Market digest: housing association bond yields – September 2025
How did financial market movements and political swings affect housing association bonds in the secondary market in September 2025?
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How did financial market movements and political swings affect housing association bonds in the secondary market in September 2025? #UKhousing #SocialHousingFinance
Gilt yields
2 June | 7 July | 11 August | 10 September | |
Two year | 4.02 | 3.84 | 3.90 | 3.91 |
Three year | 4.01 | 3.83 | 3.88 | 3.89 |
Four year | 4.07 | 3.91 | 3.96 | 3.97 |
Five year | 4.14 | 3.99 | 4.04 | 4.04 |
Seven year | 4.28 | 4.14 | 4.18 | 4.20 |
10 year | 4.65 | 4.55 | 4.60 | 4.62 |
15 year | 5.03 | 4.98 | 5.02 | 5.06 |
20 year | 5.27 | 5.22 | 5.30 | 5.34 |
24 year | 5.33 | 5.30 | 5.38 | 5.42 |
29 year | 5.37 | 5.34 | 5.43 | 5.48 |
38 year | 5.32 | 5.30 | 5.39 | 5.44 |
48 year | 4.65 | 4.68 | 4.85 | 4.83 |
Source: Altair Treasury and Finance Solutions
Swap rates
| 30 May | 4 July | 8 August | 20 August | |
Two year | 3.84 | 3.62 | 3.68 | 3.73 |
Three year | 3.81 | 3.60 | 3.66 | 3.70 |
Four year | 3.82 | 3.63 | 3.69 | 3.69 |
Five year | 3.85 | 3.68 | 3.74 | 3.71 |
Seven year | 3.95 | 3.81 | 3.87 | 3.81 |
10 year | 4.13 | 4.02 | 4.08 | 4.02 |
15 year | 4.37 | 4.29 | 4.37 | 4.22 |
20 year | 4.49 | 4.43 | 4.51 | 4.38 |
25 year | 4.53 | 4.48 | 4.57 | 4.54 |
30 year | 4.52 | 4.48 | 4.58 | 4.61 |
Source: Altair Treasury and Finance Solutions
UK Treasury reference gilts for housing association bond issues
Reference gilts: letters in brackets refer to bonds; see table below | Yield (%) at 10/09/2025 | Change on month (basis points) |
| (a) priced over: Treasury 1.25%, 2041 | 5.13 | +5 |
| (b) priced over: Treasury 1.25%, 2051 | 5.47 | +8 |
| (c) priced over: Treasury 4.50%, 2034 | 4.54 | +5 |
| (e) priced over: Treasury 4.5%, 2035 | 4.64 | +4 |
| (f) priced over: Treasury 0.375%, 2026 | 3.72 | -20 |
| (h) priced over: Treasury 6.00%, 2028 | 3.79 | +4 |
| (i) priced over: Treasury 4.75%, 2030 | 4.01 | +4 |
| (j) priced over: Treasury 4.25%, 2032 | 4.21 | +4 |
| (k) priced over: Treasury 4.25%, 2036 | 4.73 | +5 |
| (l) priced over: Treasury 3.25%, 2044 | 5.32 | +6 |
| (m) priced over: Treasury 4.75%, 2038 | 4.94 | +7 |
| (n) priced over: Treasury 4.50%, 2042 | 5.23 | +6 |
| (o) priced over: Treasury 1.75%, 2057 | 5.43 | +8 |
| (p) priced over: Treasury 3.50%, 2045 | 5.35 | +6 |
| (r) priced over: Treasury 4.25%, 2046 | 5.39 | +7 |
| (s) priced over: Treasury 4.25%, 2049 | 5.43 | +6 |
| (t) priced over: Treasury 3.75%, 2052 | 5.46 | +7 |
| (u) priced over: Treasury 4.25%, 2055 | 5.47 | +7 |
| (v) priced over: Treasury 1.50%, 2026 | 3.90 | +3 |
| (w) priced over: Treasury 1.50%, 2047 | 5.40 | +7 |
| (x) priced over: Treasury 1.63%, 2054 | 5.45 | +7 |
| (y) priced over: Treasury 0.625%, 2050 | 5.33 | +6 |
| (z) priced over: Treasury 1.25%, 2027 | 3.79 | +4 |
Source: UK Debt Management Office and Tradeweb. Note: n/s not previously tracked by Social Housing
Housing association public issues, ranked by maturity date
| Securities above £100m (final brackets indicate reference gilt: see table above) | Rating: Moody’s / S&P / Fitch | Date of last issue | Nominal amount (£m) | Yield at last issue (%) | Margin at last issue (basis points) | Yield at 10/09/2025 (%) | Change on month (basis points) | Margin at 10/09/2025 (basis points) | Change on month (+ or -) |
| London & Quadrant 2.625%, 2026 (f) | A3/BBB+/A | 05/16 | £300 | 2.69 | 107 | 4.49 | -18 | 77 | +2 |
| PRS Finance 1.75%, 2026 (v) | Aa3/–/– | 11/16 | £635 | 1.89 | 46 | 4.39 | * | 49 | * |
| Folio Residential London 1.246%, 2027 (z) | Aa1/–/– | 10/20 | £250 | 1.25 | 128 | 4.79 | +5 | 100 | +1 |
| London & Quadrant 2.63%, 2028 (h) | A3/BBB+/A | 02/18 | £250 | 2.74 | 118 | 4.88 | +5 | 109 | +1 |
| A2Dominion 3.5%, 2028 (h) | –/–/A | 11/16 | £250 | 3.81 | 230 | 5.20 | * | 141 | * |
| London & Quadrant 2.25%, 2029 (h) | A3/BBB+/A | 07/17 | £250 | 2.20 | 100 | 4.74 | +6 | 95 | +2 |
| Clarion Funding 2.63%, 2029 (h) | A3/A-/A+ | 01/19 | £300 | 2.72 | 148 | 4.63 | +5 | 83 | +1 |
| Notting Hill Genesis 2.88%, 2029 (h) | A3/A-/A- | 01/19 | £250 | 2.97 | 173 | 4.82 | +4 | 103 | +1 |
| Notting Hill 3.75%, 2032 (j) | A3/A-/A- | 12/12 | £350 | 3.75 | 108 | 5.31 | +5 | 110 | +1 |
| London & Quadrant 2.00%, 2032 (j) | A3/BBB+/A | 01/22 | £300 | 2.03 | 87 | 5.14 | +4 | 93 | +0 |
| Aster Treasury 5.412%, 2032 (j) | –/A+/– | 06/23 | £350 | 5.41 | 110 | 5.02 | +3 | 81 | -1 |
| London & Quadrant 4.62%, 2033 (j) | A3/BBB+/A | 03/12 | £250 | 4.62 | 157 | 5.27 | +4 | 106 | +0 |
| Harbour Funding 5.28%, 2034 (j) | A3/–/– | 08/03 | £184 | 5.28 | 58 | 5.39 | +5 | 117 | +1 |
| Peabody Capital No 2 2.75%, 2034 (c) | A3/BBB+/A | 02/22 | £350 | 2.85 | 125 | 5.56 | +5 | 102 | -0 |
| THFC (Funding No.1) 5.12%, 2035 (k) | –/A+/– | 07/08 | £217 | 5.96 | 135 | 6.16 | +7 | 84 | +1 |
| Clarion 1.875%, 2035 (c) | A3/A-/A+ | 01/20 | £350 | 1.88 | 98 | 5.41 | +7 | 87 | +2 |
| Optivo 2.857%, 2035 (c) | A3/–/– | 03/20 | £350 | 2.86 | 230 | 5.59 | +8 | 105 | +2 |
| Notting Hill Genesis 6%, 2035 (e) | A3/A-/A- | 03/25 | £250 | 6.05 | 130 | 5.77 | +4 | 114 | -0 |
| Aster 1.405%, 2036 (k) | –/A+/– | 01/21 | £250 | 1.40 | 80 | 6.06 | +7 | 74 | +1 |
| Notting Hill 2.00%, 2036 (k) | A3/A-/A- | 06/21 | £250 | 2.08 | 100 | 6.41 | +6 | 108 | +0 |
| Paragon 2.00%, 2036 (k) | A3/BBB+/– | 05/21 | £400 | 2.03 | 87 | 6.46 | +7 | 113 | +1 |
| Metropolitan Housing Trust 1.875%, 2036 (k) | –/A-/A- | 07/21 | £250 | 2.00 | 115 | 6.31 | +7 | 99 | +1 |
| Stonewater 1.625%, 2036 (k) | A3/A-/– | 09/21 | £250 | 1.75 | 85 | 6.21 | +7 | 88 | +1 |
| Southern 2.375%, 2036 (k) | A3/–/A- | 10/21 | £300 | 2.50 | 130 | 6.38 | +6 | 105 | -0 |
| Home 8.75%, 2037 (k) | –/A-/– | 07/93 | £100 | 8.75 | 110 | n/s | n/s | n/s | n/s |
| Haven (37) 8.12%, 2037 (i) | Baa1/–/– | 08/00 | £145 | 6.78 | 200 | 5.30 | +2 | 129 | -2 |
| Affinity Sutton 5.98%, 2038 (m) | A3/A-/A+ | 09/08 | £250 | 5.98 | 155 | 5.82 | +8 | 88 | +1 |
| Circle Anglia 7.25%, 2038 (m) | A3/A-/A+ | 11/10 | £385 | 5.38 | 110 | 5.84 | +5 | 90 | -1 |
| Longhurst 5.13%, 2038 (m) | A3/–/– | 07/12 | £250 | 5.24 | 242 | 5.96 | +6 | 103 | -1 |
| GB Social Housing 5.19%, 2038 (m) | –/A-/– | 05/14 | £333 | 4.82 | 150 | n/s | n/s | 102 | n/s |
| MORHomes 3.4%, 2038 (m) | –/A-/– | 03/21 | £465 | 2.78 | 130 | 6.01 | +8 | 108 | +1 |
| London & Quadrant 2.00%, 2038 (m) | A3/BBB+/A | 10/20 | £250 | 2.07 | 140 | 5.93 | +8 | 99 | +1 |
| Southern 4.50-5.36%, 2039 (m) | A3/–/A- | 03/14 | £175 | 4.50 | 120 | n/s | n/s | n/s | n/s |
| Genfinance II 6.06%, 2039 (m) | A3/A-/A- | 12/09 | £250 | 6.06 | 170 | 5.99 | +7 | 105 | +0 |
| London & Quadrant 5.50%, 2039 (m) | A3/BBB+/A | 01/10 | £300 | 5.55 | 115 | 5.86 | +8 | 92 | +1 |
| Sanctuary 6.69%, 2039 (m) | A2/A/– | 09/10 | £320 | 4.85 | 100 | 5.73 | +9 | 80 | +2 |
| Sovereign 5.70%, 2039 (m) | A3/A/– | 08/09 | £175 | 5.70 | 155 | 5.87 | +9 | 93 | +2 |
| THFC (Funding No.2) 6.35%, 2039 (m) | –/A+/– | 04/11 | £371 | 5.39 | 105 | 5.77 | +7 | 84 | +0 |
| Hyde 5.12%, 2040 (m) | –/A-/A | 07/10 | £250 | 5.12 | 105 | 5.67 | +7 | 73 | +0 |
| Platform 1.926%, 2041 (a) | –/A+/A+ | 09/21 | £250 | 1.93 | 87 | 5.80 | +7 | 67 | +1 |
| Midland Heart 5.08%, 2042 (n) | A1/–/– | 10/12 | £150 | 5.08 | 196 | n/s | n/s | n/s | n/s |
| Affinity Sutton 4.25%, 2042 (n) | A3/A-/A+ | 09/12 | £250 | 4.31 | 125 | 6.07 | +7 | 84 | +1 |
| East Thames 5.48%, 2042 (n) | A3/BBB+/A+ | 06/12 | £250 | 5.47 | 250 | 6.17 | +7 | 94 | +1 |
| Notting Hill 5.25%, 2042 (n) | A3/A-/A- | 07/11 | £300 | 5.28 | 120 | 6.22 | +8 | 98 | +2 |
| SHG Finance 6.38%, 2042 (j) | A3/A-/– | 06/01 | £240 | 6.38 | 138 | 5.22 | +2 | 100 | -2 |
| Sovereign 4.76%, 2042 (n) | A3/A/– | 05/12 | £250 | 4.77 | 170 | 6.08 | +9 | 85 | +2 |
| Together 4.5%, 2042 (m) | A3/–/– | 12/12 | £350 | 4.50 | 145 | 5.92 | +8 | 99 | +1 |
| Great Places 4.75%, 2042 (n) | A3/–/A | 11/12 | £345 | 4.81 | 170 | 6.07 | +6 | 84 | +0 |
| Affordable Housing Finance 3.80%, 2042 (n) | –/AA/– | 05/14 | £601 | 3.71 | 37 | 5.50 | * | 27 | * |
| Aster 4.59%, 2043 (n) | –/A/– | 12/13 | £450 | 4.59 | 105 | 5.87 | +9 | 64 | +2 |
| Longhurst 3.25%, 2043 (n) | A3/–/– | 05/18 | £350 | 3.35 | 148 | 6.17 | +6 | 94 | -0 |
| THFC (Funding No.3) 5.17%, 2043 (n) | –/A+/– | 10/13 | £1,055 | 4.50 | 105 | 5.96 | +7 | 73 | +1 |
| Optivo 5.25%, 2043 (n) | A3/–/– | 09/13 | £400 | 4.68 | 215 | 6.12 | * | 89 | * |
| Affordable Housing Finance 2.89%, 2043 (n) | –/AA/– | 08/15 | £1,143 | 2.82 | 40 | 5.50 | * | 27 | * |
| Home Group 3.13%, 2043 (n) | –/A-/– | 03/19 | £350 | 3.25 | 170 | 6.10 | +5 | 87 | -1 |
| LiveWest 2.25%, 2043 (n) | A2/–/– | 10/19 | £250 | 2.35 | 140 | 5.95 | +6 | 72 | -0 |
| Circle Anglia 5.20%, 2044 (n) | A3/A-/A+ | 02/12 | £250 | 5.22 | 198 | 6.11 | +8 | 88 | +1 |
| Guinness 4.00%, 2044 (n) | A3/A-/– | 10/14 | £250 | 4.02 | 130 | 6.00 | +7 | 76 | +0 |
| Riverside 3.87%, 2044 (n) | Baa1/–/– | 11/14 | £250 | 3.87 | 135 | 6.39 | +5 | 116 | -1 |
| Wheatley 4.37%, 2044 (n) | –/A+/– | 11/14 | £400 | 4.37 | 160 | 5.94 | +6 | 71 | -0 |
| BPHA 4.81%, 2044 (n) | –/A+/– | 03/14 | £350 | 4.81 | 135 | 5.98 | +6 | 75 | -1 |
| Yorkshire 4.12%, 2044 (n) | A3/–/– | 10/14 | £400 | 4.23 | 135 | 6.16 | * | 93 | * |
| Futures Treasury 3.375%, 2044 (l) | –/A/– | 04/22 | £270 | 2.31 | 25 | 6.04 | +5 | 72 | -1 |
| Orbit 3.5%, 2045 (p) | A3/–/– | 03/15 | £250 | 3.61 | 115 | 6.12 | +6 | 78 | +0 |
| WHG 4.25%, 2045 (n) | A2/–/– | 10/14 | £250 | 4.28 | 125 | 5.93 | +7 | 70 | +1 |
| Housing & Care 21 3.29%, 2047 (w) | –/A-/– | 11/17 | £500 | 3.16 | 138 | 6.25 | +7 | 86 | +0 |
| Paragon 3.62%, 2047 (p) | A3/BBB+/– | 01/15 | £250 | 3.62 | 140 | 6.48 | +4 | 113 | -1 |
| Sanctuary 5.08%, 2047 (r) | A2/A/– | 11/13 | £450 | 4.20 | 78 | 6.14 | +7 | 74 | +0 |
| Catalyst 3.13%, 2047 (w) | –/A-/– | 10/17 | £400 | 3.21 | 130 | 6.36 | +7 | 96 | -0 |
| Karbon Homes 3.37%, 2047 (w) | –/A/– | 11/18 | £250 | 3.50 | 153 | 6.13 | +7 | 74 | -0 |
| Southern Housing Group 3.50%, 2047 (w) | A3/–/A- | 10/18 | £300 | 3.62 | 158 | 6.30 | +6 | 90 | -1 |
| GreenSquare 5.25%, 2047 (w) | Baa1/–/A- | 11/22 | £400 | 5.40 | 210 | 6.42 | +6 | 102 | -1 |
| Bromford 3.13%, 2048 (w) | A2/A+/– | 04/18 | £300 | 3.25 | 135 | 6.07 | +6 | 68 | -0 |
| Clarion Funding 3.13%, 2048 (w) | A3/A-/A+ | 01/21 | £500 | 1.77 | 88 | 6.19 | +6 | 79 | -0 |
| Metropolitan 4.12%, 2048 (r) | –/A-/A- | 09/15 | £250 | 4.12 | 167 | 6.45 | +7 | 105 | +0 |
| Optivo Finance 3.28%, 2048 (w) | A3/–/– | 03/18 | £400 | 3.28 | 100 | 6.32 | +9 | 93 | +2 |
| Swan 3.62%, 2048 (p) | –/A/– | 02/15 | £250 | 3.68 | 130 | 6.22 | +6 | 87 | +1 |
| Notting Hill 3.25%, 2048 (w) | A3/A-/A- | 10/17 | £400 | 3.28 | 135 | 6.30 | +7 | 91 | +0 |
| WM Housing Group 3.25%, 2048 (w) | A3/–/– | 10/17 | £280 | 3.30 | 137 | 6.23 | +6 | 83 | -0 |
| RHP 3.25%, 2048 (p) | –/A/– | 09/20 | £275 | 1.79 | 105 | 6.17 | * | 82 | * |
| Orbit 3.4%, 2048 (n) | A3/–/– | 06/18 | £450 | 3.46 | 160 | 6.06 | +7 | 83 | +1 |
| Peabody 3.25%, 2048 (w) | A3/BBB+/A | 09/18 | £450 | 3.37 | 155 | 6.38 | +6 | 98 | -0 |
| Wrekin 2.5%, 2048 (w) | –/A/– | 10/19 | £250 | 2.61 | 148 | 6.23 | +7 | 83 | -0 |
| Sovereign 2.375%, 2048 (w) | A3/A/– | 09/19 | £375 | 2.48 | 127 | 6.26 | +7 | 86 | +0 |
| Hexagon 3.625%, 2048 (w) | –/BBB+/– | 04/22 | £250 | 3.67 | 167 | 6.43 | +5 | 103 | -2 |
| London & Quadrant 3.75%, 2049 (s) | A3/BBB+/A | 10/15 | £250 | 3.75 | 135 | 6.35 | +6 | 91 | -0 |
| Blend Funding Plc 3.46%, 2047/49 (w) | A2/–/– | 03/22 | £588 | 3.56 | 158 | 6.15 | +8 | 75 | +1 |
| Accent Capital 2.63%, 2049 (s) | –/A/– | 07/19 | £350 | 2.73 | 130 | 6.17 | +5 | 74 | -1 |
| Sanctuary 2.375%, 2050 (s) | A2/A/– | 04/20 | £500 | 2.38 | 170 | 6.23 | +6 | 80 | -1 |
| Platform 5.342%, 2050 (y) | –/A+/A+ | 04/24 | £250 | 5.34 | 83 | 6.14 | +4 | 81 | -1 |
| Bromford 6.072%, 2050 (y) | A2/A+/– | 07/25 | £300 | 6.07 | 82 | 6.05 | +4 | 73 | -1 |
| Paradigm 2.250%, 2051 (y) | –/A+/– | 05/21 | £350 | 2.28 | 88 | 6.01 | +5 | 69 | -0 |
| Anchor Hanover Group 2.00%, 2051 (y) | –/A+/– | 07/21 | £450 | 2.00 | 93 | 6.12 | +5 | 80 | -1 |
| Clarion Funding Plc 1.875%, 2051 (b) | A3/A-/A+ | 09/21 | £300 | 1.98 | 93 | 6.19 | +8 | 72 | +0 |
| Saltaire 1.527%, 2051 (b) | Aa3/–/– | 11/21 | £265 | 1.53 | 38 | 5.77 | +8 | 31 | +1 |
| Martlet Homes Ltd 3.00%, 2052 (t) | –/A-/A | 05/17 | £400 | 3.04 | 140 | 6.26 | +6 | 79 | -1 |
| PenArian Housing Finance Plc 3.21%, 2052 (w) | A3/A/– | 06/17 | £400 | 3.26 | 155 | 6.21 | +4 | 81 | -3 |
| Jigsaw 3.375%, 2052 (t) | A2/–/– | 05/22 | £360 | 3.50 | 157 | 6.09 | +7 | 63 | +0 |
| London & Quadrant 3.13%, 2053 (t) | A3/BBB+/A | 02/18 | £335 | 3.16 | 135 | 6.29 | +5 | 83 | -2 |
| Peabody 4.62%, 2053 (t) | A3/BBB+/A | 12/13 | £350 | 4.62 | 105 | 6.35 | +9 | 89 | +2 |
| Onward 2.125%, 2053 (t) | A1/–/– | 03/21 | £350 | 2.22 | 88 | 6.24 | +5 | 78 | -2 |
| Notting Hill 4.37%, 2054 (u) | A3/A-/A- | 03/14 | £250 | 4.47 | 98 | 6.32 | +6 | 86 | -0 |
| Blend Funding Plc 2.922%, 2054/56 (x) | A2/–/– | 03/22 | £607 | 2.25 | 115 | 6.13 | +9 | 68 | +2 |
| Southern Housing 5.625%, 2054 (x) | A3/–/A- | 10/24 | £250 | 5.66 | 120 | 6.35 | +8 | 90 | +1 |
| Guinness 2.00%, 2055 (u) | A3/A-/– | 04/20 | £400 | 2.02 | 145 | 6.17 | +8 | 70.10 | +1 |
| Hyde 1.75%, 2055 (u) | –/A-/A | 08/20 | £400 | 1.75 | 130 | 6.21 | +6 | 73.63 | -1 |
| Platform 1.625%, 2055 (u) | –/A+/A+ | 08/20 | £350 | 1.63 | 98 | 6.11 | +4 | 63.94 | -3 |
| LiveWest 1.875%, 2056 (u) | A2/–/– | 02/21 | £250 | 1.90 | 90 | 6.19 | +7 | 72.48 | +0 |
| London & Quadrant 2.75%, 2057 (u) | A3/BBB+/A | 07/17 | £250 | 2.70 | 105 | 6.31 | +8 | 83.83 | +1 |
| Sovereign 5.5%, 2057 (o) | A3/A/– | 01/24 | £400 | 5.60 | 108 | 6.30 | +10 | 87.16 | +2 |
| Clarion 5.375%, 2057 (o) | A3/A-/A+ | 04/24 | £250 | 5.46 | 99 | 6.22 | +8 | 79.21 | +0 |
Notes: *data unavailable for last month. n/s = not stated: rarely traded and considered to be currently illiquid. Also includes FRESH Series 1, Funding for Homes, GESB, HACO, HAF and HSL, not listed above. n/a = new bond; credit ratings are included as at the date of the bond data supplied
Sources: S&P Dow Jones; (bracket) UK Treasury reference gilts for bond issues: © 2025 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Gilt Closing; Prices information contained herein is proprietary to Tradeweb; may not be copied or re-distributed; is not warranted to be accurate, complete or timely; and does not constitute investment advice. Tradeweb is not responsible for any loss or damage that might result from the use of this information
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