and Legal & General.

These arrangements facilitate the flow of capital from pension funds into the sector, while also enabling organisations to share risk more effectively.

That said, while investors appreciate the stability of social housing, yields remain comparatively low. This may limit appetite among potential new entrants, particularly equity investors who are accustomed to obtaining much higher returns on their investments.

Mergers: changing the funding landscape

Sector consolidation continues apace through voluntary and rescue mergers. Several significant mergers have completed in the last year, including Bromford Flagship LiveWest, which stands out because of the size and scale of the consolidated organisation.

Such large providers significantly shape sector‑wide financial metrics, particularly interest cover reported through the regulator’s Value for Money assessment.

The sector-wide figure currently sits at 87 per cent due to the tight interest cover ratios maintained by a few sizeable providers, well below the median provider’s 115 per cent.

Nonetheless, increased size enhances the borrowing power of consolidated groups and accessing debt capital markets becomes more viable.

As so-called ‘mega‑providers’ emerge, funding terms are becoming more standardised. Negotiations focus on a smaller set of commercial issues, and economies of scale mean these organisations can often secure more efficient borrowing terms.

However, greater scale can also complicate funding arrangements. If lenders already have material exposure to merger partners, they may cap further lending or adjust terms to manage concentration risk.

Restructuring can also prompt lenders to reassess credit profiles, affecting pricing or covenants. Even so, merged organisations generally report stronger financial positions overall.

The social and affordable housing finance landscape is becoming more stable and cautiously optimistic. Traditional lenders remain active and new funders are joining the market.

Government policy that supports social housing enhances perceived resilience, and the NHB alongside partnering activity is introducing new avenues for future investment. Meanwhile, consolidation is bringing economies of scale and new opportunities, albeit requiring robust governance.

Without ignoring the gargantuan task facing the sector, housing associations are now better positioned to deliver the affordable homes the UK needs.

Rachel Orgill-Harris, partner, and Rachel Dros, knowledge development lawyer, Devonshires

SHR to engage with stakeholders to ensure regulation remains ‘effective’

Michael Lloyd — Mon, 13 Apr 2026 11:00:00 GMT

The Scottish Housing Regulator (SHR) has vowed to engage with stakeholders on its approach to ensure it continues to deliver “effective, sustainable regulation” with the resources available to it.

The body also warned that financial pressures within the sector mean that some providers will have “less capacity to respond to unforeseen or emerging risks”.

Publishing its summary of the outcome of its annual risk assessment for providers, the SHR said that over the coming year it will continue to work with landlords, tenants and all of its stakeholders to safeguard and promote the interests of tenants and service users.

John Jellema, assistant director of regulation at the SHR, said: “We will... engage with stakeholders on how we work, to ensure we continue to deliver effective, sustainable regulation with the resources we will have.”

In the publication, which also included engagement plans for registered social landlords (RSLs) and local authorities, the regulator set out the “significant challenges” the sector currently faces.

Mr Jellema said: “Social landlords and their tenants have faced significant challenges over the past few years, and while most landlords have continued to perform well despite the pressures, significant risks remain.

“For example, recent instability in the global geopolitical and economic environment is likely to lead to materially higher inflation, higher interest rates and further cost of living challenges for many tenants and service users.

“At the same time, landlords are having to plan for new costs such as the provision of net zero. These financial pressures mean that some landlords will continue to have less capacity to respond to unforeseen or emerging risks, and this emphasises the critical importance of good governance.”

The SHR’s report noted “significant challenges” within the homelessness system, especially in the provision of suitable temporary accommodation in some local authorities.

It pointed out the importance of landlords ensuring that they have robust information on the condition of their homes and are assured they are complying with all of their tenant and resident safety obligations.

In total, the SHR is engaging with 55 RSLs out of its 136 total registered landlords. Among this is engagement with 23 landlords about finance, down from 29 in the previous year.

It includes engagement with 28 RSLs on development, 11 on service quality and eight over the quality of homes they provide. The SHR is also engaging with 12 RSLs about governance, a drop from 18 last year, of which five are about planned organisational changes or transfers of engagements.

The SHR said: “We are engaging with a number of RSLs for more than one reason. When we do have planned engagement, it does not necessarily mean that we have identified the RSL as having a problem, and can be because we require further assurance from the RSL.

“Where we are engaging with an RSL about finance and considering its business plan, we will also discuss with the RSL how it has satisfied itself that its rents are affordable for its tenants.”

Sector finances

This report comes after the SHR’s analysis of financial statements for 2024-25 showed that the sector’s overall finances improved during the year, but that many RSLs “continue to face material pressures”.

The report showed at an aggregate level the sector’s turnover increased by 9.7 per cent to £2.3bn, driven largely by a 10 per cent rise in affordable lettings income. However, operating costs climbed by 4.8 per cent to £1.8bn, with increases across both planned and reactive maintenance.

Shaun Keenan, assistant director of financial regulation at the SHR, said: “Our 2023-24 analysis showed that RSL finances were becoming increasingly constrained.

“Our latest analysis indicates that RSLs remain financially resilient, but continuing declines in cash reserves highlight the pressure of rising costs and ongoing investment demands. Overall RSL performance improved in 2024-25 as income grew faster than expenditure and liquidity benefitted from new and expanded lender commitments.”

However, he said that performance is “uneven”.

“Some RSLs are experiencing cash and short-term liquidity pressures due to weaker operating results and high investment requirements, and financially weaker RSLs remain more exposed despite strong affordable lettings income,” Mr Keenan said.

“Given these pressures, it is vital that RSLs keep business plans under regular review. Strong resource management, effective scenario-planning and clear decision-making will be key to maintaining financial stability while protecting affordability for tenants.”

Trend report: gender pay gap at housing associations in Britain

Chloe Stothart — Wed, 22 Apr 2026 08:43:49 GMT

Chloe Stothart analyses government data on the gender pay gap at housing associations in Britain, finding that the gap has fallen by just over two percentage points on average

The gap in pay between men and women has fallen by 2.27 percentage points on average among housing associations in Britain, government figures show.

The fall in the gender pay gap was almost identical at local authorities, at 2.25 percentage points between 2021 and 2025.

The median gender pay gap in 2025 for housing associations was 5.53 per cent for those that had data for every one of the past five years. The median gap in 2021 was 7.8 per cent. The median percentage of women in the lowest pay quartile fell 3.4 percentage points in that time, while the percentage in the top quartile fell 1.1 points.

However, the performance of individual landlords on gender pay varies widely. The landlords with the biggest changes saw rises or falls of around 14 per cent in the five-year period we looked at.

All employers with more than 250 staff members must provide annual data to the government covering the median and mean gender pay gaps, the percentage of men and women in each pay quartile, and the percentage of men and women receiving bonus pay (on 4 April every year for private employers and 31 March for public ones).

For the government’s reporting year 2025, the data is a snapshot on the reporting date in 2024. However, many employers refer to this data as 2024 rather than 2025 when publishing their own reports on the gender pay gap.

We have looked at the change in the median gender pay gap over time to reduce the impact of outliers. We also looked at the change in the balance between men and women in each pay quartile, as that can help to shed light on movements in the pay gap.

The gender pay gap differs from equal pay. Under the Equality Act 2010, men and women must receive equal pay for doing equal work. Equal work means the work requires similar skills, is rated as equivalent through an evaluation or is of equal value. Equal pay discrepancies could lead to a gender pay gap, but many gender pay gaps are not due to unequal pay.

The raw median percentage gender pay gap is a fairly basic measure, and it is not always clear how individual employers have calculated their figures. But it can be combined with other statistics to give a more in-depth picture that takes into account hours worked, education and work experience levels, location, and occupations.

Alex Bryson, professor of quantitative social science at UCL’s Social Research Institute, says there has been a closing of the gender pay gap, but a discrepancy persists.

“There was a huge convergence between men and women’s earnings after the introduction of the Equal Pay Act in the mid-1970s, but the rate of convergence has been relatively slow since then – normally, a gap of about half a percentage point a year,” he says.

Women have overtaken men in educational attainment, and the gap between the sexes in labour market experience has reduced as women have fewer children, have them later and return to work more quickly after having them. However, there remains a sizeable residual gender pay gap, Professor Bryson says.

Discrimination is part of the reason for the gap, as evidenced by women winning equal pay cases, but it is also linked to social expectations of men and women, he says.

“Occupational segregation is a key part of this. Women often end up in different parts of the labour market to men,” he says.

Professor Bryson adds that some call these differences preferences in job selection and others see them as constraints.

National Housing Bank: a jigsaw piece falls into place

Tom Paul — Wed, 22 Apr 2026 08:47:54 GMT

The National Housing Bank and low-cost loans are useful for the sector, but the success of the new bank will depend on factors outside its control, writes Southern Housing’s Tom Paul

The UK housing market might be compared to a jigsaw puzzle. Many pieces, each potentially interacting with each of the others. Success is achieved by putting the right pieces together in the right order.

The most useful jigsaw pieces are those which connect pieces that would otherwise remain unconnected, and those which can flexibly fit with many other pieces as may be required over time.

I’m optimistic the National Housing Bank (NHB) will turn out to be a useful jigsaw piece. However, this will depend entirely on the jigsaw pieces around it – other arms of government, house builders, contractors, suppliers, landowners and, of course, housing associations.

So, I’d like to share four reflections on what else might now need to happen...

Risk appetite

There is no point in the NHB crowding out private capital and doing something that can be done anyway. The truth is that there is plenty of private capital looking for investment opportunities in UK housing.

In my experience, however, this capital tends to be looking for the lower-risk opportunities. Housing offers many such investments, but really getting new investment going at scale requires a different sort of risk capital. Development risk and sales risk have tended to be barriers for institutional investment.

Housing associations have proven adept at taking these risks, but within a regulatory regime which rightly prioritises stability, and subject to the capital constraints of the business model. SME house builders have felt the squeeze.

While the NHB’s powers appear broad, the challenge for us all in this space is to alight on simple, scalable, efficient and economic routes to unlock risk capital. We will all need to focus in on the big wins and avoid the temptation to get sidetracked into niche areas.

Financialisation

Part of the rationale of establishing the NHB has been to ensure that the investments made can be appropriately reflected in the national accounts.

The changes to the fiscal rules announced by the chancellor of the exchequer in October 2024 mean that financial assets can be netted off the debts to establish the public sector net financial liabilities. This is a very welcome and sensible move, but one that introduces new dangers.

Specifically, our national accounts now specifically favour financial assets over other assets. Rather than own real assets (e.g. a school, a house or a road), in accounting terms it’s better for government to structure this as a financial investment – perhaps a loan or equity holding.

Pursue this logic to its conclusion and we may find there is good work for lawyers but a contractual quagmire, and red tape upon red tape.

We could, for example, waste a lot of time financialising the value of the housing benefit discount to the state from nominating people into housing association homes.

It’s great that the NHB helps ensure financial assets can be appropriately accounted, but all parties need to be alert to dangers in seeing everything through this narrow lens.

Low-interest loans

Another part of the jigsaw is the new package of low-interest loans for housing providers.

The NHB has a carve-out in its mandate to make a loss on these new products to support investment in new social housing.

I first pitched the idea of these in a comment piece in Social Housing back in 2018, and it’s tremendous that we’re on the cusp of bidding for £2.5bn.

The feeling from peers within the social housing sector is of strong appetite, so hopefully a sensible allocation process off the back of bids will underline the value of the proposition.

Even with low interest rates, the fact these are loans and not grant means the cash funding from NHB will ultimately be repaid.

The present value of that repayment is an asset for government – unlike grant which is written off. For the taxpayer it’s a more efficient subsidy into the early years of a social housing scheme.

I hope a successful process of allocating low-interest loans in the months ahead will encourage more reflection on how subsidy can be optimised.

Viability

Above all, however, the fundamental piece of the UK housing market jigsaw right now is that new development is rarely, or barely, viable across much of the country. And this isn’t a problem unique to social housing, as recent news from Berkeley Homes shows.

A fall in real house prices, a huge increase in build costs, higher expected operating costs and a higher interest rate environment all play a part.

The rise in build costs in particular warrants special attention, as so much of it is a function not of underlying materials cost changes, but of the impact of regulatory changes.

The NHB is not responsible for this regulation and will depend on other arms of government to collaborate here. Without viability, even with all the powers at its disposal, the NHB will be unable to deliver.

Tom Paul, chief financial officer, Southern Housing

Hear from Tom Paul at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

Building Safety Regulator sets out improvement plan to reduce remediation delays

Michael Lloyd — Thu, 09 Apr 2026 08:47:34 GMT

The Building Safety Regulator (BSR) has introduced an external remediation improvement plan to reduce delays to higher-risk building safety works.

The plan includes a taskforce, known as an ‘external remediation multidisciplinary team’, to streamline communication and processing through account managers.

This is aimed at tackling the high percentage of complex, older external remediation cases that are taking longer for the BSR to make decisions on.

The plan includes a recruitment drive to increase regulatory lead capacity, reducing individual caseloads from an average of 25 down to a more manageable level of around 10 per worker. This is intended to benefit applicants and the BSR.

The organisation said it will adopt a system of ‘approval with requirements’ where appropriate, to allow projects to “start safely while work continues to resolve any distinct technical issues”.

The BSR has also published initial guidance for external remediation to address application issues. The body added that it will publish further improved feedback, resources and support targeted at these applicants over the coming months.

The BSR said that monthly Gateway 2 transparency data will now include decisions from the new remediation plan. Gateway 2 is the point in the process at which developers are given permission to start work.

After addressing legacy cases, the BSR aims to reduce its remediation application caseload to a “steady” 80 to 100 cases by 30 September this year.

By December, the BSR aims to reduce average decision times for remediation applications to less than 12 weeks and to achieve approval rates of over 65 per cent. The 12-week target would still sit above the statutory milestone of eight weeks but would be a “major improvement on turnaround times for remediation applications”, the body said.

According to the latest data, there are 31,191 homes in live cases (as of 25 February).

Lord Roe, board chair at the BSR, said: “We continue to accelerate our decision-making for new build applications, speeding up approvals for new build and external remediation projects and increasing the supply of safe new and existing homes through the recent changes we have made to our processes.

“However, we recognise current determination times for remediation cases are falling short of statutory targets. This plan represents a targeted and achievable package of measures to reset the system and clear older legacy remediation cases.

“By doing so and then focusing on more recent applications, we can ensure high-rise residents see essential safety improvements they deserve without unnecessary or further delays.”

Charlie Pugsley, acting chief executive of the BSR, said: “As we enter an important new chapter as a standalone regulator, our focus is on strengthening safety, rebuilding trust and supportively collaborating with industry.

“Collectively these measures will ensure current and future remediation applications can proceed as smoothly and quickly as possible.

“By launching a dedicated multidisciplinary team and introducing account managers, we are dramatically increasing our capacity to make faster decisions.

“But speed cannot come at the cost of safety. We will also publish further specific guidance and support to help industry submit higher-quality applications, ensuring thousands of residents can feel safe, and are safe, in their high-rise homes.”

Large Welsh social landlord agrees £20m loan to develop 200 homes

Michael Lloyd — Thu, 09 Apr 2026 10:03:13 GMT

A large Welsh housing association has become the first in the country to secure a social loan from NatWest, with a £20m agreement to fund the development of around 200 energy-efficient social rent homes.

Adra, which manages more than 7,000 homes across North Wales, has also agreed a £45m refinance of a term loan with the bank. The existing loan was arranged with the lender in 2019.

NatWest’s social rent loan fund, which was launched in July last year, offers £1bn in lending ringfenced to support the delivery of social rent homes through loans with discounted interest margins and no arrangement fee. Eligible housing associations that are existing NatWest customers can apply for the loans.

Adra said the £20m social loan will part-fund the development of around 200 social rent homes, alongside grant from the Welsh government. The housing association said that “much of the new development” is expected to reach Energy Performance Certificate (EPC) band A.

Both the social loan and the refinanced term loan have 10-year terms, with the end date on the existing £45m extended from 2029 to 2036. There were no covenant changes and the interest rate for both loans were undisclosed.

The £45m loan arranged in 2019 was originally used to fund the development of new homes and to improve the condition of existing stock, in particular to meet the requirements of the Welsh Housing Quality Standard.

As part of the refinancing exercise, Adra has agreed sustainability-linked KPIs for the term loan that were not previously part of the funding.

These relate to new build completions, EPC ratings and individuals assisted into work, and are the same KPIs that Adra has in place on a separate £40m sustainability-linked revolving credit facility with NatWest.

The new social loan means the landlord now has three loans with the bank, totalling £105m.

Rhys Parry, director of resources at Adra, said: “Adra is proud to be the first Welsh housing association to secure a social loan with NatWest, an important milestone that will directly support the delivery of much‑needed new social rent homes across North Wales.

“This investment enables us to accelerate our development programme, with most new homes achieving EPC band A, ensuring they are energy‑efficient, sustainable and affordable for the long term.

“We also greatly value the extension of sustainability‑linked loan metrics to our term loan, which reflects both the strength of Adra’s long‑standing relationship with NatWest and our shared commitment to progressing ESG [environmental, social and governance] priorities.”

In February this year, NatWest set a new funding ambition of lending £10bn to the UK social housing sector before the end of 2028 after meeting its target of deploying £7.5bn a year early.

Martin Skinner, director of housing finance (commercial mid-market) at NatWest, said: “This is a significant transaction for Adra and for the Welsh housing sector, supporting the delivery of high-quality, energy-efficient homes at scale. It shows how well-structured finance can directly back social housing delivery while aligning with long-term ESG priorities.”

Savills Financial Consultants advised the housing association on the deal. Trowers & Hamlins served as the landlord’s lawyers, while Addleshaw Goddard acted for NatWest.

Alex Morgan, director at Savills Financial Consultants, said the funding gives Adra “the certainty and flexibility to move forward with its development plans at pace”.

“The structure aligns long-term investment with both growth and sustainability objectives, supporting the delivery of much-needed affordable homes across North Wales,” he said.

For-profit providers of social housing: filling the gap?

Mark Stephens — Wed, 08 Apr 2026 16:17:13 GMT

Mark Stephens, professor at the University of Glasgow and lead editor of the UK Housing Review, looks at the evolving role of for-profit registered providers

For-profit registered providers (FPRPs) of social housing still represent a fraction of the total social housing stock, but they have grown rapidly over the past decade.

Their future significance is set to grow, so it’s important that policymakers and regulators accommodate the risks that arise from the model.

For-profit social landlords were made possible in England by the Housing and Regeneration Act 2008, but it’s only in the past decade that growth has picked up.

There were fewer than 50 for-profits, owning fewer than 10,000 units, as recently as 2020. At the start of 2026, the Regulator of Social Housing listed 80 for-profit registered providers owning more than 46,000 units.

The for-profit sector is concentrated in terms of ownership.

Only the largest provider – Sage, backed by Blackstone and Regis – owns more than 10,000 units. The largest three providers – Sage, Blackrock-backed Heylo and L&G – own more than two-thirds of the stock.

Other significant players include Sparrow (3,000 units acquired by the Universities Pension Scheme in 2024), ReSI (backed by Places for People and Gresham House) and M&G (with backers including Homes England, local government pension schemes, Hyde and M&G client funds), each with around 2,000 units.

Grainger Trust (a subsidiary of Grainger, one of the UK’s oldest listed residential property companies) is the only other for-profit provider with more than 1,000 units.

At the other end of the scale, more than eight in 10 for-profit providers own fewer than 500 units each.

The stock is split between 58 per cent low-cost homeownership (LCHO) and 42 per cent rental, with the latter predominantly affordable rent. Of the providers with more than 1,000 units, Sage, L&G and Grainger Trust have mixed portfolios; the others own only LCHO units.

Filling the gap?

Interest in the for-profits has increased in part because of the capacity pressures facing traditional non-profits.

The post-1988 mixed funding model has undoubtedly been a success. By bringing private debt into social housing, it enabled government grants to be stretched further.

But now it is under strain as traditional non-profits face demands to increase investment in existing stock, while adjusting to higher interest rates.

The regulator has recorded falling interest rate cover, and some major providers have experienced downgrades by credit rating agencies. Housing starts by housing associations have fallen in recent years – a concern for a government with ambitious housebuilding targets.

By bringing equity into the sector, for-profits could bring some relief to these systemic pressures.

A survey by Savills found that through developments and acquisition of Section 106 properties, for-profits provided 13 per cent of new affordable homes over the three years to May 2024.

Inside Housing Living, a sister title of Social Housing, found that the ‘top 10’ for-profits completed 7,124 units in 2024-25 and expect to produce more than 36,195 units over 2025-30.

Savills has suggested that the sector could grow to 150,000 units by 2030. Just over 1,000 units were transferred to for-profits in 2024-25, freeing up non-profits’ capacity.

Business models and regulatory issues

The obvious difference between the non-profit and for-profit sectors is that the latter seeks to generate returns for investors. These can be derived from rents, stock disposal and fees, but the sector is diverse, and different investors have varying yield expectations and time horizons.

The Editor’s Rundown: lift-off for the National Housing Bank, and consumer gradings on the up

Sarah Williams — Wed, 15 Apr 2026 16:22:08 GMT

Housing’s very own public financial institution unveiled its first deal a day early, while the month’s consumer gradings brought good news for some. Social Housing’s editor Sarah Williams rounds up the key stories and what to look out for

And they’re off. Forget Artemis II – the National Housing Bank (NHB) officially launched on 1 April, after making an early start on its promise to leverage billions of pounds of private investment over the next decade as it unveiled its first deal the day before.

The £100m partnership with Aviva Capital Partners, split 51:49 between the insurer and the government-owned bank, aims to build up to 3,300 homes for rent in underinvested areas of cities.

While this is just a fraction of the £53bn of private investment the new Homes England subsidiary intends to unlock using its £16bn of rocket fuel over the next decade, the deal signals clear intent.

Speaking to Social Housing at the NHB’s launch event, new chair Peter Vernon said that the bank would “not be a substitute for market provision”.

“We are there to provide finance and to generate additional private sector financing that would not otherwise happen without our intervention,” he said.

Meanwhile, an investment prospectus published alongside the launch sets out seven core debt products, and three core equity products.

Social Housing also heard from Homes England chief executive Amy Rees, who said there would be no “wrong front door” for stakeholders looking to access either the agency or the new public financial institution.

“If you come to the bank but you need something local, we’ll join you up. And equally, if we’re working with you locally, and we think there’s a bank product that could really help here, then we’ll help.”

Homes England’s regional model will mean the NHB has a distribution network around the regions.

For-profits

For-profit registered providers continued to make headlines during the month.

The Regulator of Social Housing (RSH) announced that it was investigating Heylo’s registered providers over possible “serious failings”, following the appointment of administrators to connected group companies.

Elsewhere, Social Housing was first to report that a London-headquartered private equity firm had registered two new for-profit providers to bring its total to three.

Housing association Hyde Group and institutional investor Legal & General (L&G) struck a deal in a bid to deliver new homes, establishing a new entity which they will jointly finance, and which now controls two for-profit registered providers.

And Hyde’s chief financial officer has said that the housing association is now preparing for more partnership arrangements with institutional capital.

Consumer gradings

For L&G, the month provided further cause for celebration as all seven of its for-profit registered providers received the top grades following their first consumer inspection by the RSH.

Good regulatory news extended to the world of local authorities, too, as a council in Surrey became the first to move from C3 to C1 after tackling failings.

This month’s special report took a deep dive into consumer regulation trends to understand whether the new regime is making a difference for tenants. For the second year running, Social Housing analysed and compared tenant satisfaction measures and consumer regulation gradings.

The results found that social landlords with the least happy tenants saw the biggest improvements in key satisfaction scores last year, as the tenant satisfaction measures drove service improvements and restructures, and even eased merger talks.

Government updates

A number of policy updates emerged this month. Housing secretary Steve Reed told an event in March that his department would work with trade bodies in the coming weeks to establish a ‘compact’ governing the working relationship between the government and the housing sector. A taskforce of representatives will be set up to oversee this.

Housing bodies have meanwhile welcomed work underway by the government to create a standardised Section 106 template to speed up the process for delivering new homes.

And welcome clarity arrived this month as the government published its response to the consultation on the Future Homes and Buildings Standards. In the words of one sector policy manager, the standard is the “final piece of the jigsaw that will give housing professionals the certainty they need to expand their housebuilding programmes”.

Another consultation will soon be underway, as the RSH reflects on its future regulatory approach. Fiona MacGregor, the outgoing chief executive, said that as the regulator considers how to ensure its economic standards are “agile, assertive and modern”, it will “proactively engage” with its stakeholders.

We will be picking up this theme with the regulator’s deputy chief executive at the Social Housing Finance Conference on 14 May. Our conversation with Jonathan Walters will delve into the story so far, and what the future looks like for the regulatory regime. For more information and for early-bird tickets (limited availability), click here.

Big interviews

Don’t miss this month’s in-depth interviews. Michael Lloyd heard from chief financial officer Peter Benz on SNG’s financial strategy and why its fundraising activities are “wide in nature”.

Later, he sat down with Amplius’ chief executive and deputy chief executive to hear about the path ahead for its second full year post-merger. Julie Doyle and Rob Griffiths talked through plans to raise £500m as the group looks to live up to its name and “go further and do more”.

And, after news of the sector’s first ‘Samurai’ loan, Social Housing spoke to Places for People’s Matt Cooper to learn more. The tax and treasury director explained how the loan continues the group’s diversification strategy, while marking the first time it has taken a non-sterling approach to a bank deal.

Support our research

Finally, we need your help. With major reforms under way, as well as new funding support for the sector, Social Housing has launched a survey in partnership with JLL to gauge how providers are navigating this moment of transition, and to understand the key challenges and opportunities for 2026 and beyond. Please share your views here to support our research.

Sarah Williams, editor, Social Housing

Editor’s picks

Moves, deals and digest

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North West housing association secures £60m loan from new banking partner

Michael Lloyd — Wed, 08 Apr 2026 08:21:56 GMT

A North West housing association has secured a £60m five-year term loan in its first deal with HSBC.

Plus Dane Housing, which owns over 13,500 general needs, sheltered and extra-care homes across Cheshire and Merseyside, said it will use the loan for operational cash flow and development growth.

The loan is all new funding and not part of a refinance, and has a term of five years with an extension option of up to two years.

While the interest rate was undisclosed, Plus Dane said it is a Sonia facility accompanied by a loan-linked ISDA agreement to allow the housing association to carry out interest rate hedging.

There are currently no environmental, social and governance elements to the deal, but the housing association has a 12-month option to make it a sustainability-linked loan.

Centrus served as Plus Dane’s financial advisors on the loan and Devonshires worked as the landlord’s lawyers, while Addleshaw Goddard acted for HSBC.

Scott Owen, head of treasury at Plus Dane, said: “Last year our board challenged us to secure good value funding to deliver the 2025-26 business plan and maintain liquidity through to our next scheduled refinancing in April 2027.

“With the assistance from Centrus and Devonshire’s legal team, securing HSBC UK as a new strategic lender with a five-year £60m loan facility at competitive rates ensures we are in a great position to deliver our future plans. The strategic deal and financing is a strong endorsement of our financial position and delivers good value for money for Plus Dane customers.”

David Whelan, director of social housing at HSBC UK, added: “It’s fantastic to welcome Plus Dane as a new HSBC UK customer, with a new loan facility that will help support the group’s continued focus on investment in existing homes alongside its development ambitions.”

Plus Dane is currently rated C2/G2/V2 by the Regulator of Social Housing.

In December 2024, the housing association was downgraded from G1 to G2 and received a C2 grade following its first consumer assessment. In January this year the regulator retained its G2/V2 ratings.

According to its financial results for 2024-25, the landlord grew its group surplus from £2.9m in 2023-24 to £4m last year.

Tributes paid after death of former Homes England and council chief Eamonn Boylan

James Wilmore — Thu, 16 Apr 2026 09:19:41 GMT

Housing industry figures have paid tribute to well-loved public sector veteran Eamonn Boylan, who has died aged 66.

In a career spanning four decades, Mr Boylan was most recently interim chief executive of Homes England, up until last September.

During his time in the role, he helped to oversee planning for the National Housing Bank, which launched last week.

In a statement paying tribute, Homes England said: “Eamonn guided us through a pivotal year of change with his usual skill, expertise and compassion and has undoubtedly shaped housing and regeneration policy over the years from grassroots to Whitehall and beyond.”

Mr Boylan had also been deputy chief executive at the Homes and Communities Agency, the predecessor organisation to Homes England, between 2008 and 2010.

Prior to his stint last year at Homes England, he was interim chief executive of Manchester City Council and briefly served on the government’s New Towns Taskforce.

Writing on LinkedIn, Kate Henderson, chief executive of the National Housing Federation, said: “This is terribly sad news. Eamonn was such a dedicated public servant who did so much for housing.”

She added: “He was generous with his time and wisdom, straight-talking and forward-thinking, and always with his dry humour. He will be missed enormously.”

Jonathan Walters, deputy chief executive of the Regulator of Social Housing, said: “Such sad news; Eamonn was an amazing public servant and will be much missed.”

Mr Boylan was also a former chief executive of Greater Manchester Combined Authority (GMCA), Transport for Greater Manchester, and Stockport Council.

During his time at Stockport, he oversaw the £1bn regeneration of its town centre.

Mark Roberts, leader of Stockport Council, said: “Stockport is the place it is today because of the strong foundations Eamonn helped to build. His leadership gave our borough confidence, and his legacy can be seen in our town’s physical investment and ambition that carries through to today and the future.”

While at Manchester City Council, Mr Boylan led major place-based regeneration projects in Hulme and Ancoats.

The GMCA announced Mr Boylan’s death last Thursday (2 April).

Greater Manchester mayor Andy Burnham described his passing as a “devastating loss”.

He said: “Eamonn was the public servant’s public servant, and a giant of English devolution. He led from the front but was rarely in the spotlight, taking every opportunity to lift up and empower those around him.”

Bev Craig, leader of Manchester City Council, also paid tribute.

“I’m shocked and saddened by the loss of Eamonn Boylan – a man who loved and contributed immensely to our city,” she said. “Eamonn was a remarkable servant to Manchester and Greater Manchester over his long career and is held in high esteem by everyone who worked with him.”

He was awarded an OBE in the 2024 New Year Honours List.

Mr Boylan had also held the role of interim chair at Stockport Mayoral Development Corporation, following the death of another high-profile public servant, Lord Bob Kerslake, in 2023.

Deals round-up: March 2026

Social Housing — Tue, 07 Apr 2026 10:58:18 GMT

A round-up of the main development deals involving housing providers, local authorities and the private sector

Sovereign Network Group and Berkeley Group

Sovereign Network Group has agreed a deal with Berkeley Group to acquire 555 proposed social rent homes across two London schemes.

The deal includes 269 homes at the Grand Union development in Wembley, which will be delivered as part of a wider 3,500-home project.

The other 286 properties will be part of the house builder’s Silkstream development in Hendon, Barnet, which forms part of a 1,337-home scheme. Financial terms of the deal were not disclosed.

Riverside and Vistry

Riverside and Vistry have secured planning approval for a regeneration project at the Juniper Crescent Estate in Chalk Farm, north London, which will deliver 478 energy-efficient homes.

The new scheme will include 174 social rent homes and 34 intermediate rent homes. At least 44 per cent will be affordable.

The project will start this summer, and the first homes are expected to be handed over in 2030.

Legal & General Affordable Homes and Barratt London

For-profit registered provider Legal & General Affordable Homes has acquired 311 social rent homes, which Barratt London will build at its Colindale Gardens development in north-west London.

L&G acquired the homes for its for-profit through its Affordable Housing Fund, which launched in 2024.

Colindale Gardens will consist of 4,041 homes across the full development, including 1,200 affordable homes. So far, 2,888 homes have been delivered across the site.

Wheatley Homes South and CCG

Wheatley Homes South has had the planning green light for 296 new homes at a site near Dumfries.

The Wheatley Group subsidiary is proposing 266 homes at affordable tenures, and 30 for private sale at Catherinefield Farm.

The homes will be built by developer CCG. Among the affordable homes there will be a block offering 41 flats for people aged over 55 and eight extra-care flats.

Hyde and Chartway Partnerships

A 151-home scheme in East Sussex, developed by Hyde Group and house builder Chartway Partnerships, has completed its handover to residents.

The finished site includes 59 homes for affordable rent – 42 of which were funded by Homes England grant – and 92 for private rent. It also includes an Aldi supermarket.

The scheme at Ashdown House was the redevelopment of a former Department for Work and Pensions office site.

Havering Council and Wates Residential

Havering Council and Wates Residential have received planning approval for 107 affordable homes as part of the first phase of a major new development in east London.

Two blocks, comprising 70 homes for rent and 37 for shared ownership, have been granted permission at the Waterloo and Queen Street site in Romford.

The development is part of a wider 12-estate joint venture between the local authority and Wates Residential, aiming to provide up to 5,000 new homes in the borough over the next 12 years.

Orbit Homes and Stonebond

Orbit Homes has gained planning approval to deliver 63 affordable energy-efficient homes in Warwickshire.

In partnership with Stonebond, the development arm of Orbit Group will deliver 33 new homes for social rent and 30 homes for shared ownership at a site in Baginton. The development will comprise a mix of one-bedroom maisonettes and two, three and four-bedroom houses.

All the homes will be energy efficient, with solar panels and EV charging points.

Homes England grant funding will support the scheme, with construction expected to begin this summer.

Birmingham City Council and Lovell

Brimingham City Council has partnered with house builder Lovell to deliver 62 homes for social rent across three sites in Druids Heath.

There will be 26 homes built at Bells Lane, 24 at Sherston Covert and 12 at Brockworth Road.

Across Druids Heath, priority will be given to residents who have been temporarily relocated from the area.

These homes will be built before the wider regeneration of Druids Heath gets underway, which is set to deliver 3,500 new homes.

Gentoo Group

Gentoo Group has completed a public consultation on proposals to deliver 49 social and affordable homes at a site in Hetton-le-Hole, Sunderland.

The consultation, which ran during March, included plans for two-bedroom bungalows, alongside two, three and four-bedroom homes.

Midland Heart and Keon Homes

Keon Homes has completed and handed over the first 30 homes at a £36m urban development scheme in Birmingham for housing association Midland Heart.

Some residents have already moved into the homes at the Icknield Port Loop development.

Keon Homes worked in partnership with sister company Cameron Homes on the scheme, which when finished will deliver 124 homes.

Appointments round-up: March 2026

Social Housing — Thu, 30 Apr 2026 16:24:15 GMT

A number of senior housing professionals were appointed to new roles in March 2026

Anchor

Anchor has appointed former Peabody executive Susan Hickey as its interim chief financial officer after Amanda Holgate announced her intention to step down.

Ms Hickey has specialised in interim executive roles since leaving Peabody in 2020. This has included stints at Notting Hill Genesis, Swan and Thrive Homes.

She is currently interim chief executive at Red Kite Community Housing and will remain in post until mid-April, when Peter Cogan takes over.

Ms Holgate will step down from Anchor on 7 April after three years at the provider. Since joining in February 2023 as chief financial officer, she has spent most of her time in this role.

Ms Holgate also served as interim chief executive for seven months from June 2025 until January this year, when Rachael Shimmin took over. Prior to her time at Anchor, Ms Holgate served as chief financial officer at Southern Housing and finance director at Peabody.

Anchor currently has C3/G3/V1 ratings with the Regulator of Social Housing.

Your Housing Group

Your Housing Group (YHG) has announced that Helen Whittingham has rejoined the organisation as chief financial officer.

She previously worked at the 29,000-home landlord for three years, latterly as finance director, before leaving in 2024.

Ms Whittingham left YHG to join South Yorkshire Housing Association as director of finance and development.

Notting Hill Genesis

Notting Hill Genesis (NHG) has named sector veteran Ken Youngman as its interim chief financial officer.

Mr Youngman joined the G15 landlord in March for an interim period of 12 months, with a transition period in place to “ensure an orderly handover”, NHG said.

He is taking over from Mark Smith, who will step down in June.

Mr Smith joined NHG in April 2024 in his first housing association sector role.

Mr Youngman was previously interim chief financial officer at Anchor and prior to this had the same role at GreenSquareAccord.

Stonewater

Stonewater has appointed Francesco Elia as its interim chief financial officer after Anne Costain stepped down with immediate effect.

Mr Elia runs his own portfolio consultancy business and has previously worked as executive director of commercial and marketing at Circle Housing, now Clarion.

Ms Costain joined Stonewater as director of corporate finance in 2020, then moved up to director of finance (operations) the next year before taking up the position of chief financial officer in October 2021. No reason was given for her departure and the housing association declined to comment further.

Prior to Stonewater, Ms Costain spent nearly a year as interim director of resources at Thrive Homes. Before that, she spent around seven years at Radian, which is now Abri, in senior roles.

Trident Group

Trident Group has announced that group finance director David Harris will become its interim chief executive in August when Nigel Wilson steps down.

Prior to joining the Birmingham-based landlord in 2020, Mr Harris was finance director, property investment at Orbit Group.

Mr Wilson has announced his plans to retire in the summer after 41 years in the social housing sector. He has served as chief executive of Parkway Green Housing Trust, Wythenshawe Community Housing Group and Gentoo Group, as well as Trident, which he has led since 2023.

Lincolnshire Housing Partnership

Lincolnshire Housing Partnership (LHP) has appointed Simon Parkes as its new chief executive, starting today.

Mr Parkes was previously interim chief operating officer at Keele University and served as a non-executive director at LHP between December 2018 and December 2024, when he also chaired the landlord’s finance committee.

Since July 2025, Shaun Harley, executive director of people and change at LHP, has been serving as chief executive on an interim basis when Ceri Theobald left after almost a year in charge.

Selwood Housing

Selwood Housing has promoted Mark Mayler to be its new chief executive.

He will step up to the role in June, following five years as the Wiltshire-based group’s chief financial officer. Prior to this, Mr Mayler spent 25 years working at BT, RAC, Lloyds Banking Group and Unite Students. He also brings experience of non-executive roles in social housing.

Mr Mayler is replacing Barry Hughes, who last November announced his plans to step down.

Funding Affordable Homes

For-profit provider Funding Affordable Homes Housing Association (FAHHA) has appointed Kush Rawal, a former senior executive at Metropolitan Thames Valley Housing (MTVH), as its managing director.

Mr Rawal worked at MTVH for around 13 years, including three years as executive director of customer services, before he left in December.

After a handover period, he will take over from Paul Munday, a founding member of 600-home FAHHA.

National Housing Bank

The government has made two senior appointments to the National Housing Bank, a subsidiary of Homes England: Simon Century (left) as chief executive and Peter Vernon as chair.

Mr Century, who has been leading on the establishment of the bank since his appointment as Homes England’s chief investment officer in September, has been given the title of chief executive.

Prior to this, Mr Century spent nine years at Legal & General as managing director, where he set up RP Legal & General Affordable Homes in 2018.

Mr Vernon is chair of Grosvenor Hart Homes, a for-profit RP and social enterprise initiated by the Duke of Westminster. He joined Homes England’s board in May 2024 and is deputy chair, in addition to chairing the agency’s investment committee.

Homes England

Homes England has appointed Caroline Patterson as its new permanent chief financial officer.

Ms Patterson, who is currently chief financial officer at the Cabinet Office, will take up the role in June.

She will be a replacement for the last permanent staff member to hold the role, Lynda McMullan, who left the agency in April 2024.

Large South East landlord installs new chief investment officer to accelerate ‘strategic partnerships’

James Wilmore — Thu, 02 Apr 2026 12:45:00 GMT

Abri has promoted one of its top team to be its new chief investment officer, as the previous incumbent has left after just over a year in the job.

Rose Bean has taken up the role at the 58,000-home landlord and will be responsible for overseeing the group’s first investment strategy.

She will handle its “bold development ambitions and future partnerships”, the Hampshire-based group said.

Abri is targeting 10,000 new homes this decade and said last October it is “on track” to hit this figure.

Ms Bean was previously Abri’s director of asset management and sustainability. However, since January this year, she has been overseeing the strategic asset aspect of Abri’s new investment strategy as part of its executive team, a spokesperson told Social Housing.

Ms Bean is replacing Jo Makinson, who has left to be chief financial officer at newly merged group Bromford Flagship LiveWest.

Ms Makinson joined Abri in January 2025 after three years as finance boss of GreenSquareAccord.

A spokesperson told Social Housing: “With Jo leaving the organisation, and based on Rose’s extensive experience at Abri with growth and asset management, Rose was appointed chief investment officer.”

Ms Bean has worked for the organisation in its various guises for the last 12 years. She joined Yarlington, which merged with Radian to form Abri, in September 2014, according to her LinkedIn.

Abri is also recruiting for a director of strategic asset management and regeneration to support Ms Bean.

Ms Bean said her focus will be on “ensuring we invest wisely for the long term, delivering the high-quality new homes our communities need, while strengthening our impact through collaborative partnerships”.

Since forming in 2020, the group has grown by taking on smaller landlords Silva Homes and troubled London-based landlord Octavia.

However, in its last full year, Abri saw its operating margin drop nearly a third mainly due to spending on Octavia’s homes.

Abri currently has G1/V1 grades with the regulator but has yet to be awarded a consumer grade.

Reform UK housing spokesperson exits after ‘inappropriate and hurtful’ Grenfell comments

James Wilmore — Thu, 02 Apr 2026 12:46:10 GMT

Reform UK has parted company with its housing spokesperson after he made comments relating to the Grenfell Tower tragedy that the party called “inappropriate and hurtful”.

Simon Dudley said in an interview with Inside Housing, Social Housing’s sister title, that the Grenfell fire was a “tragedy” and a “failure”, but “everyone dies in the end, it’s just how you go, right?”

The 2017 Grenfell Tower fire killed 72 people, including 18 children.

Mr Dudley, who had been in the role less than a month, had been asked whether the current regulatory regime was proportionate, which comes amid concerns it is stymieing housebuilding.

His comments drew criticism from prime minister Sir Keir Starmer, who said Mr Dudley should be sacked, while Grenfell families also criticised the remarks.

Asked about the interview in a press conference today, Reform leader Nigel Farage said that Mr Dudley was “no longer a spokesperson for the party”.

He added: “The comments were deeply inappropriate. They were frankly rather shocking to many people and Richard [Tice, Reform’s deputy leader] has dealt with it.”

Mr Dudley, a former interim chair of Homes England and Conservative council leader, was appointed Reform’s housing spokesperson and infrastructure spokesperson last month.

It came after Mr Dudley first revealed in February that he had joined Reform, claiming that “radical” changes were needed to tackle the housing crisis.

When Mr Farage was initially asked by a journalist today whether he would act on Sir Keir’s call to sack Mr Dudley, the Reform leader replied: “That’s already happened.”

In a statement, a Reform UK spokesperson said: “Simon Dudley is no longer a spokesman for Reform UK. The comments he made about the Grenfell tragedy were inappropriate and hurtful.”

In a lengthy post on X this morning, Mr Dudley said: “Grenfell was an utter tragedy and quite rightly prompted a wholesale review and tightening of fire regulations.

“I said it was a tragedy in my interview with Inside Housing and in no shape or form am I belittling that disaster or the huge loss of life. It must never happen again. I reiterate that, and am sorry if it was not sufficiently clear.”

Mr Dudley pointed to the fact that house builder Berkeley this week has paused new land purchases and announced a hiring freeze.

He said in his post: “They blame ‘an unprecedented surge in costs and regulation’. These concerns are felt across the industry. The result? The UK’s long-running housing crisis is getting worse.”

Mr Dudley added: “To address the national housing crisis, we must ensure that regulation remains safe, sensible and proportionate. My concern is the introduction of numerous measures that do nothing to protect life and are throttling housebuilding.”

Mr Dudley has been contacted by Social Housing for comment.

MIPIM 2026: why partnership is key to moving from planning to delivery

Jessica Adams — Thu, 02 Apr 2026 14:44:33 GMT

My message from MIPIM 2026 is that partnership is now the defining factor in whether schemes move from planning into construction, writes Pension Insurance Corporation’s Jessica Adams

MIPIM is one of the property sector’s annual temperature checks. It is one of the few moments in the calendar where investors, developers, local authorities and government bodies are in the same place, testing assumptions and stress‑testing what is actually deliverable over the next cycle.

Coming back from Cannes this year, one message stood out clearly: while capital is available and policy intent is strong, delivery remains constrained, and partnership is now the defining factor in whether schemes move from planning into construction.

From PIC’s perspective as a long‑term investor in housing, the macro backdrop remains challenging.

Construction costs, planning delays and residual viability gaps continue to limit the number of schemes that can progress at scale.

What was different at MIPIM 2026 was not the diagnosis, but the degree of alignment across public and private participants on how those constraints might realistically be addressed.

Viability remains the binding constraint

Discussions throughout the week reinforced the view that housing delivery will not be unlocked through a single mechanism. Grant funding remains essential, but it is not sufficient on its own.

Equally, private capital is available, but only where schemes are viable, investable and capable of navigating the planning system with a reasonable degree of certainty.

For long‑term investors like PIC, viability is not simply about initial delivery. Returns need to be sustainable over decades to support our pension liabilities, with predictable, inflation‑linked income and robust downside protection.

Many schemes discussed at MIPIM still struggle to meet those requirements once build cost inflation, planning delays and financing assumptions are fully reflected.

Planning timelines continue to exacerbate this challenge. Developers repeatedly highlighted that major schemes can spend years in planning, during which time costs escalate and funding assumptions become outdated.

Build costs remain materially above pre‑pandemic levels, and geopolitical uncertainty risks further pressure. While financing conditions are improving, they remain misaligned with schemes that were originally designed in a very different interest rate environment.

Public policy is moving, but investable opportunities lag

There were clear signs at MIPIM that the public sector is taking steps to address the viability gap. The scale of the government’s commitment through the new Social and Affordable Homes Programme, the expanded role of Homes England and the increasing influence of metro mayors were all prominent themes in conversations with local authorities and delivery partners.

However, the constraint is no longer a lack of policy ambition or capital allocation. The issue is the limited supply of investable opportunities that combine planning certainty, deliverable phasing and funding structures that work in practice.

This was a consistent refrain across meetings in Cannes: capital is not the problem, deployable projects are.

Partnership models as a route to delivery

Against this backdrop, structured public‑private partnerships are emerging as one of the most credible routes to unlocking delivery. For PIC, this is reflected in Habiko, the joint venture with Muse and Homes England launched in November 2024.

Habiko was frequently referenced in MIPIM discussions as an example of how long‑term capital, public backing and development expertise can be brought together in a repeatable way.

Habiko’s ambition is to deliver 3,000 low‑carbon, low‑energy affordable homes for rent over the next decade, with rents set at least 20 per cent below market levels. Importantly, the model is designed to address the issues most commonly raised at MIPIM: planning risk, viability and long‑term funding certainty.

Homes England provides public backing and access to funding tools. Muse brings development capability and experience of working with local authorities.

PIC provides long‑term institutional capital, with the ability to commit over extended time horizons. In combination, this creates a more stable platform for delivery than any party acting alone.

The venture is already moving from concept into execution, with around 820 homes in the pipeline across sites in Chester, Warrington and Solihull. That progress matters.

At MIPIM, there was clear scepticism around new structures that remain theoretical. What resonated more strongly were models that are already translating into homes on the ground.

From alignment to execution

MIPIM 2026 demonstrated that there is no shortage of capital focused on housing, and no shortage of public sector appetite to deliver.

For long‑term investors, the fundamentals remain compelling and demand remains structural. What will determine success is whether partnership models can consistently produce schemes that clear the hurdles of planning, viability and delivery.

The mood in Cannes suggested a growing willingness to work through these issues collaboratively, rather than pushing risk back and forth between sectors. The next test is execution: whether schemes move out of pipelines and into construction at pace.

That, rather than new announcements or new frameworks, will be the real measure of progress over the year ahead.

Jessica Adams, senior investment manager, Pension Insurance Corporation

Boosting affordable homes supply ‘high priority’ for National Housing Bank, says chair

Michael Lloyd — Thu, 16 Apr 2026 09:24:37 GMT

The National Housing Bank (NHB) will “prioritise” the development of affordable homes by providing £16bn through around a dozen financial products, and £53bn in private investment, the new agency’s chair has said.

The bank, which is a subsidiary of Homes England, launched today with an initial £100m partnership with Aviva.

In an interview with Social Housing, NHB chair Peter Vernon said: “Increasing the supply of affordable housing across the country is a really high priority for the agency, that’s both through the grant programme, but also through the additional support that we can provide in other ways.”

Over the next 10 years, the NHB is aiming to support the delivery of over 500,000 homes. This will be through the deployment of up to £16bn in debt, equity and guarantees to house builders, developers, investors and registered providers, plus crowding in £53bn of private investment.

However, Mr Vernon said the NHB will “not be a substitute for market provision”.

“We are there to provide finance and to generate additional private sector financing that would not otherwise happen without our intervention,” he said.

“When we invest as a bank, it’s essential that we’re leveraging that investment to draw in more private sector capital.”

It is understood the bank is aiming to create the conditions for private capital to participate with confidence and speed.

Social Housing understands a significant portion of the £16bn funding will support social and affordable housing and both the NHB and Homes England will report on the proportion of affordable and social homes directly supported on an annual basis.

It is understood the £53bn is based upon internal modelling of expectations of how much private capital is likely to be crowded in alongside financial interventions covering equity, debt and guarantees capabilities.

According to its investment prospectus launched yesterday, the NHB has seven core debt products. These include: an SME accelerator loan, revolving credit facility, senior and mezzanine debt, corporate balance sheet, lending alliances, infrastructure loans and its £1bn share of low-cost loans.

The NHB set out its three core equity products.

These include cornerstone and early-stage investments in collective investment schemes or funds, minority stakes in private joint ventures and partnerships with developers, investment managers and other relevant partners, and public partnerships with other public sector bodies.

In the prospectus, the NHB also said its guarantee programme will be launched over the course of its first year in operation.

The programme will provide guaranteed bonds or loans placed with institutional investors to crowd in private capital, lower financing costs and improve access to long-term funding for housing delivery.

Funding flexibility

Mr Vernon said the bank will be self-sufficient and financially sustainable in the long term, with its overall rate of return across the portfolio used to cover its operating costs and the government cost of borrowing.

In the same interview, Amy Rees, Homes England’s chief executive, told Social Housing that the NHB is structured differently to Homes England and can move its pots of money to where it is most needed.

“The whole point is we now have a new level of flexibility,” she said.

“We don’t have to operate on the very strict rules of a programme that comes to an end and launch a new one. But what we will have to do is keep speaking to Treasury about whether or not we need new capital, how much and what for.”

She added: “The whole point about the bank is we don’t have to operate as a spending department anymore. We don’t have to operate on an annual cycle, and we can permanently recapitalise ourselves and get the money back in.”

Ms Rees said this means the NHB can complete complex financial transactions more easily and more quickly.

Working with Homes England and mayoral combined authorities

When asked about the NHB working with Homes England, Ms Rees said there is the ability to blend Homes England’s grant fund, infrastructure and land with the NHB’s debt, guarantee and equity products.

Ms Rees said that internally at Homes England and the NHB they use the phrase “no wrong front door”, meaning the agency and the bank will refer business to each other.

Mr Vernon said Homes England’s regional model means the NHB has a distribution network around the regions.

This means the NHB can also start to work alongside combined mayoral authorities in partnerships, he said.

Low-cost loans

The NHB has £1bn in low-cost 0.1 per cent loans to deploy within its £16bn pot of equity, loans and guarantees.

Both Ms Rees and Mr Vernon declined to comment on further details on these loans.

However, when asked if there will be more if they prove successful, Ms Rees said it’s “very important to demonstrate what we can do with this money and what sort of social value it brings back”.

She said: “I genuinely can’t predict for you whether more money might become available. But what we do know is that it’s very warmly welcomed, and we need to evaluate really what difference it makes and make a strong case if we think it has been very helpful.”

Iran War

When asked what impact, if any, they expect the Iran War will have on how the NHB operates, Ms Rees said that “‘we don’t know’ is the honest answer” but said the bank is “more important” when the market is difficult.

She said: “We don’t know how long this is going to go on for, and the way in which this crisis ends will obviously [have an impact]. We are all acutely aware and I think literally every citizen of the UK is [aware] of the impacts it could have.”

Ms Rees added: “We don’t know what those impacts would be, but what we do know is... Homes England has a long history of intervening in market downturns, Covid, the financial crash, et cetera, and we know that we need to be fleet of foot.

“What we definitely think is that having the bank gives us a lot of additional firepower when it comes to intervening when difficult things happen. We are more important when the market is difficult than when it’s working great.”

Scottish regulator responds after Holyrood committee recommends ‘comprehensive review’ of agency

James Wilmore — Wed, 01 Apr 2026 13:44:16 GMT

The Scottish Housing Regulator (SHR) has said it will “work with” MSPs if calls for a review of the agency are acted on.

The agency has responded after Holyrood’s Local Government, Housing and Planning Committee recommended that a “comprehensive review” of the SHR’s work be carried out by its successor committee, following next month’s elections.

The SHR has faced ongoing scrutiny from the committee, which is responsible for keeping an eye on how the agency operates. In 2024, the committee wrote to the regulator raising “significant concerns” about evidence it had received about the SHR’s approach.

At the time, George Walker, the regulator’s then chair, said its relationships with the “vast majority” of social landlords were “good”.

In the committee’s latest intervention, through a so-called legacy report, the MSPs revealed that they had written to the regulator in February this year for more information on its “informal engagement and how this is recorded and monitored”.

The MSPs also asked to know more about the SHR’s relationship with its key stakeholders and “the approach to regulatory engagement (following concerns in the past on this issue)”.

The committee also requested details on the regulator’s use of consultants.

It said the review should include “hearing from the stakeholders we have written to previously to ensure they have a regular opportunity to provide their views on the work of the SHR”.

The MSPs also said that an advisor to the committee or the “procurement of specialist research” could help the committee’s scrutiny of the SHR.

In response, a statement from the SHR said: “We welcome engagement with the Scottish parliament, primarily through scrutiny work with the Local Government, Housing and Planning Committee.

“We will work with the new parliamentary committee on any review it wishes to undertake.”

Places for People finalises two-year integration of London landlord

James Wilmore — Wed, 01 Apr 2026 13:22:22 GMT

Places for People (PfP) has completed the full integration of a 102-year-old London landlord, two years after the provider joined the group as a subsidiary.

The 262,000-home organisation announced today that Origin Housing, which operates around 9,000 homes across London and Hertfordshire, and its staff are now “fully part” of PfP after a transfer of engagements.

The merger will “support” £100m of extra investment in Origin’s homes over the next 10 years, according to PfP.

Greg Reed, chief executive of PfP, said it will mean “new investment to improve homes, strengthen services and deliver even better outcomes” for Origin’s residents.

Origin’s staff have been retained and services will continue with “minimal disruption”, PfP said.

Merger talks between the two became public in October 2023 just days after the regulator announced that it was investigating Origin over non-compliance.

Two months later, Origin was handed grades of G3/V3 by the Regulator of Social Housing. Fitch also downgraded the provider’s credit rating to BBB+ in November 2023.

In its full year to the end of March 2025, Origin reported a surplus of £1.2m on turnover of £5.2m.

Origin initially became a subsidiary of PfP in April 2024.

Carol Carter, who had been Origin’s chief executive for the past nine years, has retired, PfP said.

Mr Reed thanked Ms Carter for leading Origin “through a period of major change” and “playing a significant role” in bringing the organisations together.

Origin Housing traces its roots back to 1924, when it began life as St Pancras House Improvement Society, a charity founded by housing reformer Father Basil Jellicoe.

PfP has taken on a number of other smaller landlords in the past two years, including South Yorkshire Housing Association, Elim Housing Association and South Devon Rural Housing Association.

PfP subsidiary Thriving Investments also acquired for-profit provider Rosewood Housing in March 2024 after its owner, house builder Inland Homes, went into administration.

Homes England reveals £100m partnership with Aviva as National Housing Bank launches

Michael Lloyd — Wed, 22 Apr 2026 08:53:00 GMT

Homes England has marked the launch of the National Housing Bank (NHB) by announcing a new £100m partnership with Aviva, an investment prospectus and a “rallying call” for engagement from the sector.

The bank, which is a subsidiary of Homes England, is a new government public financial institution. It aims to support the delivery of over 500,000 homes and major regeneration and mixed-use schemes over the next 10 years.

Backed by the UK government, the NHB will work with house builders, developers, investors and registered providers to deploy up to £16bn of debt, equity and guarantees. It is also aiming to unlock over £53bn of private investment over the next decade.

The NHB officially opens for business tomorrow (1 April).

Homes England’s partnership with Aviva aims to build up to 3,300 homes for rent in underinvested areas of cities, including an initial 300 in Liverpool and Manchester.

Social Housing understands that Aviva has 51 per cent of the partnership, with Homes England the remainder.

Aviva’s investment is being made through its in-house capital unit, Aviva Capital Partners.

The partnership has already secured the Vescock Street development in Liverpool, where 135 homes will be built, and the Moston Lane site in Manchester, where around 150 homes will be delivered.

The launch of the NHB is also backed by a new investment prospectus.

This brings together for the first time Homes England’s full range of capital products, land, powers and technical expertise in one public document. This shows the role the agency and the NHB can play in delivering their pipeline of housing and mixed-use schemes.

The launch of the NHB was marked at a Homes England event attended by senior sector stakeholders in London today.

Speaking at the event, Amy Rees, chief executive of Homes England, said: “Our message today, straightforwardly, is a rallying call. If you’re out there and sat in the audience today as an institutional investor, we’re open for business, come and talk to us.

“If you’re sat there as a registered provider, a developer, a house builder, we are here to help… We are open and together, we now have the tools and firepower to face into the challenges that exist in the market.”

Speaking at the launch event, Simon Century, who was named as chief executive of the NHB last week, said the bank is not building one-off sector transactions.

He said the bank is instead developing “a long-term scalable way of working with the market consistently at pace and most of all in partnership with everyone”.

“The invitation is straightforward – if you have credible schemes, give strong delivery capabilities, and with it, that deep ambition and desire to move quickly, we want to work with you, because if we get this right and we will work together effectively, we can unlock significantly more housing, we can accelerate regeneration and deliver impact level that simply hasn’t been possible before,” he said.

Also speaking at the event, Peter Vernon, chair of the NHB, said: “The National Housing Bank is open for business. We’re not starting from scratch, but we’re building on an excellent, established investment capability in Homes England that is already active, already has a pipeline, and our job now is to significantly increase the size of that pipeline.

“Our message to current and potential partners is come and talk to us at the National Housing Bank. We look forward to working with you to grow the capacity needed to deliver the homes and the neighbourhoods that the country so badly needs.”

The NHB, which is headquartered in Leeds, said it will move quickly to back shovel-ready schemes and will also work with mayors through Homes England’s new regional model to “strengthen collaborative working” with partners and leaders.

Pat Ritchie, chair of Homes England, said the NHB builds on the work that Homes England has already done around investment in equities, but there will be “greater flexibility and a much speedier means of looking across a number of years as we make investments”.

She said the bank will work as part of a joined-up system with Homes England, offering “greater financial flexibility and faster decision-making”.

“We want to work with you to shape how the bank works moving forward and to ensure we’re doing the right things to really galvanise the sector to deliver through both our broader investment plan and the bank as we go through a crucial time for housing and regeneration,” Ms Ritchie said.

Hear from Simon Century at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

Major London landlord secures £50m loan from GLA

James Wilmore — Wed, 01 Apr 2026 07:58:21 GMT

G15 landlord Peabody has agreed a £50m loan from the Greater London Authority (GLA) to help with delivering around 500 affordable homes.

London mayor Sir Sadiq Khan has approved the facility for the 108,000-home group, with the term of the lending running until March 2033. The interest rate was undisclosed.

The loan is from the Homes for Londoners Land Fund, part of Sir Sadiq’s efforts to boost affordable housing delivery in the capital.

The £50m is coming from the reallocation of returned funding from existing housing schemes in London.

Developers in London are still facing challenges around “high interest rates, rising construction costs, the lasting impacts of the pandemic and Brexit, and delays linked to building safety requirements”, according to the GLA.

Wider efforts to tackle the problems around housebuilding in the capital include an emergency set of measures confirmed by the government and Sir Sadiq last week.

Ian McDermott, chief executive of Peabody, said: “This support will help us keep a strong pipeline of new homes coming forward – so more Londoners can find a genuinely affordable place to live in the neighbourhoods they know and value.”

Details of the exact tenures of homes to be delivered were not disclosed. However, the GLA said it will also need to agree an allocation for affordable housing grant for the homes.

A GLA spokesperson said: “Information on the sites proposed to be funded by the loan is subject to agreement and is commercially sensitive.”

As part of the agreement, Peabody will also need to meet the mayor’s requirements on equality, diversity and inclusion, the London Living Wage and building safety.

Sir Sadiq said: “By working in partnership with housing associations like Peabody and making use of available funding, we are accelerating delivery even in the face of significant challenges.”

It comes after Peabody last month agreed a £50m revolving credit facility with CIC London, which is part of French banking group Crédit Mutuel Alliance Fédérale. It was the bank’s first lending agreement in the UK social housing sector.

GLA unveils key guidance for new £324m developer fund open to registered providers

James Wilmore — Wed, 01 Apr 2026 07:54:06 GMT

The Greater London Authority (GLA) has revealed details of how registered providers can apply for a share of £324m as part of widespread efforts to accelerate housebuilding in the capital.

The City Hall Developer Investment Fund was announced at last summer’s Spending Review, aimed at allowing London mayor Sir Sadiq Khan to take a more direct role in unlocking new homes.

An “initial allocation” of £324m is being provided for the fund from central government.

Guidance, published late last week, said the funding could be “grant or loans at sub-market interest rates”, senior or mezzanine debt, or equity or “other forms of investment (or a combination thereof)”.

Eligible work includes land acquisition and enabling works, site remediation, or on and offsite infrastructure that unlocks housing.

The fund could also help with capitalised fees and construction costs required to deliver a project, or “viability gap funding”.

Registered providers, London councils and private developers can apply for the funds.

Eligible projects must be able to achieve practical completion by summer 2029, the guidance said.

The package is part of a wider effort to tackle a sharp slowdown in housebuilding in the capital amid the tough economic environment.

Between April and September last year, five London boroughs recorded zero affordable housing starts, City Hall data revealed.

Last week, the government and Sir Sadiq also confirmed a package of emergency measures, including a new fast-track planning route for sites delivering at least 20 per cent affordable housing.

The plans were announced last October, but have been subject to a consultation.

As part of the measures, Sir Sadiq is getting expanded powers to have direct control over housing schemes at risk of being blocked.

Developers will also get temporary relief from the Community Infrastructure Levy on schemes that meet affordable housing targets.

London is also getting access to £1.5bn out of the total £2.5bn being offered as low-cost loans for housing associations, which will be administered by the newly launched National Housing Bank.

Private equity firm registers two for-profit housing providers

Sarah Williams — Thu, 09 Apr 2026 14:12:47 GMT

A London-headquartered private equity firm has registered two for-profit providers with the Regulator of Social Housing (RSH) to bring its total to three, Social Housing can reveal.

Tristan Capital Partners was already the ultimate owner of one for-profit, Zen Housing Ltd, which entered the regulator’s list in November 2021.

The latest registration data released by the RSH shows that two more providers have now been established: Zen Housing 2 Ltd and Zen Rented Limited.

According to its website, Tristan Capital Partners invests on behalf of institutional investors as a “specialist pan-European real estate manager”, and has more than €15bn (about £13bn) of assets under management across Europe.

The new for-profit providers officially entered the RSH list on 5 March.

As is the case for Zen’s original registered provider, the parent and owner for each new provider is Pegasus Affordable Limited, which is majority-owned by entities belonging to Tristan Capital Partners.

Zen Housing’s website notes that it intends to deliver “5,000 thoughtfully designed homes” by the end of 2027, working with house builders and other partners.

It adds that there is a focus on “developing new, affordable housing options across England, with an emphasis on shared ownership and affordable rent”.

The board of Zen’s existing registered provider features familiar figures from the social housing sector.

These include Helen Evans, who was chief executive of Network Homes and, following the housing association’s merger, deputy chief executive of Sovereign Network Group until the end of March 2025. Ms Evans also currently chairs 23,000-home landlord Moat.

Zen’s board is chaired by Lesley Seary, a former chief executive of Islington Council. Other non-executives include Alan Ward, a consultant at Savills and a former chief executive of housing association Silva Homes (now part of Abri Group).

These board members are also listed as directors for each of the two new entities, Companies House filings show.

Last year, Zen Housing agreed a property management deal with Pinnacle, a subsidiary of housing association Hyde Group. At the time of the announcement in October, Pinnacle had taken 135 homes into management on behalf of Zen.

Tristan Capital Partners declined to comment when contacted by Social Housing for extra information on the new registered providers.

Hyde looks into more partnership deals with institutional capital

Michael Lloyd — Mon, 30 Mar 2026 10:45:09 GMT

Hyde’s chief financial officer said the housing association was preparing for more partnership arrangements with institutional capital, following its new deal with Legal & General (L&G).

Speaking at the Housing Finance Conference, Rod Holdsworth said the group was looking at the idea, as institutional investors will become “increasingly more important” in the sector.

“We’re preparing ourselves to do more of these arrangements, because I think there is an alignment,” he told delegates.

Last week, Hyde announced the launch of a new joint venture with insurer L&G, which the G15 landlord said was an attempt to tackle the “funding gulf” in affordable housing delivery.

During a panel session at the conference, Mr Holdsworth was asked how to find the right investment partners. He replied that the key was to “experiment to find the best solution”.

Mr Holdsworth said the deal with L&G took a year to establish and Hyde was “really pleased” with the result.

He said a previous partnership deal with institutional investor M&G on the latter’s own for-profit provider had worked “really well” for the past nearly seven years, but took around three years to set up.

Mr Holdsworth added: “The investment returns are going to be there. I think we can find enough institutional capital to come in which shares this longer-term view... which is really important.

“We always insist that while they may own the assets, we will manage it and look after the customer for them, and that’s really important to us at Hyde. They’ve got to share our ambitions.”

He said that “you get a feel for it when you’re working on a deal for 12 months with the other party as to whether or not they share your values”.

Mr Holdsworth added: “We spend a lot of time making sure the regulator is comfortable with the relationship and the partnership, and the assets are suitably protected into the long term as well.”

He said institutional investors will become “increasingly more important” in the sector.

“It’s through those partnerships which is how we’re going to address this pretty enormous affordable housing challenge that we’ve got,” he said.

Mr Holdsworth said pension investment will be the “future of things to come”. Both L&G and M&G manage pension capital.

The chief financial officer said: “There is £3tn worth of UK pension assets out there, and many of them are starting to realise that investing in affordable social housing is a really good, solid investment for their pension customers, in terms of an asset-based, long-term secure government-backed income. What better form of pension asset investment could you have?

“We’ve been doing quite a bit on that sector for a few years now, and I think that is the future of things to come if it is going to seriously address the affordable housing crisis.”

Last October, Hyde unveiled the names of four new entities it intends to establish as for-profit registered providers: Hyde Harlescott, Hyde Heathwood, Hyde Hollands and Hyde Humber. All four were described as “subject to an application to be a for-profit registered provider”.

Hyde is currently rated C1/G1/V2 by the Regulator of Social Housing.

After acquiring property management specialist Pinnacle in October 2024, the housing association now owns and manages around 125,000 homes. This will rise by another 900 homes when Hyde takes on East London-based landlord Arhag as a subsidiary on 1 April.

Places for People extends diversification strategy to banking with sector’s first ‘Samurai’ loan

Sarah Williams — Wed, 15 Apr 2026 16:21:23 GMT

Places for People (PfP) has accessed its first non-sterling bank deal via the sector’s debut ‘Samurai’ loan, marking an extension of the diversification strategy the group has pursued in the debt capital markets.

This type of loan allows cross-border access to regional Japanese markets, with a syndicate of lenders providing financing for a loan arranged outside of the country.

Tokyo-headquartered MUFG arranged the yen-denominated loan from 14 lenders, primarily based in Japan, allowing the UK housing association to raise funds totalling £200m.

Matt Cooper, tax and treasury director at PfP, told Social Housing that the deal marked a continuation of the group’s strategy to diversify its funding sources.

The approach has previously seen it access non-sterling deals through the capital markets.

Mr Cooper said PfP was keen not to rely on “one type of issuance or investor base”.

“I think that does really pay dividends when you have got challenges in the market,” he added.

The deal transacted on 13 March, two weeks after the US and Israel’s attack on Iran sent a fresh wave of volatility across financial markets.

The term loan is split into tranches of three and five years, and marks the first time PfP has taken a non-sterling approach to a bank deal.

It followed an in-person roadshow in Tokyo over three days in December, and a Q&A period with investors extending into January.

MUFG acted as mandated lead arranger, bookrunner, sole co-ordinator and sole hedge provider.

Commenting at the time of the deal announcement, Sanjay Narbheram, head of housing finance at MUFG EMEA, said the loan “underscores the strategic efforts of Places for People and MUFG, including a targeted roadshow in Japan engaging both Japanese and international banks, to broaden PfP’s investor universe and deliver the strongest possible outcome”.

Mr Cooper told Social Housing that the housing group had been “diversifying [its] investor base for the last number of years”.

He added: “Our approach has really been to manage our corporate treasury as a ‘corporate’ treasury – in the same way that a company with £5bn or £6bn of debt would manage it.”

Audited accounts show that, at the end of the latest full financial year (to 31 March 2025), PfP’s net debt stood at £4.7bn. During the period, it recorded a pre-tax surplus of £376m on turnover of £1.1bn.

At the year-end, it owned 77,124 social homes as part of a combined total of 262,670 homes owned or managed.

Mr Cooper told Social Housing that, of the total debt the group holds today, around 25 per cent has been raised through non-sterling transactions. This has included capital markets deals in Japanese yen and Hong Kong dollars in recent years, as well as earlier deals in Australian dollars.

However, prior to the Samurai deal, PfP had not agreed any such deals as a bank loan, with the bulk of its non-sterling deals issued through its Euro Medium-Term Note (EMTN) programme but transacted as private placements. The EMTN currently stands at £4bn in size, of which £3.3bn has been issued to date.

The group also has some US private placements, which have their own programme.

“This is the first time we’ve looked at a bank diversification strategy,” Mr Cooper said.

The pricing secured on the deal is undisclosed, but was “competitive”, he said. The deal offered PfP access to funding at a shorter maturity during a period in which interest rates have been “so high, especially at the long end”.

“We’ve had to shorten the maturity of some of our debt,” Mr Cooper said, pointing to the seven-year, £400m bond issued by the group a year ago.

“That was to bring the overall pricing down, as opposed to issuing the sort of traditional 20 to 30-year bond.

“And the Samurai allowed us to access three and five-year money which, again, is something that just makes it more competitive.”

In trying a new approach, the group was also comforted by the comparative prevalence of this kind of deal in the wider commercial world of corporate finance.

“From a corporate perspective, a Samurai loan is quite a standard approach, and the investor base in Japan is very strong and interested in investing in high-quality credits like the sector, with good ratings,” Mr Cooper said.

“So although it’s innovative for the social housing sector, it’s not necessarily innovative for the corporate world – and that was part of the attraction.”

RCFs and refinancing

Despite the Samurai representing PfP’s first non-sterling bank deal, the group’s strategy of pursuing a more ‘corporate’ approach to treasury was already reflected in its loan book in other ways. In 2022, the group completed a major refinancing exercise to create a £900m revolving credit facility (RCF) structured as a syndicate of eight lenders, among them MUFG.

The unsecured facility, which included sustainability linkages, placed all lenders on the same terms and was intended to achieve the kind of structure more commonly seen in corporates.

Today the syndicate stands at £1.325bn, with nine banks.

Although the Samurai deal is a term loan and does not form part of the syndicate, the terms “broadly mirror” those of lenders in the RCF, Mr Cooper said.

There is no sustainability linkage, but Mr Cooper said that the Japanese lenders were in part attracted to the social purpose of the sector.

PfP needs to raise ever larger funds as it continues to grow through partnerships. In December, 900-home Elim and 5,700-home South Yorkshire Housing Association became the latest additions as part of a string of mergers.

Bringing these two providers into the group has seen PfP refinance around £100m of debt (combined), with the Samurai loan in part contributing to this.

“Part of our strategy on the merger front is to get the debt into a consistent format [and to move it] towards unsecured issuance,” Mr Cooper said.

“As our requirement for cash increases, it makes sense to look at a more diverse pool of funding in the same way that a corporate treasury team would outside of the sector.”

However, sterling will continue to play an important part of the group’s funding mix, Mr Cooper emphasised.

“None of this takes away from the importance of the UK market – that’s always going to be key. It just gives us different options and access to different parts of capital.”

Gain insights from inside and outside the housing sector in our focused treasurers stream at the Social Housing Finance Conference, taking place on 14 May in London. New for 2026, this specialist stream is delivered in partnership with the Association of Corporate Treasurers. Click here to learn more.

Government pledges £70m to tackle post-Grenfell building safety professionals shortage

James Wilmore — Fri, 27 Mar 2026 09:43:08 GMT

The government has pledged to spend £70m over the next three years to boost the number of registered building inspectors and fire engineers available to tackle building safety issues.

The move is a response to the Grenfell Tower Inquiry, which highlighted a shortage of qualified professionals in “safety-critical roles”, and recommendations from a House of Lords committee late last year.

The long-running lack of building safety inspectors has caused widespread problems, including some councils last summer pausing building control applications.

As part of the measures, announced by the Ministry of Housing, Communities and Local Government (MHCLG), up to 700 new registered building inspectors are expected to be trained. This total will include inspectors designated as ‘Class 3H’, meaning they can inspect “high-risk buildings”.

Funding is also being made available for upskilling current registered building inspectors, MHCLG said.

In total, £55m will be spent on building control.

The remaining £15m will be used to fund bursaries in fire engineering higher education programmes, higher education provision, research and academic capacity.

Building safety minister Samantha Dixon said: “We’re boosting the building safety workforce to get more skilled building inspectors and fire engineers into the system quickly to keep people safe and unlock the new homes this country needs.

“This is a vital step in building 1.5 million safe homes and ensuring we continue to deliver on lessons from the Grenfell Tower tragedy.”

The government also yesterday launched a nine-week consultation on reforms to speed up cladding and remediation work on “higher-risk” buildings.

The changes are aimed at making the building control regime in higher-risk buildings “more proportionate and focused on the highest-risk work, while not compromising on safety”, MHCLG said.

“At the moment, a significant number of simple, small-scale jobs are being treated like major safety-critical work (‘Category A’),” the department said.

“This is slowing down building repairs and improvements and putting additional pressure on applicants and the Building Safety Regulator.”

Thouria Istephan, interim chief construction advisor at MHCLG, said: “These reforms will speed up essential projects, such as cladding and remediation, reduce avoidable delays and maintain strong protections for residents before, during and after building work.”

Market digest: housing association bond yields – March 2026

Social Housing — Fri, 27 Mar 2026 06:30:00 GMT

How did financial market movements and political swings affect housing association bonds in the secondary market in March 2026?

At a glance

Market summary
Sonia rates
Gilt yields
Swap rates
Retail bonds
UK Treasury reference gilts
Housing association public issues

Special report: consumer gradings drive improvements in tenant satisfaction

Keith Cooper and Chloe Stothart — Thu, 16 Apr 2026 09:24:09 GMT

For the second year running, Social Housing has analysed tenant satisfaction measures and consumer regulation gradings at social landlords, to find out whether the regime is making tenants happier. Keith Cooper and Chloe Stothart report

At a glance

Registered providers in the bottom quartile for overall satisfaction in 2024 saw a 2.6 percentage point median rise in this headline measure over the year 2024-25
Median overall satisfaction levels fell 0.2 percentage points in that time for landlords that were in the highest-performing quartile in 2024
The median overall satisfaction with rental homes between 2023-24 and 2024-25 rose just half a percentage point to 72 per cent
An average fall of 1.6 percentage points was recorded for shared owners, but to the much lower level of 48 per cent

Social landlords with the least happy tenants saw the biggest improvements in key satisfaction scores last year as the tenant satisfaction measures drove service improvements and restructures, and even eased merger talks.

Exclusive analysis by Social Housing has found that registered providers in the bottom quartile for overall satisfaction in 2024 saw a 2.6 percentage point median rise in this headline measure over the year 2024-25. In comparison, median overall satisfaction levels fell 0.2 percentage points in that time for landlords that were in the highest-performing quartile in 2024.

The five providers with the lowest consumer rating of C4 in 2025 – all of which were local authorities – boosted their overall satisfaction scores for rented homes by 2.5 percentage points, compared with a more marginal 0.6-point gain in the more numerous landlords with top C1 ratings.

Download the data

Social Housing has also for the second year split landlords’ key tenant satisfaction measures (TSMs) into quartiles and compared them with consumer ratings issued by the Regulator of Social Housing (RSH).

These findings suggest that the RSH’s two-year-old consumer regulatory regime, which introduced TSMs, has begun to drive improvements – in particular at the poorest-performing landlords.

The RSH says two years of TSMs have shown “early signs of improvement”, but cautions: “It’s too early to see definite trends at this stage. In the longer term, trend data from the TSMs is likely to give useful insights.”

The median overall satisfaction with rental homes between 2023-24 and 2024-25 rose just half a percentage point to 72 per cent, according to the RSH’s own analysis. An average fall of 1.6 percentage points was recorded for shared owners, but to the much lower level of 48 per cent.

These fractional increases masked some significant swings.

The biggest rises and falls for rental homes are in the complaint-handling TSM. Satisfaction levels at Cross Keys Homes for rental homes on this measure rose by 26.7 percentage points as they fell by 23.4 percentage points at Legal & General Affordable Homes. However, a different Legal & General (L&G) landlord, Legal & General Affordable Homes (AR), saw satisfaction on this measure rise slightly by 1.2 percentage points.

An L&G spokesperson says: “The figure referenced relates to a small subset of customers within one of our seven registered providers and doesn’t reflect the broader experience of our customer base. Across our services, overall satisfaction during the period was in line with sector averages, and we work hard to deliver a consistent service for all residents. Listening to our customers is central to what we do, and acting on their feedback has helped us improve service delivery and achieve more consistent satisfaction scores over the past year.”

Resilience must not be ‘sacrificed in pursuit of growth’, Riverside finance boss warns

Sarah Williams — Fri, 27 Mar 2026 16:42:44 GMT

The finance boss of major housing association Riverside has warned of the “cumulative effect” of financial pressures on the sector and the need to ensure long-term resilience is not “sacrificed in the pursuit of growth”.

Cris McGuinness said that although the sector had navigated difficult periods before, the difference now is the “persistence of the challenge and the speed at which our assumptions can change”.

Ms McGuinness, who has been chief financial officer at the Liverpool-headquartered Riverside since 2018, was speaking at an event a short distance across the city on Wednesday 25 March.

She told delegates at the Housing Finance Conference: “What worries me most is the cumulative effect of pressure, rather than any single issue. Higher interest rates, rising regulation, expectations, increased spends on existing homes – they’re all manageable in isolation, but the challenge is when they land at the same time, and their persistence, and that puts the strain on our measures.”

Riverside manages around 75,000 homes around England and Scotland.

Referring to recent financial metrics published by the Regulator of Social Housing (RSH) – including a second consecutive year in which the EBITDA MRI (earnings before interest, tax, depreciation and amortisation, major repairs included) interest cover for English providers fell below 100 per cent – Ms McGuinness said: “This erosion of margin invariably reduces our ability to absorb further shocks.”

“And they seem to keep on coming, whether those are financial, regulatory or operational, and directly impact our capacity to build long-term resilience.”

The RSH’s Global Accounts for 2025 showed that the cost of servicing debt increased by eight per cent last year, with total interest costs standing at £4.8bn. Meanwhile, repairs and maintains costs saw a 13 per cent increase, reaching £10.0bn in the year, of which £3.9bn was capitalised.

The impact of cumulative pressures was particularly acute for providers carrying “legacy issues or large compliance programmes”, Ms McGuinness said.

Riverside reported a pre-tax surplus of £9.9m in its latest financial accounts to the year ending 31 March 2025. The report noted increased social housing costs per unit as a result of boosted major repair activity, including “significant fire safety expenditure on tall buildings within the legacy One Housing Group stock portfolio”. Riverside took on 17,000-home London-based One Housing as a subsidiary in 2021.

The combined group currently holds long-term ratings of A- from Fitch and Baa1 from Moody’s, both with ‘stable’ outlooks.

Ms McGuinness told delegates: “My concern is less about whether the sector can cope in the short term and more about the risk of the gradual erosion of resilience if we’re not disciplined about prioritisation.”

Despite the “very welcome support” from the government intended to support new delivery – in the form of the rent settlement, new grant programme and low-interest loans – housing providers still face a “very substantial ask” in relation to existing homes, she said.

“Upgraded standards through Decent Homes two, [Minimum Energy Efficiency Standards] and wider regulatory expectations require levels of investment that are both unavoidable and long-reaching,” Ms McGuinness added.

“I don’t think there’s any question about the sector’s desire to deliver on the shared ambition for more homes. But I think for many of us in this room, there is also a sober nervousness about the ongoing challenge of balancing new supply against the scale of investment now required in our existing stock.”

This challenge appears even more pronounced in the context of wider economic turbulence. As Social Housing reported last week, housing providers are being advised to keep their funding options open in the wake of the latest shock to global financial markets.

“While the 10-year rent settlement and rent convergence provide us with some certainty, it increasingly feels to me as though much of that benefit is being eroded by a higher finance and operating costs that has detrimental impact, not just on providers, but on our customers, who are often the most exposed to these pressures,” Ms McGuinness said.

Elsewhere, the chief financial officer referred to the proposed role for “innovation”. She noted that “a number of new financial structures” had been put forward over the course of the past year designed to support delivery of the government’s new homes ambition, but did not specify which models in particular she was referring to.

However, broader conversations within finance circles have increasingly centred around whether equity capital and/or off-balance sheet structures could provide a solution to some of the headroom limitations facing providers via more established debt finance routes. This has included partnerships with institutionally backed for-profit registered providers, including for-profits set up by housing associations.

Ms McGuinness said: “As the saying goes, ‘Necessity really is the mother of invention.’ But innovation alone is not a substitute for capacity.

“The real challenge for us as housing providers now is one of prioritisation, is one of being clear about where limited financial and organisational capacity is best deployed, being honest about the trade-offs involved, and ensuring that resilience is not sacrificed in the pursuit of growth.

“I think resilience in this context is not just about access to funding. It’s about strong governance, realistic business-planning and discipline decision-making, particularly when the pressures show no sign of easing quickly.”

RSH to consult with sector as it eyes changes to regulatory approach

Michael Lloyd — Thu, 26 Mar 2026 16:20:09 GMT

The outgoing chief executive of the English regulator has said the body will “proactively engage” with the sector on evaluating its approach, including whether it refreshes parts of its economic regulation.

Speaking at the Housing Finance Conference in Liverpool today, Fiona MacGregor said there had been “a load of changes” since 2015 when the current economic standards were introduced.

“Over the coming months, we’ll continue to reflect on how we best regulate for the future,” she told delegates.

“There are areas that we might refresh within our economic standards, our broader regulatory principles, to ensure that the next regulatory cycle is agile, assertive and modern.

“As we do so, we will proactively engage our stakeholders, ie all of you, in our discussions to inform our thinking.”

Ms MacGregor, who is due to step down from the Regulator of Social Housing (RSH) next month after a decade at the helm, said the RSH will be looking at its economic regulation and how it uses, analyses and reports data and gives feedback to the sector.

It comes after Ms MacGregor said last September that the economic standards may require a “refresh”.

Sophisticated funding models

Ms MacGregor was asked if the sector needed more financial expertise and a willingness to embrace sophisticated finance techniques, or if she would rather it be kept simple.

She said there is “huge merit” in simplicity, but that does not mean landlords should avoid trying new things.

“Every decision you make brings risk with it,” she said. “You must be able to manage that risk.”

Ms MacGregor said that if using a sophisticated financial model or technique is code for “people won’t understand and we’re just going to confuse everyone”, she is “not sure that’s beneficial”.

She said availability of finance is not the issue the sector faces and the fundamentals in social housing finance remain the same.

“You’ve got rents that are set by government that can support a certain amount of borrowing,” she said. “You can support more borrowing if you can manage your borrowing interest cost down; there are ways you can do that.

“And then there’s a gap between that and the actual cost to build the home. Some of that gap will be a cost, some will be covered by grant, some of it will be covered by cross-subsidy.

“But those are the basics, bringing in whatever form of sophisticated finance is fantastic, but you still have to pay for that, and those fundamentals of how you pay for it remain the same.”

‘Seize the opportunity’

In her last public speech as the regulator’s boss before her upcoming departure, Ms MacGregor urged the sector to ensure that current and future tenants “remain at the heart of what we all do”.

She said: “We know social housing makes a real difference in people’s lives, and that we need more of it, and I think we’re united in this vision,” she said.

She added: “The task now is for the sector to seize the opportunities that have been presented by the various funding and rent announcements, where you can do so for the benefit of current and future social housing tenants.”

Sector remains ‘strong’

Ms MacGregor said that despite the sector’s challenges, the fundamentals of social housing “remain strong”, with high demand and predictable rental income following a long-term settlement and convergence.

She said the regulator’s latest Quarterly Survey illustrated that investment in the sector “remains robust”.

When asked whether the sector is in a stronger position today than in the past, Ms MacGregor said that while financially it isn’t, as there have been “much more benign times” in terms of its finances, the sector is “much more robust”.

She said: “The sector is much, much more mature in thinking about and dealing with risk, that ability to show resilience in a set of unprecedented and prolonged changes in circumstances, at events that we would never foresee.”

Achievements

Ms MacGregor said one achievement she is “most grateful for” is not losing the sector’s no loss and default record.

“I’m really grateful to the people in the room whose organisations have helped us to maintain that as well,” she said.

When asked what she is most proud of, Ms MacGregor said the regulator is in a “good place” and hopes it works “really constructively” with the sector.

She said: “I think our objectives are aligned. That doesn’t mean we’re soft. I never, ever think we’ll be soft just because we think we’ve got aligned objectives.”

Ms MacGregor said that taking the regulator out of the Homes and Communities Agency to become a standalone organisation has “worked pretty well”.

In addition, she said she and her colleagues believe that the introduction of the revised consumer standards and the move to the inspection regime has “gone better than any of us had ever dared to hope for”.

“I think it is driving improvement in the sector,” Ms MacGregor said.

Future

When asked where she sees the sector in 10 years’ time, Ms MacGregor said it will still be here providing “much-needed” affordable homes.

She said there will be some small or medium-sized providers starting to think about whether they can deliver more if they are a “little bit larger and a little more resilient to shocks”.

She added: “I think you’ll see a bit more by way of consolidation and mergers. You will see new entrants coming into the sector and that’s good to keep the sector delivering more.”

Ms MacGregor said that she does not believe new entrants will be the “silver bullet that’s going to be game-changing”, but that she believes the sector will be “slightly more diverse” within the next 10 years.

“Some of this depends on elections and who’s in power, and that’s really hard to speculate on and I’m not going to do that,” she added.

MHCLG looking at help for shared owners as NAO warns over ‘complexities’

James Wilmore — Thu, 26 Mar 2026 14:56:15 GMT

Ministers are exploring what more can be done to help shared ownership residents amid fresh criticism of the tenure and concerns over a lack of full data from social landlords.

A new 39-page National Audit Office (NAO) report said that “complexities” around service charges and staircasing mean some residents do not understand the “longer-term financial risks”.

The watchdog also claimed that incomplete data submitted by social landlords means the government does not “fully understand customer journeys and experience” for the tenure.

Gareth Davies, head of the NAO, acknowledged that shared ownership “remains an important route into homeownership”.

But he added: “It is complex, and weaknesses in information, affordability, data quality and redress mean that government does not yet have a full understanding of how the model works for consumers.”

Social landlords are required to submit detailed sales data on shared ownership to the Ministry of Housing, Communities and Local Government (MHCLG) through the CORE (Continuous Recording of Social Housing Lettings and Sales) dataset.

However the NAO’s report said: “CORE does not have a full response rate and has historically incomplete data returns.

“CORE records returns from shared ownership providers which may be incomplete, but MHCLG cannot see if the provider had more sales that it did not report in its return.”

It added: “CORE cannot provide a complete picture of shared ownership, limiting MHCLG’s ability to track shared ownership outcomes and identify where the model works most effectively.”

The NAO said MHCLG also did not “routinely escalate or enforce cases of non-compliance”.

Last month, the organisation that operates the sector’s Shared Ownership Code appointed a new director to help registered providers with compliance.

Shared ownership has been dogged by criticism in the wider media in the past few years as residents have spoken out over issues such as rising service charges and costs related to staircasing.

The number of homes built for shared ownership has nearly doubled in the past decade, with 20,353 delivered in 2024-25, making up 11 per cent of the supply of all new build homes, according to the NAO.

However a Social Housing special report, published in January, found that growth in shared ownership sales had slowed to a five-year low.

Alistair Smyth, director of policy and research at the National Housing Federation, acknowledged that shared owners have “faced challenges and that service charge increases in particular can be a significant financial burden”.

He encouraged housing associations to sign up to the Shared Ownership Code. “Through this we can address many of the issues identified in this report, providing better information for buyers and ensuring the system works fairly for everyone,” he added.

An MHCLG spokesperson said: “As the report rightly acknowledges, shared ownership has an important role to play in supporting households into homeownership, who would otherwise struggle to afford to buy.

“We are aware of challenges faced by some who have entered the scheme, but we have already strengthened shared owners’ rights, made sure there is greater transparency and fairness of costs, and enhanced data collection.

“We continue to explore what more can be done to improve the experience of shared owners.”

Former Homes England chief steps down from Places for People board

James Wilmore — Fri, 27 Mar 2026 16:47:24 GMT

Peter Denton, former chief executive of Homes England, has stepped down from the board of giant landlord Places for People (PfP) partly to avoid potential conflict of interests related to his other work.

Mr Denton, who is also former chief executive of G15 landlord Hyde, left his role as a non-executive director at the 245,000-home group this month. He had been on the group’s board for a year.

However, Mr Denton is remaining as a strategic advisor to PfP.

He told Social Housing: “The demands of my wider work across UK and European housing, regeneration and placemaking have grown significantly and I also wished to minimise the resulting potential for conflict.

“I love working with Places for People – it’s an exceptional organisation with a distinctive culture and purpose – and will continue to wholeheartedly support its mission and leadership.”

A Places for People spokesperson told Social Housing Mr Denton had been on a 12-month contract but had chosen not to potentially carry on in his role and instead become an advisor.

In January this year, Mr Denton took up a role as a senior advisor to London-based developer Oval, according to his LinkedIn profile. He is also listed on the firm’s website.

The former investment banker is also the founder of an entity called McGregor Advisory and involved with Paris-based European investment firm Eurazeo as a member of its real estate investment committee, according to his LinkedIn.

When he joined PfP’s board, it was his first publicly announced role since leaving Homes England, which he led for three-and-a-half years before leaving at the same time as the agency’s chair, Peter Freeman.

Prior to Homes England, Mr Denton spent nearly five years at Hyde, including two years as chief executive.

He came to the housing sector after a career in investment banking, which included spells at BNP Paribas, Barclays and Deutsche Bank.

Richard Gregory, chair of Places for People, said: “Peter has made a significant contribution to PfP Group since he joined the board last year and so I’m delighted that he will stay close to the group and we will continue to benefit from his experience, skill and unique insight in his role as a strategic advisor.”

MHCLG to work with sector bodies to create social housing taskforce

Michael Lloyd — Wed, 25 Mar 2026 17:32:57 GMT

The government will speak with sector bodies “in the coming weeks” as it works on setting up a social and affordable housing taskforce, the housing secretary has said.

Steve Reed said the taskforce will have “ambitious commitments” to deliver more homes.

Speaking via a video message at the Housing Finance Conference in Liverpool, Mr Reed said the taskforce will be an opportunity for the sector to “speak frankly” with the Ministry of Housing, Communities and Local Government (MHCLG) about the challenges housing providers are facing to “overcome them together”.

He said that “in the coming weeks”, his department will work with the National Housing Federation, Local Government Association and other sector bodies to finalise a compact – an agreement between a government agency and organisations on how a working relationship will operate.

The compact will be overseen by a taskforce of representatives from “right across the sector”, Mr Reed said, with “ambitious commitments… at its heart”.

This will mean the government can be “certain” the increased funding and rule changes it has introduced result in “more ambitious” building plans from housing associations, councils and other registered providers, the housing secretary said.

“It will also give us stronger shared oversight of how quickly we are building new homes at the high-quality standards we all expect,” he added.

Mr Reed said that MHCLG will set out the terms of reference and membership of the group “as soon” as it can. Once set up, he will receive a regular report from the taskforce.

The government first announced it will set up this taskforce as part of the its raft of policy announcements in January, which included low-cost loans, rent convergence and a new Decent Homes Standard.

However, it appears that the publication of the government’s long-term housing strategy has been delayed further, as Mr Reed suggested that it will now appear in the summer. It was originally expected in spring 2025, then the government committed to producing it by March this year.

Mr Reed said in the video message: “This summer, our long-term housing strategy will underscore our absolute commitment to the principle of social housing, with our vision of safe, secure, decent and affordable homes for everyone.

“For as long as I have a seat at the cabinet table and a desk in the department, social housing will be at the heart of this government’s housing policy. I look forward to continuing to work with all of you to get Britain building.”

Partnering with the sector

Mr Reed said as housing secretary, he has made it his priority to “get Britain building” and that meeting the 1.5 million homes housebuilding target is not down to the government alone.

“We can only do it in partnership, and all of you are central to that,” he added.

“Our commitment to the biggest increase in social and affordable housing in a generation isn’t just about numbers, it’s about quality, decency and affordability.

“I’m focused not just on increasing supply, but also a transformational and lasting change in the safety and quality of homes.

“This country has not built enough social and affordable housing for decades, and we need every part of the social and affordable housing sector working in lockstep to reverse that.”

Mr Reed said that he was “delighted” that MHCLG received the first bids for the £39bn Social and Affordable Homes Programme within the first few hours when it opened on 24 February.

He urged housing associations to “be bold and be ambitious” in their bids.

“To anyone today who is looking to do the same and make a bid, I say, ‘Be bold and be ambitious,” Mr Reed said.

“Consider applying to be a strategic partner with multi-year deals, not just for individual projects.”

Homes England has almost tripled the funding cap for strategic partners to £700m under the new programme.

Right to Buy discounts

Mr Reed said that it’s “also important” to step in to protect existing stock, which is why the government is returning Right to Buy discounts to 2012 levels.

Further reforms in this area will be announced “shortly”, he said.

Sector hails ‘certainty’ as government reveals plans for delayed Future Homes Standard

James Wilmore — Wed, 25 Mar 2026 16:54:53 GMT

Sector bodies have welcomed the publication of long-delayed regulations on making new homes zero-carbon ready.

The government yesterday published its response to a consultation on the Future Homes and Buildings Standards, aimed at ensuring new homes have low-carbon heating and are highly energy efficient.

Under the standards, developers will be expected to build new homes with on-site renewable electricity generation, with the majority of this likely to be solar panels. However there will be exceptions, including high-rise buildings.

Most homes will also be expected to have “low-carbon” heating, such as heat pumps or heat networks.

Matthew Scott, policy manager at the Chartered Institute of Housing, said the standard is the “final piece of the jigsaw that will give housing professionals the certainty they need to expand their housebuilding programmes”.

The new standard is due come into force on 24 March 2027 for most homes, but there will then be a 12-month transition period.

The National Housing Federation also welcomed the announcement.

“This now gives housing associations the clarity and certainty they need as they embark on the delivery of a generation of new social homes that are warmer, more comfortable and cheaper to run for residents,” the body said.

“We welcome the role of low‑carbon technologies within the standard – including heat pumps, supported by digital instruction manuals for residents, as we recommended to government.”

It added: “We also support the important role for solar panels, and the sensible recognition that it will not be appropriate in every circumstance, and the provision for new homes to connect to heat networks in a compliant way.”

The standard has taken around a decade to become a reality. The previous Labour government, under Gordon Brown, committed to a zero-carbon homes standard to come into force from 2016, but the plan was abandoned by the Conservative government in 2015.

The Housing Forum said the delays had “caused uncertainty”.

“This contributed to some of the problems we have seen with social landlords being unwilling to take on new homes built with gas boilers, even though these are in line with current regulations,” said Anna Clarke, the organisation’s director of policy and public affairs.

She added: “Recent world events have highlighted how important it is to insulate people from the effects of volatile gas prices – homes built to the Future Homes Standard will use much less energy than older homes.

“Now that we know the detail and timelines, the housing sector can plan ahead with certainty – designing, planning and building new homes for a low-carbon future.”

Midlands landlord sees finance chief leave, while boss decides to stay on

James Wilmore — Wed, 25 Mar 2026 15:56:27 GMT

PA Housing’s chief financial officer is stepping down after a year in the role, while the group’s boss is staying on after previously being expected to leave by this month.

Jessica Friend, who joined the 24,600-home landlord from Platform last March, is leaving after what PA Housing said was a decision to “streamline the executive structure”.

A filing said: “The board expresses its appreciation for her strong performance and contribution during a period of transition.”

As a result, Simon Hatchman, the 24,000-home landlord’s current executive director of resources, is taking over the finance reins as part of a new combined role.

PA Housing said the move is part of a “broader cost efficiency programme”.

The Leicester-headquartered landlord reported a group post-tax surplus of £3.4m in its last full year, following a deficit of just over £2m the previous year.

PA Housing also announced that its chief executive, Michael McDonagh, has decided to stay on for an “extended period”.

Mr McDonagh was due to step down this month after an announcement about his planned departure was made last October.

The landlord said he is staying to “provide continuity as PA focuses on its journey to becoming C1 with the Regulator of Social Housing”.

Last September, PA Housing was handed a compliant C2 grade for consumer standards, but the regulator flagged “some weaknesses” and said “improvement was needed”.

At the same time, the group retained its G1/V2 status.

Mr McDonagh, a former long-serving KPMG executive, initially took on the top job at the group on an interim basis in late 2022. He was given the job permanently three months later.

In September last year, he warned that the “next 12 months will continue to be challenging, and we will face these challenges head-on”.

At the time, PA Housing revealed that it had paused taking on new development sites in its 2024-25 financial year due to difficult market conditions, including contractor insolvencies.

PA Housing did not respond to a request for additional comment.

RSH investigating Heylo’s for-profit registered provider over possible ‘serious failings’

Michael Lloyd — Wed, 25 Mar 2026 14:59:27 GMT

The Regulator of Social Housing (RSH) has placed Heylo’s for-profit registered provider on its ‘gradings under review’ list as it investigates the landlord over potential “serious failings”.

Heylo Housing Registered Provider (HHRP) currently has non-compliant gradings of G3 and V3 with the regulator, which were awarded in late 2022.

The regulator said it is “currently investigating additional matters which may indicate serious failings in the landlord delivering the outcomes of the Governance and Financial Viability Standard”.

The RSH said this follows the appointment of administrators to connected group companies as a result of events of default under the terms of their loan facilities.

A Heylo spokesperson said HHRP’s board has worked “constructively and extensively” with the regulator since its last formal assessment as it has sought to address the RSH’s concerns.

“We understand and acknowledge the regulator’s position,” the spokesperson said. “Our customers remain our top priority, and we can assure them that their home, lease and rights remain unchanged, and we will continue to deliver all services to them.

“The HHRP board remains committed to addressing the failings set out in the regulator’s judgement and to protecting its homes and customers.”

On the appointment of administrators, the spokesperson confirmed that on 12 March 2026, the investment pods of HH No.1 New Holdings Limited, HH No.1 Holdings Limited, HH No.1 Limited (known together as Pod 1) and HH No.5 Limited (known as Pod 5) entered administration, with PwC appointed as administrators.

“Other entities within Heylo Housing Group remain unaffected,” the spokesperson said. “The team at Heylo Housing is working closely with the administrators, and our customers remain our top priority to ensure a smooth and orderly transition. As this is an ongoing matter, we are unable to comment further at this stage.”

Heylo Housing Group Ltd is the parent company of the group with its registered provider, HHRP, a subsidiary.

The group owns around 10,000 shared ownership homes through a number of subsidiary property investment companies (HH1, HH2, HH3, HHSB, HH5 and HH7). Each holds investment partner status with Homes England.

In a statement, PwC said it had been appointed after “defaults under the terms of the loan facilities”.

PwC said that together, Pod 1 and Pod 5 own around 3,400 homes. These homes are leased to Heylo’s registered provider which is not in an insolvency process.

The firm said there is expected to be “no impact” on shared ownership residents as a result of the administrations, with the companies continuing to “operate as normal”.

“The joint administrators are engaging closely with key stakeholders, including the Regulator of Social Housing, to ensure continued stability across the portfolios,” the spokesperson said.

“The joint administrators are acting in the interests of all creditors of Pod 1 and Pod 5 and, following the stabilisation of the companies, intend to maximise value for the respective portfolios through an orderly sales process.”

Heylo joins three other landlords on the gradings under review list. These are: Aves Housing, Keystage CIC and Arhag Housing Association.

US investment giant BlackRock, which backed Heylo with £362m of debt funding in 2021, declined to comment.

Council becomes first to move up from C3 to C1 after tackling failings

James Wilmore — Wed, 08 Apr 2026 08:12:26 GMT

A Surrey council has become the first local authority to move from a C3 to a C1 grade under the regulator’s consumer standards regime.

Guildford Borough Council was handed a C3 in July 2024 as part of the Regulator of Social Housing’s (RSH) first batch of judgements under the regime.

At the time, the agency found “serious failings”, including a lack of evidence that the council had completed around 1,300 fire safety actions.

However, the regulator said today that after an improvement plan, the council is now meetings its standards.

In a string of other judgements today, Legal & General’s seven for-profit providers all received a C1* for their first consumer gradings.

Among its findings, the RSH said that Guildford is providing “effective, efficient and timely repairs, maintenance and planned improvements service”. The council is also being “proactive” in tackling damp and mould, the judgement said.

Pedro Wrobel, joint chief executive of Guildford Borough Council and Waverley Borough Council, said the findings showed the “significant progress we’ve made in improving our housing services over the last two years”.

But he added: “We know we have more to do, and we remain fully committed to ensuring our residents’ homes are safe, decent and of the standard they deserve.”

Kate Dodsworth, chief of regulatory engagement at the RSH, said: “Guildford Borough Council is a strong example of how landlords can work with us to put things right – and working to address failings identified through a responsive C3 judgement to achieving a C1 judgement following an inspection shows significant progress.”

On L&G, six of the firm’s entities also got top grades of G1*/V1* in their first ratings awarded. One entity – Legal & General Affordable Homes Limited – retained its G1*/V1* grades following a previous stability check last summer.

Shaun Holdcroft, head of affordable homes at L&G, said the regulator’s judgements reflected how the group’s affordable homes division has “grown over the last few years from a start-up business to a leading trusted provider of affordable housing”.

In other judgements today, Connexus Homes was given a C3 rating after the regulator found “serious failings”. These include gaps in the landlord’s understanding of the condition of its homes and improvements needed to its repairs service.

The 10,500-home provider was also downgraded to G2, partly over improvements needed to its risk management framework. The group retained its V2 grade.

Kate Smith, chief executive at the Shropshire-based landlord, said: “Connexus is on a long improvement journey following the launch of our corporate plan last year, and we recognise that our new customer-centric and data-led approach is not fully embedded and delivering outcomes for customers yet.

“The judgement references our awareness of this in a number of areas, and we are committed to working with the regulator to evidence our new approach.”

Elsewhere, small specialist London landlord Arhag, which is due to join Hyde as a subsidiary next week, was found not to be delivering the outcomes of the Governance and Financial Viability Standard.

Arhag, which owns 908 homes, had failed to manage its resources effectively and faced significant liquidity issues which put social homes at risk, according to the RSH.

The provider “did not ensure accurate and comprehensive financial reporting”, the judgement said.

In a statement, Arhag said that its board accepts the judgement.

“When the seriousness of our financial position became clear, the board acted quickly and decisively to protect our residents and our homes. We are grateful that the regulator has acknowledged these efforts and our collaborative approach,” the statement said.

Separately, its soon-to-be parent Hyde received a C1 from the regulator today, and retained its G1/V2 grades.

In other judgements, Leeds-based Unity Housing Association and west London-based Karibu Community Homes were both downgraded to G2 and awarded C2 grades for their first consumer ratings.

Karibu said: “We are committed to delivering safe, high‑quality homes and services that residents can trust. This first consumer grade provides a clear baseline for where we are today, and a roadmap for the improvements we are already making.

“We will continue to involve residents every step of the way as we strengthen our services and embed long‑term positive change.”

Unity has been contacted for comment.

Update: at 5.52pm, 07.04.26

This story was updated to include asterisks on the grades for Legal & General’s providers. The RSH uses an asterisk to indicate that a grade applies to a for-profit provider.

Hyde strikes deal with L&G to tackle ‘funding gulf’ over affordable housing delivery

James Wilmore — Wed, 22 Apr 2026 08:51:15 GMT

Hyde Group and Legal & General (L&G) have launched a new “long-term” joint venture involving two for-profit providers in a bid to deliver more affordable homes.

The G15 landlord and the insurance giant have established a new entity – Halesworth Lanecroft Partners Holdco Limited – which will be jointly financed by the two groups.

The new limited company has taken control of Hyde’s for-profit Halesworth and L&G’s for-profit Lanecroft Homes.

Halesworth was previously jointly owned by AXA, before the French insurance firm sold its stake back to Hyde last November.

Hyde and L&G’s new venture is launching with an initial portfolio of around 1,000 homes, previously owned by the London housing association, being transferred over to the new partnership.

All the new entity’s homes will be owned by the two for-profits and will be regulated tenures, including social rent, affordable rent and shared ownership, a spokesperson confirmed.

Andy Hulme, chief executive of Hyde, said: “There’s a gulf between the funding available and the funding needed to deliver the affordable homes the country needs.

“Grant alone will not close it. The only way we can close this gap is by bringing pension and other responsible capital into the mix – and that is exactly what this innovative partnership delivers.”

Jeremy Hunt, real estate partner at law firm Trowers & Hamlins, which advised on the deal, said the “transfer of portfolios of housing to institutionally backed registered providers represents an important way for housing associations to recapitalise their balance sheets”.

Hyde has committed to completing around 5,500 homes in the next five years. In its last full year, the group completed 602 homes, down from 630 the year before.

L&G has said it wants to deliver 10,000 new social and affordable homes by 2030.

Hyde and L&G have invested an undisclosed amount of initial funds in the partnership, but have said there is an “ambition for further joint investment”.

Asked by Social Housing how many homes the partnership is hoping to operate in the long term, the spokesperson said: “We have not disclosed a target on the number of homes to be operated.”

However, they added: “This is the beginning of a long-term partnership that will help deliver a significant pipeline of new, high-quality, environmentally sustainable homes for the future.”

L&G launched its affordable homes business in 2018.

Catherine Raynsford, managing director – stock acquisitions at L&G Affordable Homes, said: “This new partnership with Hyde marks an exciting milestone, combining our heritage and expertise with an innovative approach that aims to attract institutional investment and accelerate the delivery of much-needed affordable housing nationwide.”

Hyde and L&G are already connected, as the housing association’s management subsidiary, Pinnacle, looks after around 3,000 homes for the insurance giant’s affordable homes business.

Hyde owns and manages around 125,000 homes after acquiring Pinnacle in October 2024.

Hear from Catherine Raynsford at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

How historic leasehold powers could unlock value for housing providers

Julian Lawrence-Smith — Wed, 25 Mar 2026 08:00:00 GMT

Historic leasehold legislation could offer housing providers the opportunity for greater loan security, writes Savills’ Julian Lawrence-Smith

As the most recent quarterly report from the Regulator of Social Housing showed, housing providers in England continue to face increasing demands on their finances, with 70 per cent forecasting a net cash outflow in 2026.

This is despite increased incomes and is driven in large part by greater investment requirements in existing homes, following legislative changes on building safety and energy efficiency.

While this increased expenditure will undoubtedly benefit residents, from a valuation perspective, this is unlikely to convert into a measurable increase in actual value.

Search for additional value

Key questions we are now regularly asked by housing providers are: can registered providers find additional value from their stock to help meet these costs, and is it possible to convert future expenditure into measurable and realisable value?

It might sound frivolous to suggest, but the answer to both questions may lie in the past. And it comes from a rather unexpected quarter: leasehold.

The Leasehold Reform, Housing and Urban Development Act (LRHUDA) 1993 and its predecessor, the Leasehold Reform Act (LRA) 1967, are two historic pieces of legislation often overlooked by the sector.

These acts have been subject to numerous amendments, but they offer housing providers the opportunity for greater loan security and ultimate ownership of their homes – and arguably present one of the very best investment returns for their money. Let me explain how.

Leasehold solution

Leasehold is a common tenure in England and Wales and it has been widely granted across both the social housing sector and the private housing market. Government figures from 2023-24 indicate that an estimated two million private homes and 277,000 in the social sector are subject to leasehold tenures.

The LRA and the subsequent LRHUDA are both complex but significant pieces of legislation.

These two acts confer to qualifying long leaseholders of both flats and houses the right to either acquire the freehold of their house, or the right for an individual long leaseholder (over 21 years) to acquire a 90-year lease extension to their flat.

In addition, there is a right for a group of qualifying leaseholders to collectively acquire the freehold of a block of flats. In all instances, a premium is payable to the freeholder.

The valuation methodology depends on the act being utilised, and the actual premium due will ultimately depend on the value of the property, the ground rent payable and the length of the current lease.

The statutory process is implemented by the service of a notice on the freeholder to exercise the long leaseholder’s right to enfranchise.

Agreeable freeholders (typically councils) may come to a voluntary agreement, therefore avoiding the requirement and cost of notices being served. These powers will remain in place and are unaffected by the Renters’ Rights Act that comes into force in May in England.

Potential benefits

The benefits of this approach are plentiful. While the freeholder receives a premium to compensate them for their loss of ground rent and their distant reversionary value, the lessee receives either an extended lease or a freehold acquisition.

It is, however, the additional benefits for the long lessee that should be considered. These include at their best: absolute ownership of the asset, a reduction in the ground rent to a peppercorn rent, a potential loss of head rent and, from a valuation perspective, an immediate uplift in property value.

Valuation impact

During a loan security review, short-lease properties are often excluded from a portfolio on account of their lease length. A completed lease extension or freehold acquisition may therefore enable previously uncharged stock to be charged, and consequently facilitate borrowing that was previously unavailable.

There may also be the ability to increase the value of those properties valued on a market value subject to tenancy (MV-ST) basis by adopting the new extended term or freehold value.

Premium calculations

So, what might the premium payable to the freeholder look like? The premium payable for freehold acquisitions (houses) is based on three bases of valuation. For our purposes we will focus on the approach taken for lower-value housing, typically social housing.

For lower-value houses, the premium is calculated based on the land value which, albeit linked to the capital value, is significantly lower. The premiums payable for these valuations can therefore be very small.

For flats, too, the investment returns are rewarding and tenant improvements are disregarded as part of the calculation.

The return on investment for actual money expended is therefore exceptional and is arguably one the best investment decisions that a housing provider can achieve.

Having completed the process, the asset value of the property (house or flat) must increase, the ability to charge may materialise and the future of the asset will be preserved.

Savills is currently supporting a large housing provider to agree numerous lease extensions at premiums between £5,000 and £20,000 for flat leases between 65 and 85 years. This has increased the value of the properties by around £7,500 each and made them available for charging as loan security.

Other factors

There are, of course, other additional costs, including valuation, negotiation and legal/transfer fees. But if the process is carried out at scale (ie for large housing estates), the costs are insignificant and do not detract from already healthy returns.

Further reforms to the leasehold sector are long overdue through the Leasehold and Freehold Reform Act 2024. Though the act is yet to be fully implemented, the proposed changes around buying a freehold and securing a long lease extension will make it fairer, cheaper and more transparent for long leaseholders.

If you think your housing provider could benefit from leasehold powers, there is no need to wait; the time to act is now.

Julian Lawrence-Smith, associate director of affordable housing valuations, Savills

Interim appointed as Stonewater chief financial officer exits

Michael Lloyd — Tue, 24 Mar 2026 15:41:49 GMT

Anne Costain has stepped down as chief financial officer at large national landlord Stonewater with immediate effect after four-and-a-half years in the role.

Her departure was announced in a filing yesterday, but no reason was given for her exit and Stonewater declined to comment further.

Ms Costain joined the 40,000-home landlord as director of corporate finance in 2020, then moved up to director of finance (operations) the following year before becoming chief financial officer in October 2021.

In the filing, Jonathan Layzell, chief executive of Stonewater, said: “Our thanks go to Anne for her expertise and leadership over the past five years and we wish her every success in her new ventures.”

Prior to Stonewater, Ms Costain spent nearly a year as interim director of resources at Thrive Homes. Before that, she spent around seven years at Radian, which is now Abri, in senior roles.

In the meantime, Stonewater has appointed Francesco Elia as chief financial officer on an interim basis.

The group said Mr Elia brings “a wealth of experience” in the sector, including in strategic leadership; financial modelling; governance; environmental, social and governance; treasury; and operational efficiency.

He runs his own portfolio consultancy business and has previously worked as executive director of commercial and marketing at Circle Housing (now Clarion).

Mr Layzell, who has served as chief executive of Stonewater since June last year, added: “We’re delighted to welcome Francesco to our chief officer group. He brings a great deal to the table, including strong capability in strategic planning and investor relations, alongside extensive commercial acumen.

“He will work closely with our board and key stakeholders to ensure continuity of Stonewater’s strategic plan, financial resilience and business objectives while we progress a permanent appointment.”

Stonewater is currently rated C2/G1/V2 by the Regulator of Social Housing.

Government reveals seven locations for new towns and sets 40% affordable housing target

Michael Lloyd — Wed, 25 Mar 2026 11:53:56 GMT

The government has named seven locations where it plans to build new towns and is proposing “at least” 40 per cent affordable housing for each site.

The Ministry of Housing, Communities and Local Government (MHCLG) said these places are in Bedfordshire, Enfield, West Yorkshire, Greater Manchester, Greenwich, South Gloucestershire and Buckinghamshire.

Each proposed location is expected to deliver at least 10,000 homes, with several hoped to have 40,000 or more, the government said.

The seven sites were chosen from a shortlist of 12, which was revealed last September.

MHCLG is seeking views on the planned sites as part of a consultation on its New Towns Draft Programme, which closes on 19 May. Within this, the government has proposed a minimum target of 40 per cent affordable housing for all of the sites, of which at least half are to be available for social rent.

“The government believes that this should be the expectation for all sites within the programme, while recognising some locations will be more able to meet the target than others, according to local conditions such as the volume of development on brownfield land,” MHCLG said in the consultation.

The proposed locations are:

Tempsford, Bedfordshire — up to 40,000 homes
Crews Hill and Chase Park, Enfield — up to 21,000 homes
Leeds South Bank, West Yorkshire — up to 20,000 homes
Manchester Victoria North, Greater Manchester — up to 15,000 homes
Thamesmead, Greenwich — up to 15,000 homes
Brabazon and the West Innovation Arc, South Gloucestershire — up to 40,000 homes
Milton Keynes, Buckinghamshire — up to 40,000 homes

This follows the publication of the New Towns Taskforce’s report last year and the government’s response to it. The taskforce recommended 12 possible locations, alongside suggestions on delivery and implementation, such as the affordable housing delivery target of a minimum of 40 per cent for these sites.

MHCLG said the next generation of new towns would create “well-connected new communities”, with homes, jobs, schools, green space and transport links planned from the start.

Steve Reed, the housing secretary, said: “People want real change – homes they can afford, local infrastructure that works, and good jobs in thriving communities.

“Our next generation of new towns marks a turning point in how we build for the future.

“From the ground up, we’re planning whole communities with homes, jobs, transport links and green spaces designed together — so we can give families the security and opportunities they deserve.”

The government has appointed four interim advisors to support the New Towns Unit.

MHCLG said this body will provide escalation and extra capacity across departments and arm’s‑length bodies, and “proactively prioritise resources and innovation for selected locations”.

The appointments are Lyn Garner, former chief executive of the London Legacy Development Corporation; Ian Piper, former chief executive of the Ebbsfleet Development Corporation; Emma Cariaga, chief operating officer at British Land; and David Rudlin, founding principal of Rudlin & Co and principal author of the government’s National Model Design Code.

Sector reaction

The National Housing Federation (NHF) said the government’s confirmation of seven new towns was a “welcome step forward in tackling the housing crisis”.

“Each development will deliver at least 10,000 homes, and some up to 40,000, but crucially with a commitment to ensuring that 40 per cent of new homes are affordable housing, of which half are for social rent,” the NHF said on LinkedIn.

“This focus on affordability and scale of ambition is vital if we are to address the chronic shortage of homes that people can genuinely afford. It is imperative these new towns are good places for families to live, with the right infrastructure, services, green space and access to nature.

“Housing associations stand ready to work with national and local government to bring these new towns to life and deliver sustainable homes and thriving communities for generations to come.”

Gavin Smart, chief executive of the Chartered Institute of Housing, said the group supported the government’s ambition to bring forward seven new towns, and recognised the progress made since the initial proposals for a larger number of sites.

“The focus on well-planned communities and a strong commitment to affordable housing, including social rent, is essential,” he said.

“The launch of a National Housing Bank, alongside additional subsidy to support lower-cost lending, is also a very positive step that could help unlock delivery at scale.

“Success will depend on effective delivery – ensuring ambitions are supported by sustained investment, strong partnerships, and a clear focus on genuinely affordable homes. We look forward to engaging with the consultation to help ensure these proposals deliver high-quality homes and thriving, inclusive communities,” he said.

Housing bodies welcome work to create standardised Section 106 template

Michael Lloyd — Fri, 27 Mar 2026 08:55:31 GMT

Housing bodies have welcomed the government’s work to create a standardised Section 106 (S106) template to speed up the process for obtaining these agreements and the delivery of new homes.

Will Jeffwitz, head of policy at the National Housing Federation (NHF), said the group “strongly” welcomed the government’s commitment to provide a standardised template for S106 agreements as part of a wider package of support, which the body had “long been calling for”.

S106 agreements are contracts negotiated between developers and local authorities for each development site, in which the developer promises to deliver various obligations, such as a percentage of homes as affordable housing.

Town Legal is working on creating the standardised template for S106 agreements to help speed up the process of drafting and finalising these agreements. The law firm was awarded the contract following a tender process by the Planning Advisory Service (PAS).

Social Housing has learned that Town Legal is continuing to work on the template with the PAS, but timescales and details are yet to be confirmed. It is expected to become the default agreement for applications in the future.

Social Housing understands that the work includes standardising clauses, in particular the mortgagee protection clause, to enable associations to achieve a higher valuation on the affordable homes in the agreement. We first reported that the government was considering this in September last year.

The standardised S106 template will focus on developments that fall within the government’s proposed medium-sized category of 10 to 49 homes.

It will set out the foundational elements and clauses expected in the majority S106 agreements for these sites. The template is intended to provide local planning authorities with a good starting point for new agreements, speeding up the drafting process and freeing up capacity.

Sector-wide training opportunities will also be provided to authorities as part of this package.

Social Housing understands the outputs of the contract will be designed to meet the needs of local planning authorities, while also providing the clarity and consistency developers and their legal representatives need to approach S106 negotiations with confidence.

Mr Jeffwitz said the NHF was working with Town Legal to ensure its members’ views were reflected in its work on the template.

“Housing associations waste considerable amounts of time renegotiating standard elements of Section 106 agreements across sites and local authority areas, so this will help simplify and speed up the process,” he said.

“We are gathering feedback to ensure the proposed template works for our housing association members, as well as local communities, local government and developers.”

The work on the standardised template is part of the government’s roadmap to strengthen Section 106s. This is aimed at tackling the problem of a drop in demand from registered providers and local authorities for Section 106 units.

Megan Hinch, policy manager at the Chartered Institute of Housing, welcomed the government’s roadmap and said the group had been working with members and partners across the sector to ensure Section 106 “delivers the affordable homes communities need”.

This includes tackling barriers in the process and developing practical solutions to improve delivery.

“We welcome the government’s roadmap to strengthen Section 106, with both immediate action and longer-term reform to help the sector work together to build good-quality, affordable homes that meet local needs,” Ms Hinch said.

Joe Marshall, chief investment and development officer at SNG, said the housing association was “supportive” of a standardised S106 agreement that will cement its approach of prioritising work with partners that share the landlord’s “commitment to quality”.

“Given the scale of affordable-housing need across the country, we welcome government action to support new affordable homes to come forward,” he said.

A report from the G15 last year concluded that early engagement and genuine collaboration are “essential” for successful Section 106 agreements.

MHCLG names chief executive and chair of National Housing Bank

Michael Lloyd — Tue, 07 Apr 2026 15:13:49 GMT

The government has named the chief executive and chair of the National Housing Bank (NHB), with both set to bring recent experience from for-profit registered providers.

Simon Century, who has been leading on the establishment of the bank since his appointment as Homes England’s chief investment officer in September, has been given the title of chief executive.

Before joining the government’s housing delivery agency last year, Mr Century spent nine years at Legal & General as managing director, where he built and grew multiple housing businesses across social and affordable housing, build-to-rent, senior living and build-to-sell. This included setting up for-profit registered provider Legal & General Affordable Homes in 2018.

The Ministry of Housing, Communities and Local Government (MHCLG) also announced that Peter Vernon will chair the NHB.

Mr Vernon is currently the chair of Grosvenor Hart Homes, a for-profit registered provider and social enterprise initiated by the Duke of Westminster. The landlord has a stated intention of improving the life chances of vulnerable children, young people and their families, and officially registered with the Regulator of Social Housing in 2024.

Mr Vernon was previously group executive director of the wider Grosvenor group until his retirement in 2021. The group is an international property developer, manager and investor, among other activities.

Mr Vernon joined Homes England’s board in May 2024 and is deputy chair, in addition to chairing the agency’s investment committee. He also brings experience from past roles as a trustee at housing association Peabody, a member of the policy committee of the British Property Federation and a non-executive at developer Berkeley Group.

MHCLG said both Mr Century and Mr Vernon have “comprehensive experience” in property, financial services, regeneration and management consultancy.

The NHB, which is due to launch in April, will be a subsidiary of Homes England and deploy £16bn of loans, equity investment and guarantees. MHCLG said the bank will respond “flexibly” to market needs, unlock over £53bn of private investment, and provide developers with more financial stability and certainty to support the delivery of over half-a-million new homes.

Pat Ritchie, who joined Homes England as chair in April last year, welcomed both appointments.

“As part of the Homes England group, the bank will enhance how we support partners across the country,” she said.

“With Peter’s leadership and Simon’s deep delivery expertise, the bank is well placed to drive investment and accelerate the homes and places communities rely on.”

Mr Century said: “From day one, we’ll use deep expertise to back innovative, large-scale delivery – accelerating the supply of high-quality affordable homes and thriving places people want to live.”

Mr Vernon said: “As a public finance institution, the bank can move quickly and develop solutions that work for communities. We’ll work with partners across the sector to drive delivery at pace.”

Simon Century will be speaking at the Social Housing Finance Conference, taking place on 14 May in London, on a session entitled: ‘Open for business: the National Housing Bank’. For more information and to book your ticket, click here.

Chief financial officer of G3-graded housing and care provider steps down

Michael Lloyd — Tue, 24 Mar 2026 13:52:31 GMT

The chief financial officer of Anchor, a non-compliant major provider of older persons’ housing and care, has decided to step down.

Anchor, which is rated C3/G3/V1 by the Regulator of Social Housing (RSH), announced that Amanda Holgate has informed the board of her intention to step down as chief financial officer and board member. She will leave on 7 April, and Susan Hickey will join as interim chief financial officer.

The 54,000-home landlord is currently working on an improvement plan after the RSH downgraded it to G3 in June, four months after giving it a C3 grade for consumer standards. In its annual report in August last year, Anchor said it was putting a regulatory improvement plan in place with the regulator, which it expected to be “finalised” by September.

Since joining Anchor in February 2023 as chief financial officer, Ms Holgate has spent the majority of her time at the landlord in this role. She also served as interim chief executive for seven months from June 2025 after Sarah Jones stepped down. In January this year, Rachael Shimmin took over.

Prior to her time at Anchor, Ms Holgate served as chief financial officer of Southern Housing and finance director at Peabody.

Ms Hickey brings over 25 years’ experience in senior finance roles. Since leaving Peabody in 2020, she has specialised in interim executive roles, including stints at Swan, Notting Hill Genesis and Thrive Homes.

Ms Hickey is currently interim chief executive at Red Kite Community Housing and will remain in post until mid-April, when Peter Cogan takes over. She also sits on the board of Saltaire Housing, the subsidiary of investment manager Venn, which oversees the government-backed Affordable Homes Guarantee Scheme.

Christopher Kemball, chair of Anchor, said: “Both I and the board would like to pay tribute to Amanda for her very significant contributions over the last three years, both as chief financial officer and for the period in which she served as interim chief executive.

“Under her strong leadership, she has ensured ongoing financial stability and resilience for both our organisation and our residents.

“Anchor has appreciated her insight, expertise and her unwavering professionalism during her time in the organisation. She has brought clarity, steadiness and a deep commitment to our residents and colleagues.”

Anchor also announced that Julia Mixter will step down as executive director of business services after almost two years in the role.

Ms Shimmin said: “We would like to thank Julia for her significant contribution in leading business services and the work that she has initiated and led across the organisation alongside her teams, all of which has been designed to drive improvement for the benefit of our residents.

“We collectively thank Julia for her time and wish her well in her future endeavours.”

According to its results for 2024-25, Anchor reported a surplus of £11.6m for the year, up from £1.1m in 2023-24. In December, the provider posted a 39 per cent drop in half-year surplus due to rising operating costs and interest payments.

How to prepare for the new Housing SORP

Julia Poulter — Tue, 24 Mar 2026 13:52:47 GMT

Crowe UK’s Julia Poulter says registered providers should act early to prepare for the forthcoming Housing Statement of Recommended Practice (SORP) 2026

The forthcoming Housing SORP 2026 represents one of the most significant shifts in social housing financial reporting since the 2018 revision.

The SORP is being updated to reflect the extensive amendments to Financial Reporting Standard (FRS) 102 from the periodic review, which completed in March 2024 and will become effective for periods beginning on or after 1 January 2026.

The Housing SORP revisions will apply from the same date, meaning providers will first report under the new SORP for the 31 December 2026 financial year or, for much of the sector, on 31 March 2027. A 12-week consultation on the draft SORP Exposure closed in January, with the final SORP targeted for publication in early April 2026.

Providers must therefore prepare early, as the changes reshape core areas of accounting, including revenue, leases and housing properties. The following summary outlines the main areas of change and provides practical actions to support readiness.

Key changes

The revised FRS 102 introduces changes impacting revenue recognition and leases, both of which will feed directly into the new Housing SORP.

The changes include:

Revenue recognition based on a five‑step model, aligning FRS 102 more closely with International Financial Reporting Standard (IFRS) 15.
A complete overhaul of lease accounting, bringing most leases onto the balance sheet, similar to IFRS 16.

The SORP Working Party (SWP) also addressed long‑standing inconsistencies in interpretation of housing accounting under the SORP regarding asset capitalisation, regeneration schemes, impairment approaches, government grant treatment and stock transaction / stock swap grant income.

These clarifications reflect the evolution of industry practice since 2018 and aim to improve comparability and transparency.

The SWP did consult on changes to the accounting treatment of grant in a stock transaction between registered providers. However, following consultation responses, this will remain unchanged from the 2018 SORP, with the final publication of the 2026 SORP providing clarification that the grant should be treated and disclosed as a contingent liability.

Housing SORP readiness checklist:

1. Governance and planning

Confirm implementation timeline for your organisation (the first accounting period under the revised SORP will probably be 2026-27 for March year‑end providers).
Set up a SORP transition project team including finance, treasury, IT, asset management and operations.
Review consultation updates and expected publication date (the final SORP is targeted for early April 2026).
Schedule board and audit committee updates on expected impacts and key decisions.

2. Training and sector engagement

Attend webinars and workshops offered by sector advisors and audit firms on SORP and FRS 102 changes.
Review consultation outcomes and incorporate any final SORP amendments once published.
Provide internal training for finance, treasury, operational managers and board members.

3. Revenue readiness

Identify and map all revenue streams to the relevant section of FRS 102 – and draft updates to accounting policies in line with the new five-step model (it is worth reading the basis of conclusion issued alongside the SORP).
Unbundle contracts with multiple goods or services in line with the new five‑step revenue recognition model.
Document performance obligations and related transaction prices.
Train finance teams on applying the updated revenue model.

4. Lease accounting preparation

Create a complete register of all leases: property, office space, vehicles, IT and equipment.
Collect detailed lease data (lease terms, discount rates, options and variable payments).
Model balance‑sheet impacts, including right‑of‑use assets, lease liabilities, depreciation and finance costs.
Assess the impact on key ratios and covenants (EBITDA, gearing and interest cover).
Discuss implications with lenders early.

5. Grant accounting review

Review data held to ensure contingent liability disclosure is complete for amortised grant and grant on stock transactions.

6. Asset capitalisation, regeneration and impairment

Review asset capitalisation policies to ensure consistency with new clarifications.
Identify regeneration schemes requiring revised treatment.
Update impairment assessment processes and ensure triggers and valuation methods reflect the new SORP.
Ensure documentation supports judgements and estimates.

7. Systems, data and controls

Assess finance systems to confirm they can support:

Lease accounting calculations
Detailed contract‑based revenue recognition
Updated grant disclosures.

Update internal controls to ensure the completeness and accuracy of new data inputs.
Implement workflow and reporting changes required for the revised SORP.

8. Audit and policy alignment

Draft updated accounting policies for revenue, leases, grants, impairment and capitalisation.
Share early drafts with auditors for feedback and alignment.
Prepare adjustments/restatements as part of transition planning.

9. Financial planning and stakeholder communication

Model financial impacts on business plans, stress tests and KPIs.
Update lenders, regulators and the board on expected balance‑sheet and income‑statement changes.
Prepare clear narrative disclosures to accompany transition impacts in future annual reports.

10. Final readiness steps

Confirm transition approach (full retrospective or modified).
Prepare SORP‑compliant templates for management accounts and year‑end financial statements.
Test end‑to‑end close process under new SORP requirements before the first live reporting cycle.

Conclusion

By acting early, providers will ensure smooth adoption, maintain compliance and preserve stakeholder confidence during this period of accounting transformation.

Julia Poulter, partner, head of social housing, Crowe UK

Two years of consumer regulation: lessons learned

Catherine Little — Mon, 23 Mar 2026 11:00:00 GMT

Campbell Tickell’s Catherine Little looks at the lessons to be learned as the English sector nears the two-year milestone of consumer regulation

Almost two years into the Regulator of Social Housing’s (RSH) strengthened consumer regulation regime, 165 published judgements give useful lessons for the sector around regulatory and tenant outcomes.

Drawing on RSH publications and our work across the sector, several consistent messages arise about governance, assurance, data, safety and tenant outcomes.

Seeking assurance is central to co-regulation

For both local authorities and housing associations, strong governance is central to meeting the expectations of consumer regulation.

In a co-regulatory environment, the lens for the regulator is that of the governing body (the board or elected members). Inspection therefore looks for evidence that assurance of compliance is in place.

The assurance-seeking board comes into its own in this context. This includes clarity over the level, source and scope of assurance that various controls (such as policy frameworks) are well designed and are operating as intended.

It extends to the effectiveness of challenge within the boardroom. Are members equipped and confident in asking for evidence rather than accepting reassurance, however well meaning?

If their questions are not answered, do members insist on more information?

Seeking assurance does not imply a lack of trust, nor does it have to be impolite or blunt. It’s about professional curiosity.

The best boards and councillor meetings we observe involve members asking questions: How do we know? When did we last check? What gives us confidence in the data? How does this triangulate with tenant feedback? What will success look like? And so on.

Show don’t tell (or the ‘so what?’ question)

The second lesson lies in understanding and demonstrating regulatory and tenant outcomes.

This is not new but takes on particular resonance when applied to the range of consumer standard requirements.

Having policies or engagement activities in place is, of course, essential, but it is the beginning of the story and not the end.

Organisations that can articulate outcomes resulting from service improvements, tenant insight and engagement activities and complaints handling are well placed to show regulatory and tenant outcomes in practice.

Promises aren’t enough, although having evidence of improvement plans starting to deliver their intended outcomes can give some confidence that you are travelling in the right direction.

The best organisations we see are not afraid to challenge internally, for staff and tenants to ask the ‘so what?’ question in order to reach a shared understanding over outcomes achieved and what is still to be done.

You tell me your truth and I’ll tell you mine

In conversations with tenants, we are repeatedly told that people want more than numbers by way of evidencing change: they want something tangible that they see in their own experiences and those of their neighbours.

Overarching information, such as tenant satisfaction measures (TSMs) and other performance data, serve an important purpose, of course.

However, developing a nuanced approach to understanding outcomes is important. Over the last two years, we’ve seen a shift from expectations in understanding diverse needs, from collecting data to be used transactionally, to a requirement for greater understanding of any systemic bias, inequity in access or outcomes.

Ideally that means a data approach which accurately overlays people, property and service-related information to create a fuller picture of outcomes.

In the best examples of tenant insight, we see a role for tenants in interpreting, scrutinising and challenging information and the measures of success.

Safety is not the only reason for non-C1 outcomes

Safety continues to dominate the reasons for non-C1 ratings. From recent regulatory judgements, the Sector Risk Profile and the review of regulatory casework, it is clear that too many social housing providers still face challenges with data quality, backlogs of remedial actions and access to complete compliance checks.

These are basic foundations of keeping people safe, so of course organisations facing these challenges cannot provide robust evidence of compliance and have fundamental weaknesses in their duties as a landlord.

Safety, then, continues to be the main consideration in lower consumer grades. For private registered providers (mainly housing associations), we have seen a number of cases where lack of oversight by the board itself, given the level of risk associated with tenant safety, has also been part of a governance downgrade.

Our analysis of regulatory judgements for organisations not meeting consumer outcomes shows something of a thematic shift, though.

Tenant engagement and the understanding of diverse needs have appeared more frequently over the last six months or so, although safety, repairs and understanding homes remain the most frequent weaknesses.

The standards in these areas haven’t changed, so we might speculate that the RSH has learned more.

Looking ahead

We don’t have a crystal ball, of course, but expectations around competence and conduct and requirements around tenant access to information, as well as the new rent standard and ongoing, clear focus on safe and high-quality homes, are all areas we might expect to come under scrutiny.

For all of these, we see three underlying requirements:

First, a governing body that is curious, able and willing to challenge and to seek assurance, including around data integrity
Second, an understanding, informed by tenants, of outcomes – the ‘so what’
Third, a culture that encourages openness, that has a relentless focus on people’s safety and that is focused on learning

Catherine Little, director, Campbell Tickell

Trident Group chief executive announces retirement after 41-year social housing career

Michael Lloyd — Fri, 20 Mar 2026 11:21:12 GMT

Nigel Wilson, chief executive of Trident Group, has announced his plans to retire this summer after 41 years in the social housing sector.

Since joining Trident as group chief executive in 2023, he has overseen the provider’s upgrade to G1 and removal of its regulatory notice on the Rent Standard.

The West Midlands-based landlord said Mr Wilson also oversaw the first recruitment of a resident to its board and provided “key strategic vision” for Trident to continue providing vital services to residents and vulnerable communities.

Since starting in the sector as a housing officer for co-operatives in Birmingham, Mr Wilson has served as chief executive of Parkway Green Housing Trust, Wythenshawe Community Housing Group and Gentoo Group, as well as Trident. At Gentoo, he oversaw the Sunderland-based housing association’s climb from non-compliant to G1.

He also has experience supporting the work of the National Housing Federation, the Northern Housing Consortium and HACT at board level, and has also served as chair of Homes for the North.

He will remain as chief executive at Trident until August, when group finance director David Harris will step up as interim chief executive while the housing association recruits for a permanent successor.

Mr Wilson said: “Like everyone, the time comes when you consider [passing] on the baton to the next lucky person. At 63 years old, a new grandson in Holland and 10 years post-quadruple bypass, the family feel it is now time [for me] to step on to the next life pathway and ease down.

“In February this year I celebrated 41 years working in the social housing sector! It has been an amazing experience and one I have been fortunate to enjoy, [working] alongside some outstanding colleagues and tenants.”

He added: “The last 20 years I have had the privilege of being chief executive in Wythenshawe, Sunderland and Birmingham, working with great partners and contributing to building and improving organisations rooted in their communities. Over this time, I worked alongside some dedicated and committed colleagues, tenants and board members, many of whom have helped influence my work.”

Mr Wilson said that those in the sector must “always remember” the social purpose of their work.

“It feels tougher these days, money is short, costs high and expectations higher, but we all know housing is the core of a safe life. We must always remember why we are here and let the social purpose of what we do be at our heart.”

Brian Carr, chair of Trident’s board, said: “On behalf of the board, I thank Nigel for all he has done for Trident during his time with us. He will leave the organisation in a much better place. He has put down a strong foundation for his successor to build upon.”

Trident Group is currently rated C2/G1/V2 by the regulator.

Amplius set to raise £500m as it looks to ‘go further and do more’

Michael Lloyd — Tue, 07 Apr 2026 15:12:00 GMT

Amplius is preparing to raise £500m in its second full year post-merger, as it drives forward ambitions to live up to its name and “go further and do more”. The group’s chief executive and deputy chief executive speak to Michael Lloyd

A month before completing a merger in December 2024, Grand Union Housing and Longhurst Group announced what their new name as a combined organisation would be.

Amplius, meaning “further” or “more” in Latin, was chosen to capture the group’s ambitions to deliver more through merger than its legacy landlords could have achieved alone.

“That’s exactly what we want to do, we want to do ‘more’,” Julie Doyle, the organisation’s chief executive, tells Social Housing.

“We want to provide a really great service and a really great landlord function and a safe, warm home. But we want to do more than that.”

Fifteen months on from completing its tie-up, as Amplius’ first full financial year comes to a close, Ms Doyle is speaking to the publication about progress to date and how its plans are shaping up.

She is joined by deputy chief executive Rob Griffiths, who has executive oversight of finance. Mr Griffiths walks Social Housing through the organisation’s funding strategy, revealing plans to raise £500m this year to fund the group’s boosted ambitions.

What ‘more’ and ‘further’ mean

Amplius today manages around 40,000 homes across the Midlands, East and South East of England. After creating a five-year corporate plan in October, the group is now working on its priorities for the 2026-27 financial year.

Within this is a focus on what Ms Doyle calls its “purposeful impact hierarchy”. This is based on Maslow’s hierarchy of needs, a psychological theory often conceptualised as a pyramid, in which fundamental needs must be met first.

Ms Doyle says: “Our base level is about making sure that we provide a really good landlord function: people have got a good home, everything that we should be providing, a quality service, good repairs, no complaints, all of that.

“And then we’ve built it up to say: ‘what, over and above, will we do to have the most impact for our particular customers?’”

These functions include supporting customers with physical and mental health issues, and providing more accessible homes above the current required standard.

“By the time we get to April, we will have a really clear map of the next 12 months of what we are going to do over and above that landlord basic function,” says Ms Doyle.

“And that will be majoring on issues to do with health and well-being. It’s all these little pockets of initiatives where I think you’ll then get the ‘wow factor’.”

As part of this, Amplius will continue fundraising for and running the campaign it founded in 2020, Harry’s Pledge, which supports disabled people and carers. Around 100 housing associations are signed up to the initiative. In February, this inspired the launch of an All-Party Parliamentary Group for carers.

Integration

Ms Doyle says that the merger of Grand Union and Longhurst was a “good fit” because the landlords were located near each other and shared similar values.

“When we came together, we looked at the fit, the localities, the type of stock, the culture, the values, what we were here for,” she says.

“And genuinely, in all my time I’ve been involved in mergers and acquisitions, I’ve never seen a better, stronger alignment. We even have properties that are next door to one another.”

In the first year of the merger, Amplius focused on integration and “getting the foundations right” and delivered “much more” than expected, Ms Doyle says.

“We pulled together our integration plan, and the priorities were getting the structures in place, getting the systems in place, looking at getting the foundations right and all the right people in the right places, and that has gone genuinely so much better than I could have expected in the time that we’ve had,” she says.

Efficiency savings and extra capacity

Amplius is already able to go further and deliver more as a result of the efficiency savings it is achieving post-merger. The money saved is being invested in general needs properties to improve services, Ms Doyle says.

In its 2024-25 financial results and corporate plan, the landlord said that by “realising the benefits” of the merged organisation, it planned to achieve over £7m of savings annually by 2030.

Amplius set a conservative target of saving just under £1m during the first year of the newly merged group, and narrowly beat that figure. This was achieved through streamlining systems and teams in back-office areas.

Ms Doyle says the landlord has some “sensible and prudent” expectations about how it will achieve savings through its combined repair services.

She says: “We said in our business case that we would achieve £7m in efficiencies by year five. We’re well on track, ahead of time. And against our whole financial position, it’s not a huge amount, but against what you can actually do on the ground for people, that’s so significant.”

Ms Doyle cites possible investments in youth work, community projects, mental health initiatives and supporting suicide prevention organisations.

“Small amounts… can make a huge difference in initiatives like that,” she says.

For-profit hires former MTVH executive as managing director

Michael Lloyd — Thu, 19 Mar 2026 12:28:06 GMT

A for-profit registered provider has appointed a former senior executive of Metropolitan Thames Valley Housing (MTVH) as its new managing director.

Funding Affordable Homes Housing Association (FAHHA) has hired Kush Rawal as managing director. The for-profit owns around 600 homes, with the majority of these managed by other registered providers through leases.

FAHHA has been registered with the Regulator of Social Housing since 2016 and is a subsidiary of Funding Affordable Homes (FAH), a social impact investment company that invests in affordable housing, which itself was launched in 2015.

Mr Rawal brings senior-level experience in the sector, having worked at MTVH for around 13 years, including three years as executive director of customer services, before leaving in December.

After a handover period, he will take over from Paul Munday, a founding member who helped establish FAH and FAHHA and shape their early strategy.

FAHHA said that as managing director, Mr Rawal will lead its strategic development and regulatory engagement, ensuring the organisation maintains “strong governance discipline while delivering sustainable growth within its social impact investment model”.

Mr Rawal said: “FAHHA has established a strong foundation built on governance rigour and financial resilience. I look forward to working with the board and partners to support its continued growth and delivery of affordable homes.”

Mr Rawal will work with industry veteran Richard McCarthy, who has been chair of FAHHA since 2024.

Mr McCarthy played a role in setting up Homes England in 2008, when it was known as the Homes and Communities Agency. This was when he was serving as a director general at the then-Department for Communities and Local Government from 2003 to 2011 (now the Ministry of Housing, Communities and Local Government).

FAHHA has delivered almost 900 homes to date.

According to its results for the year ending 30 June 2024, the provider posted a loss of £2.9m, up from a loss of £400,471 in the previous year.

Edmond de Rothschild REIM provides FAH with real estate and investment advisory services.

Housing associations advised to keep funding options open as handful pivot plans amid Iran War

Michael Lloyd — Tue, 07 Apr 2026 15:13:30 GMT

Registered providers are being advised to keep their funding options open amid the impact of the Iran War on financial markets, as Social Housing understands that a handful have changed or delayed plans as a result of the conflict.

Since the US and Israel’s attack on the country on 28 February, a new wave of volatility has hit the financial markets. This has made it more expensive for housing associations to raise finance, in particular through a bond issuance or a private placement.

According to data from consultancy Altair, from 17 February to 17 March, the yield on a 10-year gilt has risen from 4.38 to 4.69 per cent and the yield on a 20-year gilt has risen from 5.06 to 5.31 per cent.

Over the same one-month time period, the five-year swap rate increased from 3.62 to 3.98 per cent, while the 10-year swap rate rose from 3.98 to 4.25 per cent.

Tom Miller, a director at Centrus, said: “The most immediate effect of the ongoing conflict has been a rise in the cost of fixed debt. Gilt rates – which influence capital markets pricing – have increased by 40 to 50 basis points, while swap rates, which affect fixed bank debt, are up by 30 to 40 basis points.

“The shorter end of the curve, below seven years, has felt the greatest pressure. While the availability of new funding and credit costs have not yet been materially affected, further escalation could change this picture.”

Social Housing has learned that some housing associations may be altering their funding plans as a result of the financial impact of the Iran War.

One financial advisor, Gows Shugumaran, told us that “a handful of borrowers” are repositioning their funding strategy in response to the current environment.

Mr Shugamaran, who is a director at Newbridge Advisors, said that some are pivoting away from seeking capital markets, while others are looking to raise finance through asset sales.

“The impact so far has been selective rather than widespread, with a handful of borrowers repositioning their funding strategy in response to the current environment,” he said.

“One response we are seeing is a pivot to shorter-dated bank facilities as a bridge, with the option to layer in protection through standalone derivatives if rate hedging is needed. That preserves flexibility while managing near-term funding requirements.”

The advisor said that, for some, asset sales represent an alternative route to raising liquidity.

“It is not a quick solution and for those with an immediate need, the timeline may not work, but it is a legitimate strategic option worth keeping under active review,” he said.

Another advisor active in the financial space, who wanted to remain anonymous, said they have a client that has thought about “significantly” changing its funding strategy as a result of the Iran War.

They said the housing association may be scaling back both its development ambitions and bank funding compared to what it had previously planned, because of the increase in rates.

The advisor said: “Access to funding is likely to come at a higher cost than within existing plans due to the war, and they see protection against increased exposure to interest costs on debt as an important consideration. Therefore, scaling back at this time seems a sensible option.”

However, other stakeholders have not observed changes in housing associations’ funding plans.

“We’ve not seen a material shift in clients’ strategies,” one advisor, speaking anonymously, said.

Meanwhile, Eleanor James, a partner at law firm Trowers & Hamlins, told Social Housing: “Anecdotally we have seen advisors suggesting that RPs should conclude their ongoing funding transactions as swiftly as possible, given market uncertainties.

“I am not aware of funding deals being pulled or renegotiated, or indeed RPs’ appetites for funding being altered as a result, though no doubt many are watching the markets closely.”

Alongside the impact of the conflict on the markets, would-be borrowers will also be keeping an eye on the Bank of England’s base rate decision this week. The Monetary Policy Committee will announce the outcome of its latest meeting on Thursday (19 March).

Impact on the sector

When asked how the Iran conflict is affecting fundraising across the sector, Centrus’ Mr Miller said the answer “largely depends on what associations need and why”.

He said that for those simply seeking undrawn liquidity, the current environment remains “open and competitive”, while for those looking to secure new fixed debt, the outlook is “less favourable” given the uplift in rates.

“The critical question for those associations is whether accessing the market is a compliance necessity or a discretionary top-up – because that will determine how long they can afford to wait,” Mr Miller said.

For those that do need to go to market, Mr Miller urged “broader perspective”.

“Rates, though elevated, remain only modestly above where they stood when tariff announcements triggered volatility earlier this year, and are well below the post-Covid highs,” he said. “They remain at workable levels… at least for now.”

George Flynn, a director at Savills Financial Consultants, said the advisory firm has seen no impact on demand from funders to support the sector with ongoing projects.

“The lender market remains stable given the ongoing market volatility,” he said.

Advice to housing associations

Jamie Thorn, a consultant at Altair, advised housing associations to understand that there is market volatility and to keep their funding options open.

“It’s not necessarily prescribing yourself to a specific course of action, but it’s about understanding all of the options in front of you that you could use to meet your funding needs, and off the back of that, assessing at the point where you do decide to access that funding, which of those options suits you best,” he said.

Similarly, Mr Shugumaran said that providers should stay live to their funding plan and maintain their options across different funding routes, not letting any single route become the default by inertia.

He warned that markets can move in either direction, so attempting to wait for rates to fall is “always dangerous”.

Mr Shugumaran said: “Strategy should be built around your business plan funding requirements, not around a view on where rates are heading. Within your approved funding range, the first question is whether a transaction is essential now or strategic.

“If it is essential, the focus should be on execution risk management: preserving liquidity, keeping documentation current, and ensuring internal approvals remain live. Being ready to move quickly when a window opens is critical to strategies in the current environment.”

Mr Miller outlined several practical steps that associations could consider.

“Bringing forward liquidity funding exercises could be a sensible move, helping providers maintain healthy buffers while locking in competitive bank margins that have so far remained unaffected by the conflict,” he said.

“For those requiring additional fixed funding, smaller but more frequent issuances may help smooth exposure across the coming months, while shorter-dated debt could offer flexibility if the current disruption proves temporary.”

Mr Miller said that neither approach is “without complexity”.

“Both must be assessed carefully within the context of each organisation’s wider portfolio, and professional advice should be sought before any decisions are taken,” he added.

Resilience and opportunities

Mr Miller emphasised the sector’s underlying resilience, with “good levels” of liquidity and “strong” interest rate protection.

“With strong liquidity buffers already in place, most providers have a window before they will need to return to the market – time that could allow the situation to stabilise and rates to ease,” he said.

“Providers are currently taking stock, assessing whether this is a short-term disruption they can ride out or a longer-term challenge requiring a more structural response. There’s no need to panic.”

He added: “In the medium term, we don’t yet know the full impact, and we’ll need to keep a close eye on developments. But as the sector demonstrated during the Ukraine war, it will get through this.”

Mr Shugumaran said that while higher rates are “clearly a headwind”, they can also present “refinancing opportunities for the right borrower”.

He said: “Where legacy debt carries high break costs or structural inefficiencies, the current environment can create a window to reassess and optimise funding positions. The economics need to stack up, but it is worth keeping that lens across the portfolio.”

Mr Flynn said that his consultancy’s advice to borrowers is to “be agile, be dynamic and stay current”.

Chancellor announces £2.3bn devolution package for mayors

Michael Lloyd — Wed, 18 Mar 2026 16:05:59 GMT

The chancellor has launched a devolution package of £2.3bn in grant, loans and patient capital to be deployed by mayors in the largest city regions to support their development and regeneration plans.

The Treasury said the new City Investment Funds, which will be focused in the North and Midlands, will back local growth plans and quicken the delivery of new homes and the regeneration of city centres.

This will be achieved by mixing different types of capital to tackle viability gaps and attract private investment.

Of the £2.3bn, up to £1.7bn will go to mayors in major Northern city regions. The funding will be accounted for in the Autumn Budget.

“The new City Investment Funds will use an additional £2.3bn of funding, focused on major city regions in the North and in the West Midlands, giving established regional leaders control over long-term, self-sustaining capital: theirs to generate returns from, theirs to invest, backed by a commitment to business rates retention,” chancellor Rachel Reeves said in a lecture at London’s Bayes Business School on 17 March.

The Treasury also announced a “roadmap for fiscal devolution” which it will work with mayors and businesses to develop at the Autumn Budget.

This will set out plans to give regional leaders control over how they allocate a share of some national taxes, looking at income tax alongside other taxes.

Ms Reeves said: “They will look at income tax, alongside other taxes, with reforms initially targeted at those places that have the greatest capacity to deliver them, and the greatest potential to benefit.

“This is not about new taxes and it’s not about higher tax rates – I will not ask taxpayers to pay more.”

Patrick Murray, director of policy and external relations at the Northern Housing Consortium (NHC), welcomed the chancellor’s investment of £1.7bn in the North to “drive forward key brownfield regeneration schemes”.

He cited research from the group which identified there is capacity for 320,000 new homes on brownfield land in the North and said this announcement will “help make some of those new homes a reality”.

Mr Murray said: “We particularly welcome devolution of the funding to Strategic Mayoral Combined Authorities. They are best placed to use local knowledge to develop solutions to take forward these schemes, and to deliver real change for their communities.

“The NHC has consistently highlighted that ‘one size fits all’ centralised funding pots do not meet the diverse needs of Northern communities.

“While support for these large-scale regeneration projects is very welcome, we must not forget the smaller communities and places across the North where regeneration, including renewal of poor-quality homes, is very much needed to make sure no one and nowhere is left behind.”

Mr Murray added that the NHC is currently analysing evidence submitted as part of its Renew Inquiry, which will explore how housing-led regeneration can deliver growth, help tackle the housing crisis and strengthen communities across the North.

Melanie Leech, chief executive of the British Property Federation, said the chancellor’s recognition that growth must be rooted in the strengths of different regions, alongside plans for deeper fiscal devolution, is a “significant and welcome shift”.

“Giving mayors greater fiscal control opens up new options for public/private partnerships, gives private capital more certainty and means public funding can be more aligned to the economic realities of each place,” she said.

“This, combined with a renewed commitment to build a closer partnership with Europe, sends an important signal about the UK’s openness to collaboration, investment and long-term growth.”

However, Ms Leech added that ambition “must be matched by action” to address the barriers holding back delivery.

“The viability of new development continues to be constrained by rising construction costs, complex regulatory processes and cumulative planning obligations,” she said.

“Reform of tax barriers to new homes, ensuring the Building Safety Regulator operates efficiently and a more balanced approach to Section 106 and CIL [the Community Infrastructure Levy] are all critical.”

Beyond the balance sheet: mental health, resilience and responsibility in social housing

Kirsty Spark — Wed, 22 Apr 2026 08:48:51 GMT

If we want strong balance sheets and to truly live our sector’s values, we need healthy teams in our organisations, writes Accent’s Kirsty Spark

Resilience is often described as the ability to ‘bounce back’, but now more than ever in the housing sector it can feel like there is hardly any time to pause and reflect.

Beyond the balance sheet and strategic decisions is a workforce carrying significant emotional weight and making challenging choices on a daily basis.

The opening paragraphs of the English regulator’s Sector Risk Profile lay this bare for us, reminding us that difficult trade-offs are required and the economic outlook remains challenging. But what does that really mean for how our businesses operate and for the people that keep them going daily?

Good mental health plays a crucial role in the productivity of any organisation, and the housing sector is no exception.

We talk about ‘resilience’ – resilient customers, resilient business plans, resilient organisations and resilient colleagues. It is a word that frequently appears in meetings and strategies.

But I increasingly find myself asking is resilience an infinite resource, something we can simply turn on like a tap whenever we need it, and what does it mean to individuals? We are after all just that – individual.

At Accent, I’m proud to say that our colleagues are supporting customers through some of the most challenging circumstances.

This varies from the cost of living crisis and poverty, where families are struggling to afford basic essentials such as food, to issues such as loneliness, domestic abuse, addiction, the impact of anti-social behaviour, mental ill health and wider financial hardship. No two stories are the same.

Right now, finance teams across social housing are also feeling the pressure – we want to create capacity to do more, but how do we do it safely in an increasingly challenging environment?

Borrowing costs have risen sharply in recent years and haven’t eased quickly enough. Inflation has pushed up the cost of materials and services, rent caps and affordability concerns limit income growth, and we have ambitious targets for building new homes to help tackle the housing crisis.

Accent’s bond in 2019 achieved an all-in rate of 2.6 per cent. Today, the same bond would cost around six per cent. Put in simple terms, we would pay £12m a year more in interest if we borrowed the same today – that’s around 35 new homes a year just in interest.

We know our customers need new homes and they rely on us to deliver services to support them, which is why we keep looking for solutions. The news of the government-backed low-cost loan offer is very welcome, but it is only the tip of the iceberg for the sector.

Human cost of financial pressure

There is sometimes an assumption that finance leaders are only concerned with numbers, risk and regulation. Chief financial officers (CFOs) are seen as guardians of financial sustainability, but there’s far more to it.

As CFO, I see the human cost of financial pressure long before it appears in the numbers. For many of our colleagues, working in social housing is a vocation.

They support vulnerable customers in difficult situations, then go home and try to park the troubles of the day. Colleagues are trying to find practical solutions in complex and challenging situations that don’t always have easy answers, resources are tight and it takes its toll.

Burn-out can lead to sickness absence, disruption to services and additional pressure being placed on colleagues.

High-stress environments increase turnover, not to mention recruitment and training costs, and we run the risk of losing trusted relationships with customers.

Burn-out is like a warning light on a car dashboard; ignoring it may keep you going for a while but the longer you wait, the greater the risk of serious damage.

Looking after our people

As the CFO at Accent, I believe that championing mental health is fundamental to performance and the long-term financial stability and sustainability of a business.

Sustainability is not just about interest and credit ratings. Burn-out, absences and staff turnover carry financial risks, too. As leaders, we must make sure the way we forecast budgets aligns with our values.

Housing associations today are more than providers of bricks and mortar. Our social purpose continues to expand, but resources have not grown at the same pace and funding models don’t always reflect the same complexities.

Understandably, lenders look at margins, but the human effort balancing the trade-offs behind those numbers isn’t as easy to quantify.

At Accent, we have invested in our culture, evidenced by a clear shift in increased well-being initiatives. We’ve built a culture that fully supports new starters, with structured check-ins at one, three, six and nine months. These conversations help us understand what’s working and what isn’t, so we can keep learning, improving and adapting.

We have introduced an improved healthcare benefit scheme and access to external support such as training and confidential counselling.

We host a range of café-style virtual workshops offering insight and support to colleagues around life and health events such as menopause, cancer and mental health. A recent workshop hosted by Andy’s Man Club saw more than 70 colleagues engage.

We ask for honest feedback from leavers so we can learn and grow. We run regular online and in-person chief executive briefings and have an active staff intranet, Viva Engage, where colleagues can connect, celebrate one another and share their experiences – the good, the bad and the ugly.

At Accent, we believe in looking after our people, ensuring they are fully supported so they in turn are equipped to look after our customers.

If we want strong balance sheets and to truly live our sector’s values, we need healthy teams – because when resilience is stretched too far, eventually it shows up in the numbers.

Kirsty Spark, chief financial officer, Accent

Hear from Kirsty Spark at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

New financial structures can strengthen housing associations’ social purpose

Ben Rick — Tue, 17 Mar 2026 12:31:55 GMT

Financial structures must align the interests of investors, the government and housing associations, writes The Housing Finance Corporation’s Ben Rick

Housing associations were established with a clear social purpose: to provide stable, affordable homes for people who cannot meet their housing needs in the market. This mission remains as important today as when the sector was first created.

Yet decades of policy decisions have contributed to a significant shortage of social and affordable homes across the UK, placing increasing pressure on housing associations to deliver more supply and help address a growing housing crisis.

At the same time, the environment in which housing associations operate has become more complex and demanding.

Delivering new homes is vital, but associations would fail in their social purpose if development undermined their financial resilience or limited investment in the safety, quality and sustainability of existing homes.

Balancing act

Boards must therefore balance competing priorities: building new homes, maintaining and upgrading existing stock, meeting regulatory expectations, and ensuring their organisations remain financially robust for the long term.

These pressures mean difficult decisions are often unavoidable. The Regulator of Social Housing’s latest Value for Money report shows that many housing associations are finding it difficult to increase development while meeting new obligations, such as building safety investment.

Some have had to reallocate capital or adjust their business models to maintain resilience. None of these decisions are taken lightly. The challenge, therefore, is finding ways to ensure that mission and financial sustainability reinforce one another rather than compete.

One important part of the solution lies in how the sector attracts and deploys capital. Long-term patient capital is increasingly seeking investment opportunities in social and affordable housing.

For many investors, the sector offers a combination of stable returns, strong regulation and clear social value that aligns with long-term objectives.

The key question is not whether private capital should play a role, but how it can be structured in ways that support the social purpose of housing associations while providing investors with returns that reflect the risks they take.

This is where financial innovation has an important role to play. New funding models and approaches can unlock investment and provide flexibility, but they are only valuable when incentives and governance align with the interests of residents, landlords and the sector’s long-term health.

Financial engineering for its own sake risks creating complexity without solving underlying problems; the goal should be to strengthen housing associations’ ability to deliver their mission.

As a mutual organisation, The Housing Finance Corporation (THFC) is well placed to support this kind of alignment. Our role is to connect long-term investors with housing associations through structures that keep homes and value within mission-driven ownership.

We focus on matching the right capital to the right challenge and on doing the detailed work on structure and risk to make solutions sustainable over the long term.

After nearly 20 years in mainstream finance, I left the City in 2011 and since then my work has centred on financing structures that keeps control and value with mission-driven providers.

That experience shapes my work at THFC today – using capital markets tools to design funding structures that align investors with housing associations’ social purpose and the needs of their residents.

Financial alignment

In practice, this approach is already shaping the work we do with partners across the sector. For example, we are working with housing associations on how shared ownership fits within their broader strategies.

Shared ownership can be an important part of a balanced model, helping households access ownership. For some associations, rationalising or reducing holdings may free capacity to focus on core social homes.

In both cases, funding structures should support strategic choices while ensuring value remains in the sector.

The pressures facing housing associations are unlikely to disappear soon. The UK’s fiscal constraints mean private capital will continue to play a significant role in funding the sector. This makes it even more important to develop structures that align the interests of investors, the government and housing providers.

When this alignment works well, it can unlock significant new sources of capital that housing associations can use for development or investment in existing stock.

Matching the right type of capital — whether long-term debt, flexible funding, or public grant — to the right challenge is central to ensuring affordable homes are delivered efficiently and sustainably.

Getting this alignment right is essential if housing associations are to meet the scale of the UK’s housing challenge.

Ben Rick, chief commercial officer and deputy chief executive, The Housing Finance Corporation

Former Homes England interim chair named Reform UK housing lead

Michael Lloyd — Fri, 13 Mar 2026 08:45:35 GMT

A former interim chair of Homes England has been recruited as Reform UK’s spokesperson on housing and infrastructure.

Richard Tice, Reform UK’s deputy leader and the party’s self-styled ‘shadow secretary of state’ for business, energy and trade, has appointed Simon Dudley to the role, a month after he joined the Nigel Farage-led party.

Mr Dudley, who is not an elected MP, brings experience in housebuilding, regeneration and infrastructure finance, including serving as interim chair of Homes England between 2019 and 2020. He also chaired the Ebbsfleet Development Corporation for four years from early 2021, and London for-profit registered provider Square Roots for three years from September 2021.

Reform UK said that, as part of his new role, Mr Dudley will lead an “urgent review into Britain’s building crisis”. This aims to set out reforms to planning, housing delivery and national infrastructure, with a focus on reducing planning costs and time, as well as lowering the cost of housing and infrastructure delivery.

Mr Dudley said he has spent his career delivering homes and major regeneration schemes.

“I know that with the right reforms we can move quickly and at scale,” he said.

Mr Dudley said Britain faces a “building crisis”, with young people locked out of homeownership, families paying high rents and businesses held back by a planning system that “slows growth and blocks investment”.

He said: “Our urgent review will examine how to simplify planning, accelerate infrastructure and unlock land for homes and jobs. We will focus on practical steps that can be implemented fast.

“Reform is serious about growth. We are serious about restoring common sense to planning. And we are serious about giving working families the chance to own a home and build a secure future.”

Reform currently has eight MPs in parliament. According to its website, the party does not yet have a housing policy.

Mr Tice said that Mr Dudley has “delivered at scale” and understands planning, finance and regeneration as well as “how to get projects moving”.

He said: “Under Reform, we will get Britain building again, faster and at better value. That means accelerating planning and incentivising brownfield development. It means keeping smart, safe regulation and scrapping daft EU-conceived rules that are blocking over 100,000 homes.”

When Mr Dudley joined Reform last month, he received the backing of newly defected Reform MP Robert Jenrick, who served as Conservative housing secretary for just over two years up until September 2021.

In an opinion piece for The Telegraph published in February, Mr Dudley said there had been a “long-term failure to build enough homes” and called for housing policy to put “working British families first”. He did not specify who he regarded as British.

In January 2024, the previous Conservative government proposed new rules on social housing allocations, branded ‘British Homes for British workers’.

This was criticised by a 17-strong coalition of housing groups, and the new Labour government scrapped the plans shortly after taking charge, saying the proposals were “either unnecessary, unfeasible” or “costly”, or “risked harming communities”.

Prime minister Sir Keir Starmer has previously labelled Reform’s immigration policy “racist” and “immoral”.

Trend report: the housing benefit subsidy gap

Chloe Stothart — Fri, 27 Mar 2026 08:56:30 GMT

Chloe Stothart analyses government data on the difference between what councils pay for accommodation for homeless families and the amount reimbursed by the Department for Work and Pensions

British local authorities have lost over £1.8bn in the past decade in temporary accommodation costs they cannot reclaim from the government.

The difference between what councils pay for accommodation for homeless families and the amount reimbursed by the Department for Work and Pensions has grown from £63m to nearly £450m between 2016 and 2025, according to Social Housing’s analysis of government figures.

The so-called ‘housing benefit subsidy gap’ arises because the government only reimburses councils up to 90 per cent of the 2011 Local Housing Allowance (LHA) rate for temporary accommodation. The rents that councils pay for the accommodation are often higher, but they must find the difference from their own budgets.

The Local Government Association (LGA) predicted that the gap in England would grow to nearly £4bn from 2017-18 to 2029-30.

Falls in the supply of temporary accommodation as landlords exit the market have pushed prices up, as has competition between authorities for placements. In addition, demand has grown as the number of homeless households has increased.

More than a third of councils in England now spend over 10 per cent of their budget for temporary accommodation services, with a growing number spending between 20 and 50 per cent. Nationally, temporary accommodation placements are up 54 per cent since 2019 to 131,140 households, as of 31 March 2025. In the same period, the housing benefit subsidy gap grew by 244 per cent to nearly £360m in England.

The costs are tipping some authorities into serious financial difficulty, with several getting exceptional financial assistance – permission to borrow more money – from the government, to help them avoid effective bankruptcy.

London Councils says that authorities in the capital overspent on their homelessness budgets by at least £330m in 2024-25.

Councils are searching for ways to cut their temporary accommodation bills and increasing the amount of subsidy they can reclaim. For example, some are looking to broker longer leases to get greater certainty over costs or better prices. But some councils fear being tied into long-term arrangements and some landlords have switched from offering long leases to more lucrative nightly paid arrangements.

In addition, some have received legal advice that housing benefit subsidy on leases over 10 years or council-owned property can be claimed at current LHA rates rather than at 90 per cent of the 2011 rate, which would reduce but not eliminate the gap between the rent paid to the landlord and the subsidy.

However, a report by LSE Consulting said: “This is a grey area in the legislation and legal experts have different views about how long the leases must be to qualify.”

Several councils have discussed making this change and setting up hardship funds for residents who do not have all their rent covered by housing benefit.

Some have been buying properties, including repurchasing homes sold through the Right to Buy, to use as temporary accommodation.

Valuer: rent convergence uplift now plays into stock acquisition bids

Michael Lloyd — Fri, 27 Mar 2026 08:54:50 GMT

Rent convergence is becoming a consideration for registered providers (RPs) approaching stock acquisitions, according to a senior figure at a major sector valuer.

In January, the government announced the details for the introduction of rent convergence. This will complement the 10-year Consumer Price Index (CPI) plus one per cent rent settlement which starts in 2026-27.

From 1 April 2027, RPs will be permitted to increase weekly rents by an additional £1, over and above CPI plus one per cent, for social rent properties that are below formula. From April 2028, this rent convergence limit will then rise to £2, until formula rent is reached.

The impact of rent convergence on valuations will be limited to properties using the Existing Use Value-Social Housing (EUV-SH) methodology, rather than Market Value Subject to Tenancies (MV-ST). According to valuers, around two-thirds of the sector’s stock is now MV-ST.

Marc Burns, head of affordable housing at JLL, told Social Housing that when RPs are looking to acquire stock from another provider, they are now also examining whether there is any potential for rent convergence that might impact what they bid for that portfolio.

“The price is driven by a cashflow and income stream,” he said.

“And if that income stream is going to increase at all over and above the CPI plus one per cent per annum, then that’s something that needs to be factored into the value of the portfolio and therefore the price that someone’s willing to pay for it.”

Modelling the full impact of rent convergence

The National Housing Federation (NHF) told Social Housing that it has estimated that by 2035-36, the rent convergence settlement will have generated £2.5bn in additional rental income for housing associations relative to no convergence. Out of this, £207m would arrive during the current parliament, in 2027-28 and 2028-29.

In total, 94 per cent of rents will have fully converged with the rent formula by 2035-36, up from 35 per cent currently and 45 per cent in 2028-29. The estimate was based on data from the Regulator of Social Housing’s 2023-24 Statistical Data Return (SDR), published in 2024.

JLL’s Mr Burns said the full impact of rent convergence on valuations is “difficult” to quantify currently because it requires information on how many homes in the sector are below formula rent and by how much.

He said that JLL intends to model the full impact on valuations in April when it receives more data from housing associations’ portfolios.

For now, the firm has started to factor rent convergence effects into new valuations, and has modelled the impact for the sector based on the RSH’s latest 2024-25 SDR, published in October last year.

The data provides the average general needs social rent and average general needs formula rent for different regions.

Using this, JLL has modelled the impact that increasing passing rent to the formula rent in accordance with the rent convergence policy has on valuations. Passing rent is the current rent that the tenant is paying.

“It is quite varied, purely because the difference between average passing rents and average formula rents across the regions varies quite significantly,” Mr Burns said.

“And of course, within each region, there’s going to be a lot of variances between organisations, based on how old the stock is, [and] whether through the previous period of convergence, from 2002 to 2015, they were able to increase their rents to formula rent.

“We know that some registered providers’ passing rents are still 10 per cent below formula rent, for example. But that won’t be across all of their stock, that will be certain schemes and pockets of homes.”

For example, the SDR data shows a larger impact in London, with average passing rents £9.08 below formula rent, compared to just £0.27 in the South West of England.

Mr Burns added that rent convergence will not recover income lost through rent cuts because formula rents were also reduced by one per cent annually during the four-year rent reduction period, in place from 2016-17 to 2019-20 inclusive.

Meaningful impact

Nonetheless, Mr Burns said that rent convergence is “hugely positive” for the sector.

He said: “For us in a valuation, any rent increase is then compounding through the life of the asset in accordance with the current inflation-linked annual rent increases. So that’s why it has a meaningful impact on the valuations.

“I appreciate that there are challenges for tenants in paying those rents, but rents have to work really hard these days to pay for significant costs – repairs and maintenance, damp and mould issues, retrofitting to achieve EPC [Energy Performance Certificate] C or above.

“So, any increase, and then having an inflation-linked increase on that rent going forward, will have a significant impact, I’m sure, on business plans. It’s not the silver bullet, but it’s positive for RPs’ business plans, their cashflows, and therefore that underpins the valuations as well.”

Catherine Wilson, head of Savills’ housing valuation team, agreed that rent convergence is not a silver bullet for the sector but described it as “meaningful” and “definitely a layer that’s needed”.

The changes would “provide headroom” for housing associations, she said, but with so many requirements coming to bear for the sector, it may seem to be “a drop in the ocean, at times”.

Ms Wilson said: “Some housing associations might have a heck of a lot of work to [do] on net zero and some might have a lot more repair work, so many may have a lot of costs to spend on properties, [while others may have] very modern stock that doesn’t need a lot of expenditure. So, it really just depends on the needs of the organisation.

“But it is very obviously going to have a positive impact, because you are getting more income.”

The additional income would go some way to offsetting the additional costs RPs face, she added, but would not “solve all the problems”.

Loan security

Higher valuations on homes as a result of rent convergence could also prove positive for providers’ capacity to borrow, Mr Burns suggested.

The impact of the policy could mean increases to the value of homes used as loan security, giving “greater headroom” against that drawn debt.

This does not necessarily mean in all cases that RPs could borrow more as that is dependent on a number of factors, Mr Burns added.

However, it could mean that fewer units may be needed to secure a loan than previously required, freeing up stock to be used as security elsewhere and potentially creating the financial headroom to service the debt.

Mr Burns reiterated that, on this point too, this would only apply to homes with EUV-SH valuations.

‘More important’

For Andy Garratt, a director in Savills’ housing valuation team, where loan security is concerned it would be “more important” to upgrade valuations from EUV-SH to MV-ST as opposed to finding “minor gains” in EUV-SH valuations.

He said around two-thirds of the sector’s stock used for loan security is typically MV-ST and that’s where “most of the value debate” should be around.

On this point, he was referring to efforts to convince local authorities to use a standardised mortgagee exclusion clause, such as the NHF’s form, in Section 106 agreements to enable housing associations to achieve valuations through MV-ST rather than EUV-SH. MV-ST valuations are around twice the value of a property at EUV-SH.

“Most of the value that’s been added is in getting Section 106 wording re-scripted, but also taking advantage of the Section 133 removal so that we can achieve that level of value of MV-ST, which is much more important in the loan security world, in terms of adding value and building capacity,” Mr Garratt said.

“We should be talking mostly about building capacity around MV-ST, but any gains in EUV-SH are also welcome.”

Section 133 of the Housing Act 1988 and Section 172 of the Housing and Regeneration Act 2008 previously required RPs to gain consent from the then-regulator, the Homes and Communities Agency, for disposal of stock. These requirements were removed under deregulation measures that came into effect in April 2017, under the Housing and Planning Act 2016.

Mr Garratt said that the removal of this consent has unlocked “substantial value” for many loan security portfolios that were previously restricted to EUV-SH valuation levels.

Read a comment piece from JLL’s Mr Burns on the significance of rent convergence here.

Manchester City Council set to partner with pension fund to deliver 1,600 homes

Michael Lloyd — Thu, 12 Mar 2026 09:00:00 GMT

Manchester City Council and the Greater Manchester Pension Fund (GMPF) will partner to deliver around 1,600 new homes.

The ‘low-carbon’ homes will be developed across seven council-owned sites on brownfield land. At least 20 per cent will be affordable homes, capped at the Manchester Living Rent.

The initiative will be a 50/50 partnership in the form of a contractual collaboration agreement. This is a partnership created via a contract between both parties, setting out the obligations and responsibilities of each, rather than a legally separate entity.

After first approving the collaboration agreement last summer, Manchester City Council’s executive will meet on Friday (13 March) to finalise the partnership, which will become operational immediately afterwards.

This City, the council’s wholly owned housing company, will build the homes, with starts on sites ranging from 2027 to 2030.

Bev Craig, leader of Manchester City Council, said the collaboration with the GMPF provides the “long-term assurance” to be able to “bring forward and deliver even more ambitious schemes”.

The investment in the agreement will look to support local economic growth, investing in communities to create sustainable neighbourhoods, while also delivering a range of green employment opportunities. 

There will be a site-by-site approach for investment in the development, with a business plan agreed for each programme of work.

The business case will also set out the ownership approach for the homes. It is intended that the affordable homes will be owned 50/50 by the council and GMPF and managed by an external company, with allocations administered via the Manchester Move social housing process.

The seven initial future sites are spread across the city, with a particular focus on north and east Manchester, while the next site being brought forward is in the city centre.

This City completed 129 homes at its No. 1 Ancoats Green development last year and has submitted a planning application to deliver 126 low-carbon homes at Postal Street, Northern Quarter.

Five future sites have been identified. These include 651 homes across four phases at Monsall in Harpurhey, north Manchester, 88 homes at Kirkmanshulme Lane in Longsight, east Manchester and 84 homes at Hyde Road, also in Longsight.

The sites also include 145 homes at Grey Mare Lane in Ancoats and Beswick, east Manchester, 181 homes at Downing Street in Ardwick, central Manchester, and 256 homes on Heyrod Street near Manchester Piccadilly station.

Manchester City Council’s housing strategy has set a target of building at least 36,000 homes by 2032, including 10,000 genuinely affordable council and social homes, of which at least 3,000 will be in the city centre.   

Ms Craig said the partnership with GMPF will enable the council to “drive forward the work of This City to build the homes the city needs”, while intervening to make them “affordable to everyone”.

She added: “Completing No. 1 Ancoats Green last year was a great start – but this collaboration with the Greater Manchester Pension Fund provides long-term assurance that we can bring forward and deliver even more ambitious schemes.

“We already have a strong pipeline of projects in place, including the next This City development in the Northern Quarter, with further sites [planned] across Manchester. This means we are building many more homes capped at the Manchester Living Rent in the coming years.”

SNG’s Peter Benz: our fundraising activities are ‘wide in nature’

Michael Lloyd — Fri, 27 Mar 2026 08:57:57 GMT

SNG’s chief financial officer talks to Social Housing about the strategy behind securing more than £2bn in the two-and-a-half years since its merger, and the plans ahead for the 85,000-home landlord. Michael Lloyd reports

SNG has raised £2.04bn since it was formed through a merger in late 2023, including around £900m in the 2025 calendar year.

The 85,000-home landlord shows no sign of slowing down, with sights now set on further fundraising this year to support targeted investment of £10.9bn in new and existing homes over the next decade.

In an interview with Social Housing, the group’s chief financial officer talks through plans, progress, and what the latest policy announcements – from rent convergence to low-interest loans – mean in practice.

Fundraising to date

Peter Benz previously held the role of executive director of finance at Network Homes for four years prior to its merger with Sovereign in October 2023, at which point he became the new group’s chief financial officer.

Since then, SNG’s fundraising activities have been both “frequent” and “wide in their nature”, he tells Social Housing. To date, post-merger fundraising has totalled £2.04bn.

This has included the issuance of a £400m, 33-year sustainability-linked bond in January 2024 in the combined group’s first capital markets deal.

More recently, a total of £900m was raised in the 2025 calendar year. This included a £250m bond issuance, a £75m bond tap, a £100m loan with Lloyds under the National Wealth Fund, a £250m sustainability-linked loan with NatWest and a £200m revolving credit facility with Lloyds.

These deals leave SNG with a net debt of £4.3bn as of January 2026, a rise from £3.9bn at the end of March 2025.

“We are very active in the bilateral market,” Mr Benz says. “That is in line with our intention to have a diverse range of funders and various routes to achieving the right funding mix.”

And while Mr Benz cannot comment on when the association will next embark on a capital markets issuance, he describes the group’s Euro Medium-Term Note (EMTN) programme, launched in April last year, as “extremely useful”.

SNG’s bond issuance in September 2025 was the first under the programme.

Mr Benz says: “It improves the efficiency of the process and significantly shortens the time [of capital market issuances] through a much more standardised approach.”

Treasury strategy is naturally informed by SNG’s corporate plan, which is in turn linked to its business plan. The latest financial year marks the last in its current corporate plan (2023-26), which was its first as a merged organisation.

The plan, Mr Benz emphasises, is “quite explicit” about the group’s ongoing ambition to fund the development of new affordable homes, as well as continuing to invest in its existing affordable homes.

Mr Benz says: “The funding activities that we’ve engaged in are directly in line with those strategic ambitions [investing in new and existing homes].

“The fundraising is a combination of replacing expiring facilities and providing new facilities. The overwhelming majority of the new funds that are raised are invested in new homes.”

Fundraising plans

Asked about plans for future funding, Mr Benz says: “Our routes to market are going to continue to focus on achieving the dual goals of [obtaining] the best economic outcomes for the organisation and continuing to position ourselves as a long-term partner in the sector.”

As set out in its current corporate plan, SNG expects to deliver 25,000 homes over a rolling 10-year period, of which more than half will be affordable.

Meanwhile, the group’s board-approved 2025 business plan lays out its expectation to invest £10.9bn in new and existing homes over the 10 years to 2034-35.

Future fundraising will be “in line with” these ambitions, Mr Benz says, while remaining tight-lipped on the specific avenues and amount of funding it will pursue this year.

Mr Benz tells Social Housing that of the £10.9bn planned investment, £8.4bn is planned for new homes and £2.5bn for existing ones.

According to its 2024-25 results, the housing association invested £642m in development during the year, up from £488m in 2023-24, and £245m on existing homes.

Asked about the planned tenure of the new homes, Mr Benz says that SNG’s development programme contains a mixture of social rent and shared ownership homes, as well as a limited number of homes for outright sale.

The merger will allow the combined organisation to develop an extra 4,000 homes over 10 years when compared to the standalone business plans of the legacy organisations, according to Mr Benz.

However, he cautions that the investment plans of £10.9bn will depend on “market conditions”.

Mr Benz is speaking to Social Housing prior to the latest shock to the financial markets occasioned by the war in Iran.

Government announcements

SNG already had plans for an ambitious development programme and investment in existing homes prior to the government’s announcements of a new Social and Affordable Homes Programme (SAHP), low-cost loans and rent convergence.

While the announcements will support the landlord’s ambitions, Mr Benz believes that its plans will not change as a result of these interventions.

“SNG has retained a very aspirational development programme,” he says.

“We have not reduced our development ambitions over the last three years. Our primary considerations at the moment, with all announcements in the current macroeconomic circumstances, is to, in the first instance, retain our current development ambition.”

He adds: “We are not currently in a position where I can see a path to expanding or increasing our currently stated development ambition.”

On the SAHP, Mr Benz says SNG’s bids for funding will be “aspirational”, but he cannot be drawn on the exact figures. Bids opened on 24 February.

Meanwhile, on rent convergence, SNG calculates that it will generate £1.1m in the first year and £3.2m in the second, rising to £11.5m per annum by year 10. Total additional income over this period from convergence will be £70.4m. These numbers are all uninflated.

In January, the government announced the details for the introduction of the mechanism, which includes rent convergence cash limits of £1 per week from 1 April 2027 and then £2 per week from 2028-29.

“In order to ensure that we have the required resources to fund our ongoing service delivery to customers, as well as ongoing investment in stock... there’s a strong argument to apply as much rent convergence as we can,” Mr Benz says.

Finally, referring to the details of the package of low-interest loans for registered providers, Mr Benz says this is a “great announcement” and “exactly the type of intervention I think we need”.

However, the size of the £2.5bn pot (of which £1.5bn will be directed to London) means the funds will likely be used up “very quickly”, he adds.

In January, the government revealed that the interest rate on the products would be just 0.1 per cent, at a term length of 25 years. They will be administered by the National Housing Bank and the Greater London Authority.

Mr Benz says: “We’re modelling what that would mean for us within the context of our development programme.”

However, while the announcement is welcome, he adds, the overall amount of funding is “unlikely to make a material difference” to SNG as an organisation.

Striking the right balance

Mr Benz says he is “confident” that the group has put in place plans and made resources available in the context of its current constraints to give it “the absolutely best chance” of achieving its corporate goals.

Indeed, in the two-and-a-half years since its merger, the group has already needed to respond and make changes as “circumstances have changed around us”.

“That does mean that some of the targets aren’t quite achieved in either the timescales or to the extent that they were originally set out,” he says.

For example, he explains, some of SNG’s integration savings have taken longer to achieve than originally planned. And where this has occurred “mitigations have been put in place to ensure that the net effect on our long-term plans is alleviated”, he adds.

Conversations are also “ongoing” with the board to create a new corporate plan, as the current one ends this year.

In doing so, SNG has to strike the right balance between maintaining the benefits of its credit ratings with the need to take on high levels of debt.

The housing association is currently rated A3 stable with Moody’s and A- stable with S&P. “We balance it finely,” Mr Benz says.

“The challenge of managing the intended outcomes or strategic outcomes for housing associations is a complex activity. We produce our long-term plans in a way that aligns our intended resource allocation with our strategic objectives, and that balances financial outcomes against other corporate objectives.”

The impact of regulator grades on fundraising

While lower credit ratings mean more expensive funding, Mr Benz says that SNG being handed a C2 grade by the Regulator of Social Housing last May has had no detrimental impact when raising new finance.

The grading noted that SNG had provided assurance of “appropriate systems in place to ensure the health and safety of tenants” but that there was also evidence of “weaknesses in the provision of an effective, efficient and timely repairs service”.

“Investors are increasingly interested in our consumer score,” says Mr Benz. “It is an important consideration with regards to their ESG [environmental, social and governance] considerations, but we have not found our C2 rating to be detrimental to our ability to raise funds, or indeed [any] potentially upward pressure in the cost of funds.”

The landlord has an improvement plan in place intended to help it reach C1 over time.

“We discuss those intentions very openly with our funders, and indeed, any interested parties that want to discuss this,” Mr Benz says.

“This is squarely in line with our board’s stated strategic intention to be a customer-focused organisation and deliver the best customer services that we can.”

These intentions will continue to drive the group’s strategy as it finalises and executes its new corporate plan. Behind that will be the all-important funding and finance needed to deliver new homes, meaning 2026 is shaping up to be another busy year for Mr Benz and his team.

Housing bodies hit out at government plans to remove Section 106 thresholds

Michael Lloyd — Thu, 12 Mar 2026 09:19:13 GMT

Housing bodies have spoken out against government plans to remove Section 106 thresholds for medium-sized sites and replace them with cash contributions.

Both the National Housing Federation (NHF) and Chartered Institute of Housing (CIH) have criticised the proposals, which are set out in the government’s consultation on a revised National Planning Policy Framework (NPPF).

The consultation, which ran from 16 December to 10 March, proposed a new definition of ‘medium’ developments: those of 10 to 49 units. For these sites, it suggested an approach that “would be down to the developers’ discretion” as to whether to provide social and affordable housing on site or via a cash payment in lieu.

Within its response, the NHF said that Section 106 planning obligations “remain essential” to delivering social and affordable housing and that it “strongly” believes that on-site provision of affordable housing must remain the default, including on medium-sized sites.

“Blanket discretion for cash in lieu on medium sites would reduce Section 106 supply, weaken mixed communities and harm rural delivery; commuted sums rarely match delivery costs and have often gone unused,” the NHF said.

The group said that its data shows that in the last three years, 12 per cent of Section 106 acquisitions were on medium-sized sites.

For small and medium-sized housing associations, the impact was “even greater”, with 26 per cent of their Section 106 acquisitions from these sites, the group said.

“Almost 10,000 affordable homes delivered nationally over the past three years wouldn’t exist if developers hadn’t been required to build them,” the NHF said.

The group said financial contributions “rarely match the true cost” of delivering affordable or social homes and historically have “seldom resulted in new delivery”.

The NHF added that a size-based threshold could drive up land prices while disincentivising larger schemes, for example, those from 50 to 70 dwellings, pushing developers to downsize just to meet the 49-dwelling threshold.

The group said that instead, the government should focus its efforts on levers that would improve the Section 106 system to ensure it “operates effectively”.

For example, homes delivered through planning must align with what housing associations need and can afford and the NPPF should “explicitly” require developers to engage with registered providers at the pre-application stage, the NHF said.

The group said it recognises that “limited, exceptional circumstances”, such as specific site characteristics or lack of affordable housing demand, may justify some flexibility for developers on the requirements to deliver Section 106 homes, and that this is already the case.

But in these circumstances any financial contributions must be tightly controlled, transparently ringfenced and directly linked to the delivery of affordable housing within the local community, it said.

Kate Henderson, chief executive of the NHF, said in a LinkedIn post in December: “Replacing on-site delivery with cash contributions rarely results in new affordable homes. Cash in lieu must remain the exception, not the rule.

“When used, funds should be channelled directly to housing associations to ensure every pound delivers real, timely and locally targeted affordable homes. We can’t afford to lose a pipeline that provides thousands of affordable homes every year.”

CIH response

Similarly, in its consultation response, the CIH said that while it supports the introduction of a new medium sites category to support smaller developers, it disagrees with the proposal to allow applicants to decide whether to use cash payments in lieu instead of delivering affordable homes.

“It is vital that we do not lose the significant contribution of affordable homes already being delivered through this process on medium sites,” the CIH said in its response.

“For the limited circumstances where cash payments in lieu of on-site delivery are used, by local authority discretion, this money should be ringfenced for new affordable homes, delivered [alongside] registered provider partners within a clear timeframe, and [there should be] specific protections for rural areas.”

Megan Hinch, policy manager at the CIH, said: “We are concerned about the potential loss of affordable homes through changes to developer contributions on medium sites and urge the government to review this proposal to protect this vital route for meeting local housing needs.”

A positive step

Elsewhere, the NHF and CIH agreed with many of the government’s proposals, such as the introduction of a national 20 per cent minimum level of social rent homes on developments.

The NHF said it “strongly” agreed with the proposals that development plans should be based on a housing need assessment using the standard method, and should account for size, type and tenure of housing required for different groups. This includes social and affordable housing and homes for older people.

The group said it also “strongly agreed” with the proposals that “substantial weight” should be given to the benefits of providing accommodation that meets evidenced local needs, and that local plans should identify development contributions toward affordable housing.

“Taken together, these proposals represent positive and material steps toward addressing a wider range of housing needs, including those of an ageing population, rural communities and households requiring social rent,” the NHF said.

“We welcome the government’s reforms to improve and streamline the planning system. Measures to support SMEs, increase density and enable a more diverse mix of housing based on housing need – including for an ageing population and in rural areas – will all contribute positively to the ambition of delivering 1.5 million homes.”

The CIH’s Ms Hinch said: “The CIH welcomes the government’s commitment to reforming the planning system to deliver much-needed affordable homes, including support for rural housing, social rent, and stronger links between housing, infrastructure and climate change.”

Large Northern landlord hires chief financial officer

Michael Lloyd — Thu, 12 Mar 2026 09:04:01 GMT

A Northern landlord that owns over 29,000 homes has appointed a chief financial officer, who worked at the provider until 2024.

Your Housing Group (YHG), which operates across Greater Manchester, Staffordshire, Lancashire, Merseyside and Yorkshire, has announced that Helen Whittingham has rejoined the organisation as its chief financial officer.

She previously worked at YHG for three years, most recently as finance director, before leaving in 2024.

The post of chief financial officer has been held on an interim basis by Andrew Oldale since May last year.

Ms Whittingham rejoins from South Yorkshire Housing Association, where she has spent the past two years as director of finance and development.

YHG said Ms Whittingham’s experience will support “the continued strengthening” of its financial strategy as the organisation works to deliver “more safe places for people to call home”. Its 2024-27 corporate plan includes an aim of creating safe, warm homes in healthy environments.

Ms Whittingham said: “It’s fantastic to return to YHG. I’ve always admired the organisation’s ambition and its commitment to putting customers first, and I’m looking forward to contributing to the next stage of our journey.

“With an exciting development programme and a clear focus on delivering great homes and services, this is a brilliant time to be back and working alongside colleagues who care deeply about the communities we support.”

YHG was formed in 2012 following a merger of Harvest and Arena.

In February, the provider appointed a permanent chair: Bev Messinger, who began serving in the role on an interim basis in November 2025.

According to its financial results for 2024-25, YHG posted a pre-tax loss of £44.6m, up from £11.8m in the previous year, despite growing its turnover by £10.4m to £209.7m.

The Editor’s Rundown: mixed picture on capital spend and for-profits dial up funds

Sarah Williams — Tue, 24 Mar 2026 10:58:04 GMT

From housing associations’ capital spend to for-profit fundraising, registrations and acquisitions, Social Housing’s editor Sarah Williams rounds up key stories from the past month

The volume of registered providers’ (RPs) capital spending and their future commitments have been in the spotlight this month, with data for the latest full financial year showing a mixed picture.

Last week, the English regulator’s report Value for Money report found that record levels of capital spending were invested in the year to the end of March 2025, as “more providers focus on sustainable homes, stock quality and building safety”.

Overall, large RPs spent £14.8bn on development and existing stock. However, the £11bn on new homes marked a four per cent drop year-on-year, as many providers dialled down their ambitions in the face of mounting costs.

The Regulator of Social Housing’s (RSH) report came shortly after our latest data analysis revealed the picture on planned future spend for housing associations across the UK. Our special report found that housing associations’ capital commitments dropped for the second year running, falling 4.7 per cent to reach £37.5bn in the 12 months to March 2025. Despite this overall decline, 27 of the providers with the largest commitments increased them in 2025.

Meanwhile, the latest quarterly data from the RSH revealed the largest jump in loan drawdowns in almost a decade-and-a-half, with 56 per cent of landlords reporting an increase in drawn debt. Figures for the three months to the end of December showed large providers drew down £3.7bn from pre-approved facilities. This resulted in a £2.7bn net increase in the value of drawn facilities after repayments – the largest in 14 years.

Ambitions for future investment – and the crucial grant needed to fuel it – were also in focus, as bidding opened at both Homes England and the Greater London Authority on 24 February for the new Social and Affordable Homes Programme.

Internally at Homes England, the appointment of a new permanent chief financial officer saw the last jigsaw piece placed in the agency’s executive team refresh as it gears up for what it is calling a “significant year of delivery”. Caroline Patterson, who is currently chief financial officer at the Cabinet Office, will take up the role in June.

The sector will need to wait a little longer for a key piece to land where the government’s policy puzzle is concerned, as housing minister Matthew Pennycook last week vowed to publish the government’s delayed long-term housing strategy “shortly”, but raised doubts over whether it will be this month.

Elsewhere in Westminster, a committee of MPs has called for the government to launch a ‘pooled fund’ to give social landlords more spending flexibility over improving their stock. Among a suite of findings in its 66-page report, the Housing, Communities and Local Government Committee said the measure should be part of a new Decent Homes Programme to help providers “raise the standard” of homes.

For-profits

Transactions continued apace within the for-profit sector as some eye-catching fundraises and deals took place. Sage Homes raised nearly £550m in a major refinancing deal through a commercial mortgage-backed securitisation. In an interview with Social Housing, chief financial officer John Goodey said the deal was “well supported” by a pool of blue-chip investors, with a “good level of demand”.

Legal & General raised around £250m in new funding to help with its bid to deliver affordable housing across England. The latest investment means the insurance and pensions giant has now raised around £750m for its Affordable Housing Fund since its launch.

Elsewhere, another for-profit provider doubled in size, after acquiring 325 shared ownership homes from a landlord within the same parent organisation. Auxesia Homes bought the properties from fellow for-profit St Arthur Homes in a deal valued at £45.8m.

Registration activity also continued. A major developer established two for-profit RPs, in what it called a “proactive response to the very real challenge facing large-scale housing delivery in London”. Ballymore said it hopes the “vast experience” of its chair, a Conservative peer and former chief strategic advisor in Boris Johnson’s government, will support the success of its new providers.

A not-for-profit registered provider was launched by a new co-operative with an intention to purchase homes being built by a large housing association partner in the West Midlands.

And it emerged that a council-owned housing company in the South West of England is exploring the idea of acquiring an “established” registered provider.

Mergers

Finally, merger news since our last Editor’s Rundown included discussions to create a new 32,000-home group in the Midlands. The two landlords confirmed in early February that they have entered discussions for a partnership believed to offer higher levels of resilience amid an “increasingly challenging operating environment”.

And G15 member Hyde Group confirmed last week that it will soon be joined by a specialist London housing association that was placed onto the RSH’s ‘gradings under review’ list in December. Stratford-based Arhag will join Hyde as a subsidiary on 1 April.

Thank you for reading. You can access all the latest regulatory news, development and appointment round-ups, featured comment and our ‘editor’s picks’ via the links below.

Sarah Williams, editor, Social Housing

Editor’s picks

Moves, deals and digest

Regulation

Featured comment

Why the impact of rent convergence will be significant

Marc Burns — Wed, 22 Apr 2026 08:49:40 GMT

For registered providers navigating rising costs, rent convergence represents not just a policy adjustment, but a structural shift, writes JLL’s Marc Burns

The absence of any firm commitment to rent convergence in the November Budget was a disappointment for many registered providers (RPs).

However, the government’s announcement on 28 January confirming its reintroduction provides additional support for the sector, and with it, clearer implications for balance sheets, borrowing capacity and portfolio valuation.

This formed part of a wider package including £2.5bn of low-cost loans, a roadmap for Section 106 delivery and confirmation of the Decent Homes Standard, all intended to support both new supply and the improvement of existing stock.

Strengthening balance sheets and financial capacity

The National Housing Federation suggests that in 2023-24, 71.4 per cent of social rents were below formula rent.

Despite the commencement being delayed until 2027, the sector understandably and rightly welcomed confirmation of the first increase in rents over and above those permitted under the Rent Standard since the previous period of rent convergence (which took place between 2002 and 2015) was abandoned.

The case for rent convergence was an easy one to argue. Since 2015, the extent to which rents have needed to stretch in order to cover additional expenditure on fire safety works, Energy Performance Certificate upgrades, damp and mould remediation and ensuring compliance with the consumer standards has increased exponentially.

While consolidation and collaboration within the sector through mergers and partnerships has driven value for money through effective procurement strategies, the period of rent cuts from April 2016 to March 2020, coupled with the seven per cent rent cap in 2023-24, has left RPs with limited financial headroom to absorb rising costs.

This spend, according to the Regulator of Social Housing, has increased by 75 per cent from the pre-pandemic peak reported in 2020.

The financial pressures faced by RPs have been well documented, and the continued rise in off-market transactions this year predicted by JLL’s Charles Cleal, have clearly emerged from these pressures.

But, in the same way that the quality of assets is being rigorously scrutinised by buyers during due diligence, so too will the implications of rent convergence on future income from the portfolio.

So, what impact does this policy have, and how might it affect the pricing of portfolios? The evidence from these transactions underpins our loan security valuations.

Translating policy into valuation uplift

Our modelling indicates that the resulting uplift in EUV-SH values could be meaningful across the sector, particularly for providers with older stock where historic rent divergence is most pronounced.

Even incremental increases in weekly rents, when capitalised over long-term cashflows, can produce significant valuation gains at portfolio level.

It is important to recognise that there are large variations across different regions when examining the gap between average passing rents and average formula rents.

Statistical Data Return (SDR) data published by the Regulator for Social Housing for 2024-25 suggests London is more acutely affected, with average passing rents £9.08 below formula rent, compared to just £0.27 in the South West.

It is also worth noting that rent convergence, while clearly positive for business plans, will not recover the rent lost during the period of rent cuts from 2016-2019, as formula rents were also reduced by one per cent per annum each year.

However, this policy does not involve any additional costs, and the compounding effect of index-linked rent increases in our cashflows drives a positive uplift in value for units that currently sit below formula rent levels.

The level of increase will be determined by how far current rents sit below formula rents, and the chart below illustrates potential percentage uplifts in value across all regions. This analysis adopts the average 2024-25 passing rents from the SDR with convergence to the average formula rent sourced from the same report.

This modelling serves as an illustration only. Legacy rental positions vary significantly between organisations, meaning regional average valuation increases will not uniformly apply to all portfolios owned by RPs.

We should also note that these increases will not have a material effect on MV-T valuations.

A quiet but significant shift

The reintroduction of rent convergence may appear incremental in isolation, but its cumulative impact on income, valuation and financial capacity is significant.

Over time, this policy will strengthen balance sheets, improve borrowing capacity and enhance investor and lender confidence in the sector.

For RPs navigating rising costs and delivery pressures, rent convergence represents not just a policy adjustment, but a structural shift that will shape valuation and investment decisions for years to come.

Marc Burns, head of affordable housing, JLL

Hear from Marc Burns at the Social Housing Finance Conference, taking place on 14 May in London. For more information and booking, click here.

How the Shared Ownership Code presents an opportunity for a fairer sector

Emma Toms — Thu, 12 Mar 2026 09:30:29 GMT

The Shared Ownership Code champions better customer outcomes and supports a stronger, fairer sector, writes the New Homes Quality Board’s Emma Toms

Buying property is one of life’s biggest milestones.

For many buyers, stepping through the front door marks the start of a new chapter – a place to put down roots and build memories that turn a house into a home.

Shared ownership – where people buy a share of a property and pay rent to a landlord on the rest – was launched by the government in 1980 as a way for people to take their first step on the housing ladder.

It has since offered a route to homeownership that bridges the gap between private renting and owning.

However, for some shared owners, the experience of homeownership does not always live up to expectations.

Property defects, rising service charges and a lack of transparency from providers or landlords – combined with unclear information when reselling or buying additional shares – becomes the reality.

Understandably, this has left many shared owners feeling short-changed or, in some cases, trapped.

Every homebuyer deserves a quality home, effective management of services and improved communication.

That is exactly why the New Homes Quality Board (NHQB) took on the role of code operator for the Shared Ownership Code last October.

Much like our New Homes Quality Code (NHQC) – which provides stronger protections for new homebuyers – the Shared Ownership Code champions better customer outcomes and supports a stronger, fairer sector.

The opportunity

The Shared Ownership Code was an industry-led initiative. It was shaped not only by consumer consultation with more than 1,700 shared owners but also through extensive industry feedback gathered by registered providers, lenders, trade bodies and conveyancers.

In addition, a four-month pilot with eight housing providers tested the code in practice to ensure it was both impactful and easy to implement.

The industry recognised the need for change, and now it is up to housing associations, local authorities and for-profit housing providers to deliver on that commitment.

The code aims to drive best practice across the sector and strengthen consumer protection. It has the potential to improve the experience for customers both when they buy and as they live in their home, ensuring they receive consistent, high-quality service.

But for the code to have real impact, widespread adoption from providers – and endorsement from housing association executives and boards – is crucial.

A governance framework boards can rely on

For boards, the code provides something the sector has long been missing – a credible framework to evidence that shared ownership services are fair, transparent and resilient under regulatory scrutiny.

While voluntary, it directly complements the Regulator of Social Housing’s consumer standards and aligns with emerging expectations under the Social and Affordable Homes Programme 2026-36.

The code translates regulatory requirements into practical and auditable behaviours. It helps organisations move from assumed compliance to evidenced assurance, enabling boards to demonstrate oversight of a high-risk tenure.

Adopting the code strengthens regulatory readiness and supports robust governance by ensuring providers can show fairness and accountability in how they deliver services.

It promotes internal consistency, strengthens internal controls and provides a proportionate mechanism for boards to discharge their responsibilities, manage consumer risk and monitor improvement over time.

Ultimately, for all housing providers, the code should not be viewed as an optional add-on, but as a strategic tool that enhances compliance, supports assurance and strengthens customer confidence.

What is in it for housing providers?

For any providers out there thinking, “What is in it for me?”, here is your answer.  

The benefits of adopting the code are both practical and far-reaching. It helps build trust with customers through clear communication and a consistent understanding of what ‘good’ looks like across teams.

By improving the information and services offered to shared owners, providers can reduce complaints, minimise disputes and prevent issues at the source – saving time, stress and unnecessary cost.

This ultimately helps increase customer trust, while also helping providers to reduce the likelihood of upheld Housing Ombudsman complaints or maladministration findings by demonstrating clearer, more consistent compliance.

The code can also enhance reputation by demonstrating a genuine commitment to quality homes and great customer service, something increasingly valued by customers, partners, lenders and other stakeholders.

It supports providers in strengthening their operational processes, standardising best practice and improving shared owner satisfaction, trust and engagement – all of which can contribute to stronger tenant satisfaction measures.

Providers are not expected to navigate this journey alone. Our team of sector experts is ready to support you with tools, templates and training to streamline processes and improve the customer experience.

A decisive moment for the sector

The code is here. It is ready, and we have the systems in place. But to drive meaningful change and shape a shared ownership sector that works for consumers and industry, widespread adoption is key.

Since applications opened this year, we have been working closely with providers who are progressing through the application process and are on their way to becoming early adopters.

By adopting the Shared Ownership Code, you can raise standards and enhance protections for both current and future shared owners. Making a visible commitment to quality, professionalism and consumer protection is valued highly by customers, lenders, investors and partners.

If you are keen to improve your customer satisfaction and reduce the cost of handling complaints and disputes, then get in touch with our team.

Emma Toms, chief executive, New Homes Quality Board

Deals round-up: February 2026

Social Housing — Mon, 09 Mar 2026 09:05:02 GMT

A round-up of the main development deals involving housing providers, local authorities and the private sector

SettleParadigm and L&Q

SettleParadigm has completed the acquisition of 3,500 homes from L&Q in South Buckinghamshire.

This brings the total number of homes owned and managed by SettleParadigm to 30,000, following a merger between Paradigm Housing Group and Settle Group in October.

Southwark Council, Wates Residential and Mount Anvil

Southwark Council has signed contracts with two partners to provide at least 360 new council homes in the south London borough.

Wates Residential will build at least 343 homes across four sites. All of the homes will be affordable, including around 131 council homes. The sites are: Bells Gardens Estate, Lindley Estate and Wickway on the Gloucester Grove Estate in Peckham and Wyndham Road in Camberwell.

Mount Anvil will deliver at least 786 homes, with around half of these to be affordable, including a minimum of 229 council homes. These will be built at four sites: Seven Islands Leisure Centre and Red Lion Boys Club in Rotherhithe, and 1-36 Priter Road and Beormund School in Bermondsey.

Auxesia Homes and St Arthur Homes

Auxesia Homes, a for-profit provider that specialises in homes for keyworkers, has acquired 325 shared ownership homes from St Arthur Homes, a fellow for-profit provider within the same parent organisation.

The homes are located across the South of England and were bought in a deal valued at £45.8m.

Cheshire-based Auxesia now has 637 homes while London-based St Arthur only has five, but it will continue to operate as a separate provider.

Both landlords are subsidiaries of European real estate giant Futureal.

Your Housing Group and Westchurch Homes

Your Housing Group has completed 106 homes in Farnworth, North West England.

Built by Westchurch Homes, 50 affordable rent and 56 shared ownership homes have been delivered at the £23.6m development called Century Mill.

Located on George Street, the scheme replaces a former mill. The brownfield site was transformed into a new neighbourhood. It includes 12 one‑bed maisonettes, 26 two‑bed houses, 32 three‑bed houses and 36 four‑bed houses.

Legal & General Affordable Homes

For-profit provider Legal & General (L&G) Affordable Homes has purchased land to develop 122 affordable homes in Lincolnshire.

The project at Wainfleet Road, Boston, is being delivered in partnership with Boston Borough Council as well as developers Langcroft Group and Seagate Homes.

The scheme will provide 85 homes for social rent and 37 for shared ownership, with a mix of one, two and three-bedroom houses and bungalows.

L&G Affordable Homes will also work with housing association Housing 21, which is delivering a further 36 social rent bungalows for retirement living under the overall planning permission for the site.

Orbit Homes

Orbit Homes has received planning approval to deliver 93 new homes in Hemsby, Norfolk.

Located on Yarmouth Road, the scheme will be a fully affordable development where 60 per cent of the homes will be for social rent, with the remaining available for purchase through shared ownership.

The scheme will feature a mix of one, two, three and four-bedroom houses and two-bedroom bungalows. Construction is expected to start this summer.

The development is supported by grant funding from Homes England.

Flint Housing

For-profit registered provider Flint Housing has welcomed residents to 85 new social rental flats in its North Kensington Gate development, with over 80 per cent of the homes occupied.

The project was developed in partnership with the Old Oak and Park Royal Development Corporation, the Greater London Authority, the London Borough of Hammersmith and Fulham, Brent Council and Ealing Council.

Citizen and Vistry

Housing association Citizen has partnered with house builder Vistry to deliver 60 affordable family homes in the West Midlands.

The development will transform a previously vacant site in Oldbury into a new community, offering a mix of two, three and four-bedroom homes.

Great Places Housing Group and Strata

Great Places Housing Group has exchanged contracts with house builder Strata to deliver 53 social rent homes at Lutterworth Drive in Doncaster, South Yorkshire.

The homes will be built on land allocated for housing in the City of Doncaster Council’s local plan. Historically unused, the site will be transformed into a residential community featuring bungalows, semi-detached and terraced homes.

The 53 affordable homes will offer a mix of one, two and three-bedroom homes.

Plymouth Community Homes

Plymouth Community Homes (PCH) has acquired 17 homes for social rent from Cavanna Homes, which the house builder will build on the outskirts of Exeter.

The homes at Elm Park in Matford will consist of one and two-bedroom flats and five three-bedroom houses. These are the first properties for which PCH has partnered with Cavanna Homes.

The scheme is backed by Homes England funding. The homes will be prioritised to people with a local connection to the area via a partnership between PCH and Teignbridge District Council.

Appointments round-up: February 2026

Social Housing — Fri, 01 May 2026 07:48:59 GMT

A number of senior housing professionals were appointed to new roles in February 2026

Habinteg Housing Association

Specialist landlord Habinteg has confirmed Martin Warhurst as its new permanent chief executive.

Mr Warhurst has served as interim boss at the 3,300-home landlord, which provides housing for disabled people, since November 2024. He took the reins from Nick Apetroaie, who left to head up Accent Group.

Mr Warhurst has more than 26 years’ experience in the social housing sector. He was previously Habinteg’s chief financial officer, a role he started when he joined the provider in April 2023. Prior to this, Mr Warhurst was executive director of resources at WDH and chief executive of Martin House Children’s Hospice.

West Midlands Combined Authority

The West Midlands Combined Authority (WMCA) has made Ed Cox its permanent chief executive.

Mr Cox has been in the top job for the past nine months on an interim basis. He took over from Laura Shoaf, who left the WMCA after four years in charge.

Mr Cox joined the WMCA in May 2020 as director of public service reform. He later became deputy chief executive, leading strategy, economy and net zero, before being hired as interim chief executive in June last year. In this position, he led delivery of the mayor’s priorities on jobs, homes, growth and transport.

Scottish Borders Housing Association

Scottish Borders Housing Association (SBHA) has promoted Maria Lyle to chief executive.

Ms Lyle joined SBHA in 2005 and has spent the past four-and-a-half years as its chief operating officer.

She will take the reins in May, to replace Julia Mulloy, who is stepping down after 16 years in charge. SBHA owns around 5,650 homes across the Scottish Borders.

Plus Dane

Plus Dane has appointed James Taylor as its new director of finance.

He will join the 13,500-home landlord from rural housing association Connexus, where he has spent the past two years in the equivalent role. Prior to that, Mr Taylor worked for Torus for nearly three years.

He will take over from Jessica McKinlay, who stepped down from Plus Dane on 24 February following three years in the role, to set up her own finance consultancy. In the meantime, Plus Dane has brought in a financial consultant and is working with a financial advisor.

Mr Taylor will start at Plus Dane in early summer.

Scottish Federation of Housing Associations

The Scottish Federation of Housing Associations (SFHA) has hired Paul Bradley as director of external affairs.

He will take up the role in April to lead the SFHA’s policy, public affairs and communications. Mr Bradley will take over from Carolyn Lochhead, who has left after four-and-a-half years in the post to head up Alcohol Focus Scotland, the national charity working to prevent and reduce alcohol-related harm.

Mr Bradley has worked on external affairs for several high-profile groups, including Shelter Scotland and the Scottish Council for Voluntary Organisations. He is currently head of government relations at the University of Glasgow.

GreenSquareAccord

GreenSquareAccord (GSA) has appointed a chief property officer and two new board members.

GSA has named Billy Sutch as chief property officer. He will take up the role in May after most recently serving as executive director of residential services at university accommodation provider UPP.

The housing association also confirmed that Gail Teasdale and Ashling Fox will join its board later in March.

Ms Teasale is currently serving on the board at The Housing Finance Corporation and the National Housing Federation. She also brings experience from her time as chief executive of Broadacres Housing Association and as executive director of finance and corporate services at Accent Group.

Ms Fox is a managing director at student accommodation provider Student Roost and has previously worked as chief customer officer at Bromford and deputy chief executive at Peabody.

Thriving Investments

Thriving Investments, Places for People’s fund manager, has hired Ed Crockett as fund manager for its £260m essential worker housing strategy.

Based in Scotland, he will oversee the growing New Avenue Living Fund and support its next phase of development. The fund delivers affordable homes through public-private partnerships with the government, local authorities and developers.

In a 20-year career, Mr Crockett has previously worked as head of investment execution at Europa and director of operational capital markets at Savills.

Accent

Accent has appointed Gerraint Oakley to its group board and its capital investment committee.

Mr Oakley is currently chief growth and development officer at Platform Housing Group and has previously chaired the boards of Ongo and Community Housing Cymru.

Hyde

Hyde has hired two customers to its group board, Ying Wu and Tim Sanders.

Ms Wu will sit on Hyde’s group housing services committee. She is a director at business consultancy firm Fingleton, advising senior executives and boards on competition and regulatory strategy.

Mr Sanders will sit on Hyde’s group investment committee. He is a senior surveyor at Modus Construction Consultants.

New Homes Quality Board

The New Homes Quality Board (NHQB), which operates the Shared Ownership Code, has appointed Natasha Greenwood to the newly created role of director of shared ownership.

The Shared Ownership Code, which was launched in June, is available for registered shared ownership housing providers to adopt on a voluntary basis. It aims to drive best practice and consumer protection for shared owners in the marketing, purchasing and management of homes.

Ms Greenwood will be the main point of liaison between the NHQB and the wider affordable housing sector, leading the strategy to support registered providers in adopting and meeting the requirements of the code.

Registered providers’ spending hits record £14.8bn amid ‘challenging times’, regulator finds

Michael Lloyd — Thu, 12 Mar 2026 14:57:58 GMT

Large registered providers spent a record £14.8bn on development and existing stock in the 2024-25 financial year, the latest data from the regulator has shown.

According to the Regulator of Social Housing’s (RSH) Value for Money report, the sector invested record levels of capital as “more providers focus on sustainable homes, stock quality and building safety”.

Capital spending on existing homes rose by 15 per cent to £3.8bn in the year, the report said.

Landlords spent £11bn on developing new homes in the year to the end of March 2025, but this was a four per cent drop year-on-year, as many dialled down their ambitions in the face of mounting costs.

The study is based on returns from 191 registered providers, each with more than 1,000 homes.

The RSH said that while the sector continues to direct “substantial investment” to new homes, there was “a more cautious approach in the year due to economic and policy uncertainty”.

The sector delivered 53,330 new homes in 2024-25, of which 48,548 were social housing.

Will Perry, director of strategy at the RSH, said: “While these are challenging times for some landlords, there is also greater certainty around policy for the sector to actively plan for the longer term.

“Boards must provide robust challenge where landlords are not making the most effective use of their resources to achieve the strategic objectives of the organisation.

“This requires a clear understanding of what the organisation is intending to achieve, in both serving existing tenants and developing new homes, and how it maximises its efficiency and effectiveness in doing so.”

Headline costs increased at a “slower rate”, but cost management “remains challenging” for some parts of the sector, the RSH said.

The regulator’s report showed that the sector’s headline cost per unit continued to outpace the general rate of inflation, although it increased at a lower rate compared to previous years.

The reported median headline cost increased by 11 per cent to £5,690 per unit, which was largely driven by maintenance and major repair and management costs.

“While there is evidence that providers with the largest proportion of tall buildings saw costs rise more slowly than in past years, these providers still experience much higher maintenance and major repair costs than other providers,” the RSH said.

“For some parts of the sector, the cost of building safety and other stock condition investment remains challenging.”

The regulator said that “persistent cost pressures continue to dampen the overall operating margin”, which includes social housing activities, as some providers struggle to offset rising costs through net rental income alone.

Despite stabilisation across some parts of the sector, the median operating margin overall was 17.4 per cent, which is below the long-term average of 18.5 per cent, the report found.

“Notwithstanding these tighter margins, the sector’s utilisation of its asset base, measured by the return on capital employed, increased to three per cent – its highest level in over three years as providers continue with their strategic asset management programmes,” the regulator said.

The data also showed that EBITDA MRI interest cover fell to 87 per cent last year, a figure previously reported by Social Housing in coverage of the Global Accounts.

Within this latest report, the RSH said it publishes value for money metrics annually so boards and other stakeholders can assess how each housing association is performing against its peers.

Mr Perry said: “Landlords need to be open about how well they are delivering value for money and show evidence that they are meeting the requirements of the VFM Standard. This includes clear and transparent reporting in their accounts of their performance and setting out improvement plans where they have not delivered as intended.

“We will continue checking that landlords are meeting the standard through our inspections, and if we do not see enough evidence-based assurance, it will be reflected in our regulatory judgements.”

Pennycook promises delayed housing strategy ‘shortly’

James Wilmore — Wed, 11 Mar 2026 13:19:46 GMT

Housing minister Matthew Pennycook has vowed to publish the government’s delayed long-term housing strategy “shortly”, but raised doubts over whether it will be this month.

Mr Pennycook was asked in a written question in parliament this week whether the strategy will be published by “March 2026”.

Instead of a direct response, he referred to an answer he gave earlier in the week in which he said the government was making “good progress” on the strategy and “will publish it shortly”.

Last December, the government said it planned to publish the strategy within the first three months of this year.

The strategy is likely to include more details on how the government expects to hit its 1.5 million new homes target this parliament.

Ministers have faced pressure over the delay in publishing the strategy, with parliament’s Housing, Communities and Local Government (HCLG) Committee arguing that it had left the industry “in the dark”.

The committee called on the strategy to “set out an ambitious, comprehensive and achievable vision to meet that target, or else risk jeopardising the ministry’s headline policy commitment”.

However, the MPs also voiced their frustration at the lack of government co-operation on the plan.

“We are… deeply disappointed that the government has been unwilling to engage with us on the development of the strategy, or provide any updates on its delayed publication, other than to tell us that it will be published ‘later this year’,” the committee said.

Former housing secretary Angela Rayner told parliament in July 2024 that the strategy would be published “in the coming months” alongside the Spending Review, which eventually emerged last June.

The Ministry of Housing, Communities and Local Government did not respond to a request for comment.

Temporary accommodation funding gap to rise to nearly £4bn, warns LGA

Michael Lloyd — Thu, 05 Mar 2026 14:44:55 GMT

The cost of temporary accommodation to councils could more than double to nearly £4bn over the next four years without intervention, the Local Government Association (LGA) has warned.

An analysis by the body has found that the gap between what local authorities spend on housing benefit and how much the Department for Work and Pensions (DWP) reimburses them is projected to rise to £3.9bn between 2017-18 and 2029-30.

Since 2017-18, councils across England have spent almost £1.5bn more on temporary accommodation than they have been reimbursed through subsidies, according to the LGA.

While households receive the full housing benefit they are entitled to, the amount councils can claim back from DWP is currently capped to 90 per cent of the Local Housing Allowance (LHA) rate from 2011.

This means councils are unable to claim back costs that reflect what they are spending, the LGA said. The situation is “increasingly getting worse” as the demand for temporary accommodation rises and councils can claim back less, the body added.

Tom Hunt, chair of the LGA’s inclusive growth committee, called on the government to uprate housing benefits to 90 per cent of the current LHA rate.

“This outlay could yield significant results for the economy and national well-being,” he said.

The LGA also found that the annual subsidy gap was set to grow by 65 per cent in the next five years, from nearly £360m to £595m per year, without “decisive action”.

In 2024-25, the total spend on housing benefit for councils in England on temporary accommodation was £1.27bn, while the DWP only reimbursed £911m to councils, leaving a gap of almost £360m.

If the government granted the LGA’s request of raising the subsidy to 90 per cent of prevailing LHA rates, the total projected cumulative cost by 2029-30 will be 37 per cent less than if nothing is changed. This equates to a saving of £1.5bn to councils.

Mr Hunt added: “The temporary accommodation subsidy gap is a problem that is getting worse each year but is fixable.

“This would have a huge boost to council finances, money which could go towards preventing homelessness and building the homes that our communities desperately need.

“Yet because of this ever-widening issue councils are caught in a vicious cycle of ever-increasing temporary accommodation costs versus static rates they receive back to cover their costs.”

Local Housing Allowance rates were increased to the 30th percentile of local market rents in April 2024.

However, this rate has been frozen since then and will remain at the same level for the 2026-27 financial year.

A government spokesperson said: “We’re tackling the impact of rising rents and the housing shortage with our commitment to build 1.5 million homes – including the biggest boost to social and affordable housing in a generation.

“We are also investing more than £1bn in homelessness services, launching a cross-government homelessness strategy and investing a record £39bn in affordable and social housing.”

OBR predicts uptick in housing net additions after ‘strong’ EPC registrations

James Wilmore — Wed, 04 Mar 2026 15:29:14 GMT

The Office for Budget Responsibility (OBR) has forecast a slight short-term uptick in housebuilding as new data emerges, but still expects the government to miss its 1.5 million new homes target.

As chancellor Rachel Reeves presented her Spring Statement to parliament yesterday, the OBR published its latest forecast for the UK economy, although the predictions were made before the Iran war.

The report echoed a similar sentiment as last November, when it said it expected net additions to the UK’s housing stock to fall to a low of 220,000 in 2026-27.

However, the OBR also expects “cumulative” net additions of 1.3 million from 2025-26 to 2029-30. This is 30,000 more than a forecast in November, over a shorter time period.

Explaining the change, an OBR spokesperson told Social Housing it had received new data on individual countries across the UK’s devolved nations that were “stronger than implied by our whole-of-the-UK forecast”.

The spokesperson also said Energy Performance Certificate (EPC) registrations, which are an indicator for housebuilding, had been “relatively strong recently”.

OBR forecasts suggest net additions will “rise sharply” in the second half of this decade to just over 305,000 by 2030-31, helped by the government’s planning reforms. However, the OBR said yesterday that the impact of the reforms are “yet to meaningfully materialise in outturn”.

According to the OBR, the total will still fall short of the government’s ambition for 1.5 million new homes this parliament, due to end in 2029.

Housing secretary Steve Reed told the BBC late last year that he expects the government to “just meet” its target.

However, the Home Builders Federation said last October it expected the government to miss its target without action to help first-time buyers, after Help to Buy was discontinued in 2022.

Many large housing associations have also dialled back their development plans in the face of increasing financial challenges.

As expected, the chancellor’s statement yesterday did not contain any new housing announcements. However, Ms Reeves argued that the government has the “right economic plan for our country”, although she acknowledged the world had become more “uncertain” due to the escalating situation in the Middle East.

Andy Hulme, chief executive of G15 landlord Hyde, said he welcomed the government’s “continued focus on fiscal stability and support for boosting the building of new homes”.

He added: “The planning reforms already undertaken are undoubtedly a positive step, and the OBR continues to build their impact into its medium-term forecast.”

However, he also referred to viability as “the central constraint”.

He explained: “The OBR’s own analysis highlights the severe financial stress facing social housing providers, with maintenance costs rising far faster than rental income.”

The OBR warned that councils’ Housing Revenue Accounts are “effectively loss-making” as their repair and maintenance costs have shot up up 56 per cent since 2019-20, against rental income growth of only 29 per cent.

Mr Hulme added: “If the housing sector is to play its full part in the government’s growth ambitions, further attention to the economics of delivery – such as land costs, build costs and supporting private capital to invest in affordable homes delivery – will be essential.”

Paul Rickard, chief executive of London-based developer Pocket Living, warned that the “affordability crisis facing many renters and would-be first-time buyers remains very real”.

He said the government was making “good progress” on planning reforms but called for ministers to be “even bolder to increase supply and increase homeownership for first-time buyers”.

But he added: “Within this we also need to be mindful of the potential consequences of the events in the Middle East on inflation, especially for construction where the cost of energy has a real impact.

“Measures to mitigate against the impact of this are vital, given that cost pressures have wrought havoc in recent years on development activity and resulted in the viability challenge we now face.”

Hyde to take on specialist London neighbour to provide ‘stability’

James Wilmore — Wed, 04 Mar 2026 11:34:17 GMT

Hyde has revealed that a specialist London housing association being investigated by the regulator will join the group as a subsidiary next month.

The G15 giant announced today that Stratford-based Arhag will become part of the group on 1 April.

Plans for the tie-up were first publicly revealed in January.

Anne McLoughlin, Arhag’s interim chief executive, who was appointed last November, said joining Hyde would provide the association “with stability and the opportunity to provide customers with a stronger and better service”.

Arhag, which was founded in 1979 and stands for African Refugee Housing Action Group, operates around 900 homes across 15 boroughs, with a focus on supporting migrants and refugees.

Last December, the Regulator of Social Housing revealed it was investigating the landlord over possible “serious failings” around governance and financial viability.

Arhag has previously said that wider economic pressures have meant “extensive financial challenges, including increased building safety spending, and higher operating costs”.

In its last reported full-year, Arhag reported a £370,000 surplus on turnover of £8.1m. The group’s operating costs were £6.7m.

The tie-up was finalised after both boards concluded their due diligence and a consultation was conducted with Arhag’s residents.

Andy Hulme, chief executive at Hyde, said he was “delighted” that the two boards had given the green light to the plans.

“Throughout the process so far, we’ve found a real alignment of purpose between the organisations, which is rooted in putting customers first,” he said.

“We look forward to welcoming Arhag customers into the Hyde Group.”

A full transfer of engagements, where Hyde will take on Arhag’s assets, liabilities and responsibilities, is expected to happen in the next six months.

It will be the second troubled London landlord Hyde has taken on in the space of a year. Tower Hamlets Community Housing Association, which was found non-compliant with the regulator’s standards in 2024, joined the G15 group last April as a subsidiary.

Hyde has grown to owning and managing around 125,000 homes after acquiring property management firm Pinnacle in 2024.

Why placemaking is vital for the social housing sector

Piers Williamson — Wed, 04 Mar 2026 06:00:00 GMT

Sustainability for Housing’s Piers Williamson looks at the importance of placemaking, and explains the data that shows how housing associations are shaping their communities with residents at the centre

Observant organisations know that vibrant, sustainable communities are centred around place.

In an age of disjointed social connections, economic disenfranchisement and loneliness, the role of housing associations to foster places has never been more important.

Placemaking – an integral part of sustainable social housing

Placemaking, which is sometimes used interchangeably with ‘placeshaping’, is about placing people at the heart of shaping public spaces.

When done right, placemaking results in physical places that reflect the needs, priorities and cultures of the people that use them. In practice, this involves engaging with residents in community planning and developing physical spaces and structures that serve their unique, local needs.

Good placemaking can take many different forms. It can look like a strategically designed path that connects people with different parts of the community, or a community cooking centre that brings people together and helps tackle food poverty.

It can look like well-placed benches around a children’s playground that allow parents to sit in safety while watching their children play, or shared garden spaces that encourage residents to spend time in nature and mingle with their neighbours.

At the end of the day, placemaking enriches people’s everyday lives. It is therefore an integral part of sustainable social housing development.

Adopters of the Sustainability Reporting Standard for Social Housing (SRS) are asked to report qualitatively on their placemaking activities each year under Criterion 24 of the standard, which is housed within Theme 8: Placemaking.

The responses to this criterion highlight the rich tapestry of placemaking strategies at work within the social housing sector. At Sustainability for Housing (SfH), we aggregate the entire sector’s SRS data on an annual basis, helping us paint a picture of sector-wide progress.

A deep dive into the SRS database

We took a quantitative deep dive into our 2023-24 database for SfH’s most recent Insights report, to explore how SRS adopters are shaping their communities with residents at the centre. What we found was insightful.

The majority (97.8 per cent) of SRS reporters provided a response for Criterion 24. From these responses, we identified the most frequently cited words and grouped them into four broad categories, listed in order of prevalence:

1. Community engagement and resident involvement

This theme racked up a word association frequency score of 724, with key words being “community”, “resident”, “neighbourhood” and “engage”.

2. Social impact and social value creation

With a word frequency score of 614, this theme included words such as “social”, “value”, “benefit” and “well-being”.

3. Partnership and cross-sector collaboration

This theme saw a word frequency drop-off compared to the previous theme, with 314 instances catalogued, and included words such as “partner”, “collaborate”, “worked” and “together”.

4. Housing, place and neighbourhood improvement

This final theme had a word frequency score of 279, with the words “housing”, “homes”, “place”, “area” and “neighbourhood” occurring most.

Across all the SRS responses for Criterion 24, “community” was the most frequently used word, which showed up 438 times. This demonstrates the inextricable link between placemaking and community-building initiatives.

Whether it’s Ocean Housing’s comprehensive regeneration work at Polgrean Place, Thenue’s tenant-focused management of its two local community centres, Link Group’s work creating nature-oriented communal outdoor spaces, or Broadacres’ community action days, social housing providers are leading the way when it comes to fostering safe, healthy places to live where residents feel at home and valued.

Reading the collection of placemaking responses is deeply inspiring.

Despite the raft of challenges housing associations face, it’s clear that the sector is working to keep its residents at the core, with the built environment designed to reflect the needs of residents today and in generations to come.

Shaping places with residents at the centre

I would encourage anyone working in social housing – from entry-level housing officers to middle managers, all the way up to chief executives and chairs of boards – to think about their work through the lens of place.

How can the places we build drive better community cohesion? How can day-to-day community improvement work foster happier, healthier places for people to enjoy? And what more can we do to involve residents in shaping the places in which they spend their lives?

Before closing out this comment piece, I want to make it known that SfH would like to hear from you. If you have an example of excellent placemaking at work, we are keen to showcase it through SfH’s media channels.

It’s one of the things SfH is here to do: amplify best-in-class examples of sustainability in action within the social housing sector.

Piers Williamson, chair, Sustainability for Housing

Landlord appoints former board member as new permanent chief executive

James Wilmore — Tue, 03 Mar 2026 14:01:53 GMT

A 12,700-home landlord has appointed one of its former board members as its new permanent chief executive after having an interim boss since last summer.

Lincolnshire Housing Partnership (LHP) has revealed that Simon Parkes, who is currently interim chief operating officer at Keele University, will take up the top job on 7 April.

Mr Parkes previously served as a non-executive director at LHP between December 2018 and December 2024, when he also chaired the Grimsby-based landlord’s finance committee.

Since July last year, Shaun Harley, LHP’s executive director of people and change, has been filling in as the group’s interim chief executive.

He was temporarily promoted after LHP’s previous boss, Ceri Theobald, left last June after 11 months in the role to “pursue new opportunities”.

Mr Parkes has spent much of his career in the education sector. Prior to Keele, he spent around eight years at the University of Lincoln, where he served as chief operating officer and deputy vice-chancellor.

On his appointment at LHP, he said: “I look forward to meeting customers and colleagues, listening and learning about the things we do well and the things we might do even better.”

LHP said Mr Parkes had been appointed after an “extensive recruitment process” launched last December.

Anthony Read, chair of LHP’s board, said that Mr Parkes has “a wealth of experience in leading and managing change in large organisations”.

He added: “He has a strong customer focus and I’m looking forward to working with him as we continue to improve our services and communities.”

In its last financial year to the end of March 2025, LHP reported an increase in surplus to £12.5m off a slight rise in turnover to £66.6m.

The group, which has homes mostly in Lincolnshire and the East Midlands, currently has G1/V2/C2 grades with the Regulator of Social Housing.

Three years ago, LHP secured a £30m environmental, social and governance-linked revolving credit facility from Danske Bank as part of a refinance.