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Special report: housing associations’ sales income rises 6% in a year

Insight17 Mar 2023Chloe Stothart and Gavriel Hollander

An increase in housing associations’ development sales income to £3.4bn in the most recent year of financial accounts was driven by a boost in shared ownership sales, Social Housing analysis has found. Chloe Stothart and Gavriel Hollander report

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An increase in housing associations’ development sales income to £3.4bn in financial year 2022 was driven by boost in shared ownership sales, Social Housing analysis has found. Chloe Stothart and @Gavhollander report

At a glance

  • Analysis looks at development sales income of 130 associations

  • Data suggests a possible slowing of the market

  • Expert says private sale side of market has been affected by “a volatile development world”

 

A spike in first tranche shared ownership sales drove an overall uptick in development income among housing associations (HAs) of 6.1 per cent in the year to 31 March 2022, to reach £3.4bn.

 

Social Housing’s analysis looked at 130 associations, divided into 88 that generated £4m or more from non-social housing development (open market) sales and first tranche shared ownership sales combined.

 

The remaining 42 made sales worth less than a total of £4m. The cohort is taken from the largest associations by category (traditional and stock transfer) across the UK.

 

Click here to download the data

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The 2021 data here comes from the 2021 accounts, so does not include any subsequent restatements made in the version of the data published in the 2022 accounts.

 

There were a number of mergers during the year, some of which will have boosted figures for 2022. Riverside and One Housing merged in December 2021, Central & Cecil joined Aster in January 2022, Rosebery became part of Catalyst in April 2021, and Reside joined Progress in September 2021.

 

The 88 associations that each made a total of more than £4m from sales generated just under £3.3bn combined. This figure represents a 6.3 per cent increase compared to sales generated by the same cohort of HAs in 2021.

The data suggests a possible slowing of the market, after last year’s analysis showed a near-10 per cent increase in development revenue among HAs, albeit for a slightly different cohort of organisations. This slowdown is reflected most in open market sales, where the £1.5bn in revenue is 9.3 per cent down on 2021, compared with a 20 per cent increase posted the previous year.

 

In contrast, income from shared ownership sales jumped by 24.8 per cent to stand at £1.8bn, having stayed relatively flat between 2020 and 2021.

 

David Jubb, head of UK public sector residential development at JLL, said that the private sale side of the market has been affected by what he describes as “a volatile development world”, with cost pressure, high interest rates and wider economic uncertainty affecting HAs’ appetite for market-led development.

 

“The risks for all providers at the moment are hard to navigate,” he explained. “You’ve got risk on the sales side, risk in construction, so there’s a lower level of delivery. In a world where there are a lot of other headwinds, there’s a lot that will be bogging them down.”

 

Mr Jubb added that although he was surprised by the level of increase in first tranche shared ownership sales in the year to 31 March 2022, he expects this tenure to grow in future years, possibly at the expense of HAs’ outright sale units. This is particularly expected to be the case from March 2023, when the government’s Help to Buy scheme for first-time buyers is due to end.

 

“With Help to Buy being removed, once interest rates settle – which they’re showing signs of doing – the prospects for shared ownership are incredibly strong,” he said. “It is the only way first-time buyers can realistically enter the ladder without full market pricing. A number of associations are building some significant volumes of shared ownership.”

Summary of first tranche and non-social housing development-related income, 2022

 First tranche salesNon-social housing developmentTotal development incomeActivities as share of total turnover
 Income, £mChange on year, %Income, £mChange on year, %Income, £mChange on year, %2022, %2021, %

Associations with income above £4m (excluding One Housing Group)

1,766.87

24.77

1,531.32

-9.29

3,298.19

6.25

17.51

17.47

Associations with income below £4m

66.99

6.60

9.94

-31.65

76.92

-0.58

3.57

3.69

Total

1,833.85

24.00

1,541.26

-9.48

3,375.12

6.08

16.08

16.02

The trend for first tranche shared ownership sales to outpace outright sales was reflected in data from the Regulator of Social Housing’s Global Accounts. The regulator’s figures drawn from analysis of 204 associations found that first tranche sales in 2022 rose from £1.6bn the previous year to £2bn, while outright sales fell from £1.9bn to £1.7bn.

 

The Global Accounts also showed outright sale performing worse than shared ownership in terms of margin, suggesting that the latter was a safer bet with regard to investment for associations.

 

The figures revealed that margin on first tranche sales was 16.4 per cent in 2022, up from 16.2 per cent in 2021. But margin on outright sale fell over the same period from 11.4 per cent to 9.7 per cent.

Summary of first tranche and non-social housing development-related surpluses, 2022

 First tranche salesNon-social housing developmentTotal development income
 Surplus, £m2022 margin, %2021 margin, %Surplus, £m2022 margin, %2021 margin, %Surplus, £m2022 margin, %2021 margin, %

Associations with income above £4m (excluding One Housing Group)

269.42

15.25

15.29

160.41

10.48

12.32

429.83

13.03

13.67

Associations with income below £4m

14.63

21.84

17.45

2.30

23.10

8.67

16.93

22.00

15.80

Total

284.05

15.49

15.38

162.70

10.56

12.29

446.75

13.24

13.72

Looking ahead, Mr Jubb said that he did not expect to see outright sales pick up in the near term, given overall market conditions and the need for housing associations to spend money in other areas, particularly repairs and maintenance and building safety.

 

“We’re entering a tougher sales cycle and a tougher development cycle,” he added. “Now is the time for shared ownership and you will see that first tranche continue to mature, but non-social housing sales will continue to fall while money is being committed on Decent Homes and cladding [remediation work], for example, which is weighing down a lot of associations.”

 

However, he said that looking further ahead, associations would need to increase investment in market products to fund other activity: “In a world with a lack of grant funding, the necessity for cross-subsidy very much remains – that will be seen but not right here or right now.”

 
Individual performances

 

There was a new HA at the top of the table when it came to total development income, with Clarion bringing in £307.4m, an increase of 44.1 per cent on 2021.

 

L&Q rose to second place, despite a 5.4 per cent drop in development income, while last year’s first-placed HA, Notting Hill Genesis (NHG), was third after seeing sales fall by 23.9 per cent to £253.2m.

6.1%

Increase in HAs’ development sales income generated for 2022

 

£3.4bn

Total amount of development sales income generated for the year

 

16%

HAs’ development sales activities as a share of total turnover

A spokesperson for Clarion said: “2021-22 was another record-breaking year for Latimer [Clarion’s development arm] and we once again built more homes than ever before, with 2,276 completions over the 12 months – 86 per cent of which were affordable.

 

“This included building more than 1,000 new shared ownership homes for the second successive year, in line with our commitment to increasing our delivery of mixed-tenure communities across the country. As part of the same strategy, our delivery of homes for private sale has increased yearly since 2018-19.

 

“As with previous years, more schemes coming forward in 2021-22 resulted in more homes available to sell. Last year we sold many homes in the South and South East regions owing to demand and our completions pipeline, which in 2022-23 will see homes made available to buy in other areas, including the North.”

Margin on HAs’ first tranche income: top 30 (2022)

 First tranche 2022First tranche 2021
Registered providerIncome, £mSurplus, £m2022 margin, %Income, £mSurplus, £m2021 margin, %

Broadacres

4.13

1.71

41.50

3.26

1.76

54.14

Estuary Housing

5.56

2.25

40.51

2.99

0.28

9.22

Karbon

6.22

2.34

37.59

2.77

0.93

33.57

Flagship Group

19.58

7.18

36.69

16.54

5.65

34.18

Places for People

33.30

10.80

32.43

24.20

2.20

9.09

Eastlight

9.65

3.12

32.29

0

0

n/a

Grand Union Housing Group

10.23

3.14

30.65

4.87

1.19

24.34

PA Housing

19.52

5.85

29.96

12.45

3.91

31.38

Aspire Housing

6.99

2.04

29.18

2.98

0.82

27.66

CHP

11.40

3.31

29.02

0

0

n/a

Alliance Homes Group

4.24

1.23

28.92

0.87

0.19

21.39

Cross Keys Homes

15.00

4.09

27.24

11.82

3.34

28.23

Broadland Housing

4.12

1.11

27.03

2.87

0.86

29.80

West Kent Housing Association

12.46

3.31

26.56

12.45

2.92

23.47

Housing Plus Group

4.95

1.31

26.39

3.66

0.90

24.60

Jigsaw Group

9.05

2.39

26.38

8.68

1.39

16.04

Octavia Housing

4.38

1.13

25.73

3.77

1.17

30.98

Vale of Aylesbury Housing

9.44

2.43

25.71

2.82

0.81

28.58

Coastal Housing Group

1.98

0.51

25.47

1.30

0.46

34.92

Havebury Housing Partnership

6.43

1.60

24.83

3.12

0.77

24.57

Curo

10.89

2.70

24.75

7.32

2.16

29.46

One Manchester

4.36

1.07

24.52

1.37

0.25

18.00

Paradigm

15.35

3.72

24.23

13.57

3.41

25.11

Silva

5.28

1.27

24.09

8.36

2.69

32.18

Golding Homes

5.28

1.25

23.77

10.52

1.96

18.61

Vivid Housing

52.56

12.42

23.62

35.45

8.01

22.61

Progress Housing Group

6.08

1.43

23.56

4.19

1.12

26.76

Soha Housing

8.63

2.03

23.53

7.75

1.49

19.18

Citizen

11.80

2.70

22.88

11.56

2.27

19.61

Longhurst

22.31

4.89

21.92

16.87

3.51

20.77

A2Dominion was the only new entry in the top five associations and recorded the biggest rise of any that posted significant development revenue. Its £139m of total revenue marked a 242.4 per cent increase on 2021. The association also brought in nearly three times as much from outright sales (£100.6m) as from first tranche sales (£38.4m), bucking the general trend across the sector.

 

Anne Waterhouse, deputy chief executive at A2Dominion, said the spike in sales against the previous year was down to the completion and bringing to market of a number of large projects.

 

“A2Dominion has a very stable core of rental income within turnover,” she told Social Housing. “However, outright sales turnover varies from year to year depending on how many schemes are coming to market in any one year from schemes we have developed ourselves or from those developed in partnership with others. 

 

“In 2021-22 we had several large schemes complete that were under construction in the preceding years that resulted in the year-on-year increase, which also meant we delivered a higher number of affordable homes in the year.”

Margin on HAs’ non-social housing development activity: top 30 (2022)

 Non-social housing development sales, 2022Non-social housing development sales, 2021
Registered providerIncome, £mSurplus, £m

2022 margin, %

Income, £mSurplus, £m2021 margin, %

CHP

0.13

0.18

137.80

0

0

n/a

Aster Group

0.20

0.11

53.96

0.66

0.11

15.86

Southern Housing Group

47.29

19.72

41.69

10.35

4.49

43.32

Abri 

8.84

3.08

34.80

0

0

n/a

Stonewater

0.95

0.25

25.97

0.00

0.00

n/a

The Guinness Partnership

0.40

0.10

25.00

1.60

0.00

0.00

Metropolitan Thames Valley

17.01

4.17

24.50

64.89

5.83

8.99

Soha Housing

5.29

1.29

24.31

0.92

0.47

51.09

Bromford

13.64

2.96

21.69

11.60

2.30

19.83

Broadacres

3.21

0.65

20.32

4.23

0.00

0.00

Thirteen Group

9.47

1.78

18.75

3.53

0.96

27.22

Connexus

7.30

1.34

18.37

0

0

n/a

Coastal Housing Group

9.76

1.79

18.34

0.32

0.06

17.50

Broadland Housing

8.63

1.56

18.09

13.44

2.54

18.90

Great Places Housing Group

17.40

3.14

18.02

12.61

1.99

15.81

LiveWest

38.97

6.28

16.11

26.82

2.55

9.49

Yorkshire Housing

28.61

4.38

15.29

34.13

6.60

19.33

Acis Group

5.08

0.77

15.11

4.83

1.07

22.15

Curo

49.53

7.44

15.01

18.42

1.49

8.09

Futures Housing Group

2.27

0.33

14.75

5.21

0.91

17.53

Karbon Homes

1.14

0.16

14.19

6.23

1.20

19.27

Orbit

86.70

11.90

13.73

78.70

11.30

14.36

A2Dominion

100.60

13.70

13.62

37.50

6.50

17.33

Hyde

75.34

10.22

13.57

59.19

8.52

14.39

Moat

34.57

4.45

12.88

7.70

0.13

1.64

Anchor

32.68

4.09

12.51

45.59

12.97

28.46

Notting Hill Genesis

182.60

22.20

12.16

248.80

61.00

24.52

Sanctuary

37.70

4.50

11.94

22.40

4.90

21.88

Peabody

104.00

12.00

11.54

70.00

12.00

17.14

Home Group

54.48

6.01

11.04

82.34

5.98

7.27

In terms of surplus generated from development income, NHG was top of the pile, with a surplus of £31.9m, closely followed by Clarion with £30.9m. Peabody was the only other association to break the £20m barrier (£21m), while the top five was rounded out by Southern Housing (£19.6m) and A2Dominion (£18.3m). 

 

Of these five leading associations, Southern had by some way the best margin (29.5 per cent), up from 12.5 per cent in 2021.

 

A spokesperson for the association said that the improved commercial performance was down to “more schemes coming to fruition” in the wake of the pandemic, as well as “a combination of other factors”. Southern and Optivo merged in December 2022, which was after the year end for these accounts.

HAs’ first tranche and non-social housing development activities: income above £4m, 2022

Registered providerTotal turnoverFirst tranche salesNon-social housing development salesTotal development-related activityDevelopment activities, share of total turnover

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

Income,

£m

Change

on year, %

2022, %

2021, 
%

Clarion

1,059.00

12.17

150.10

19.41

157.30

79.36

307.40

44.05

29.03

22.60

L&Q

1,112.00

5.70

117.00

77.27

145.00

-31.28

262.00

-5.42

23.56

26.33

Notting Hill Genesis

836.90

-7.94

70.60

-16.05

182.60

-26.61

253.20

-23.94

30.25

36.62

Peabody

664.00

5.40

43.00

-24.56

104.00

48.57

147.00

15.75

22.14

20.16

A2Dominion

465.80

53.58

38.40

1,138.71

100.60

168.27

139.00

242.36

29.84

13.39

Orbit

374.00

5.47

40.90

5.68

86.70

10.17

127.60

8.69

34.12

33.11

Vivid

303.33

-2.46

52.56

48.27

51.88

-38.97

104.45

-13.29

34.43

38.73

Hyde

373.59

2.24

18.27

-11.45

75.34

27.28

93.61

17.27

25.06

21.84

Home Group

420.05

-2.29

16.93

-36.17

54.48

-33.84

71.41

-34.41

17.00

25.32

Sovereign

422.79

1.30

57.88

-5.16

12.16

-26.27

70.04

-9.66

16.57

18.57

LiveWest

270.83

10.86

31.02

31.19

38.97

45.31

69.99

38.69

25.84

20.66

Southern Housing

252.34

18.93

19.26

2.06

47.29

356.83

66.55

127.71

26.37

13.77

Catalyst

299.07

0.29

37.52

19.83

27.50

-57.20

65.01

-31.96

21.74

32.04

Moat

181.31

18.70

29.37

-14.48

34.57

349.29

63.94

52.12

35.26

27.52

Curo

139.20

37.83

10.89

48.71

49.53

168.85

60.42

134.69

43.41

25.49

Metropolitan Thames Valley

393.03

-11.83

42.06

-4.07

17.01

-73.79

59.07

-45.67

15.03

24.39

Sanctuary Group

812.50

6.15

19.10

30.82

37.70

68.30

56.80

53.51

6.99

4.83

Network Homes

243.87

-1.28

31.70

52.26

21.47

-48.85

53.17

-15.33

21.80

25.42

Yorkshire Housing

148.69

4.94

23.36

64.28

28.61

-16.15

51.97

7.50

34.95

34.12

Bromford

283.73

6.61

36.98

38.45

13.64

17.64

50.62

32.15

17.84

14.39

Platform Housing Group

296.92

n/a

48.84

n/a

0.04

n/a

48.89

n/a

16.46

n/a

Optivo

340.02

2.34

34.12

9.10

11.35

-23.31

45.47

-1.31

13.37

13.87

Aster

240.93

7.38

44.78

9.23

0.20

-69.49

44.99

7.98

18.67

18.57

Co-Ownership Housing

58.68

43.08

44.78

60.63

0.00

n/a

44.78

60.63

76.31

67.98

Flagship Group

231.94

15.88

19.58

18.40

24.28

1,010.20

43.86

134.25

18.91

9.35

Abri

244.28

n/a

33.59

n/a

8.84

n/a

42.43

n/a

17.37

n/a

Great Places Housing Group

166.01

15.16

22.59

104.30

17.40

37.90

39.98

68.91

24.08

16.42

Stonewater

225.43

7.15

37.38

68.02

0.95

n/a

38.33

72.29

17.00

10.57

Gentoo

168.68

1.83

0.00

-100.00

37.90

-1.97

37.90

-2.08

22.47

23.36

Riverside

448.14

19.74

14.80

33.33

20.58

-9.20

35.38

4.78

7.89

9.02

GreenSquareAccord

227.49

149.43

18.64

100.79

16.15

18.09

34.79

51.53

15.29

25.17

Places for People

849.90

-0.68

33.30

37.60

0.00

-100.00

33.30

-76.47

3.92

16.54

Anchor

526.15

-0.39

0.00

-100.00

32.68

-28.31

32.68

-29.28

6.21

8.75

The Guinness Partnership

388.20

5.43

29.90

102.03

0.40

-75.00

30.30

84.76

7.81

4.45

BPHA

144.32

9.69

28.74

34.52

0.00

n/a

28.74

34.52

19.91

16.24

Hightown

103.89

15.32

25.99

46.63

0.00

n/a

25.99

46.63

25.02

19.68

Longhurst

156.13

2.20

22.31

32.22

2.85

-58.49

25.15

6.02

16.11

15.53

Housing 21

224.44

n/a

22.40

n/a

0.00

n/a

22.40

n/a

9.98

n/a

PA Housing

169.42

8.15

19.52

56.77

0.00

n/a

19.52

56.77

11.52

7.95

Origin Housing

76.33

4.78

12.32

325.92

6.75

-55.91

19.07

4.82

24.98

24.97

Midland Heart

207.04

5.78

16.91

74.18

0.00

n/a

16.91

74.18

8.17

4.96

Grand Union Housing Group

85.86

14.56

10.23

109.95

5.37

122.27

15.60

114.03

18.17

9.73

Paradigm

116.84

-23.85

15.35

13.10

0.00

-100.00

15.35

-71.78

13.13

35.45

Cross Keys Homes

82.22

8.18

15.00

26.95

0.00

n/a

15.00

26.95

18.24

15.55

Soha Housing

58.36

14.77

8.63

11.44

5.29

475.00

13.92

60.65

23.85

17.04

Thirteen Group

192.21

5.98

4.27

-23.42

9.47

168.17

13.74

50.82

7.15

5.02

Nottingham Community Housing Association

91.69

7.88

13.60

38.62

0.00

n/a

13.60

38.62

14.83

11.54

WDH

161.54

n/a

13.51

n/a

0.00

n/a

13.51

n/a

8.36

n/a

Pobl

168.54

8.30

13.08

68.51

0.00

n/a

13.08

68.51

7.76

4.99

EMH Group

121.66

-0.77

12.89

-18.67

0.00

n/a

12.89

-18.67

10.59

12.92

Broadland

42.77

-3.55

4.12

43.50

8.63

-35.81

12.75

-21.86

29.80

36.78

West Kent Housing Association

65.96

4.44

12.46

0.02

0.00

n/a

12.46

0.02

18.89

19.72

Citizen

175.00

3.52

11.80

2.04

0.00

-100.00

11.80

-41.14

6.74

11.86

Coastal Housing Group

53.42

33.57

1.98

52.19

9.76

2,950.31

11.74

623.60

21.99

4.06

CHP

73.81

n/a

11.40

n/a

0.13

n/a

11.53

n/a

15.62

n/a

WHG

120.56

n/a

10.73

n/a

0.48

n/a

11.21

n/a

9.30

n/a

Settle

70.83

6.61

11.01

23.93

0.00

n/a

11.01

23.93

15.54

13.37

Connexus

65.64

n/a

2.83

n/a

7.30

n/a

10.13

n/a

15.44

n/a

Eastlight

78.60

n/a

9.65

n/a

0.00

n/a

9.65

n/a

12.27

n/a

Vale of Aylesbury Housing

58.54

19.39

9.44

234.10

0.00

n/a

9.44

234.10

16.12

5.76

Jigsaw Group

191.40

0.01

9.05

4.22

0.00

n/a

9.05

4.22

4.73

4.54

Acis

44.63

19.24

3.96

-10.72

5.08

5.24

9.04

-2.40

20.26

24.75

Together Housing Group

190.23

-0.59

8.45

-14.60

0.00

n/a

8.45

-14.60

4.44

5.17

Newlon Housing Trust

91.98

-8.06

7.99

-38.80

0.00

n/a

7.99

-38.80

8.69

13.05

Karbon Homes

155.19

8.98

6.22

124.51

1.14

-81.67

7.36

-18.22

4.74

6.32

Broadacres

44.44

2.80

4.13

26.61

3.21

-23.93

7.34

-1.92

16.51

17.31

Shepherds Bush Housing Group

47.28

17.45

7.14

6,445.87

0.00

n/a

7.14

6,445.87

15.09

0.27

Futures Housing Group

59.69

-4.12

4.85

-23.96

2.27

-56.52

7.12

-38.59

11.92

18.62

Magenta Living

73.90

6.19

0.78

-43.64

6.30

n/a

7.08

414.55

9.57

1.98

Aspire Housing

53.70

8.11

6.99

134.71

0.00

n/a

6.99

134.71

13.02

6.00

Torus

201.51

n/a

6.90

n/a

0.00

n/a

6.90

n/a

3.42

n/a

Your Housing Group

157.48

2.42

6.29

90.20

0.18

-58.24

6.47

73.07

4.11

2.43

Havebury Housing Partnership

46.23

9.76

6.43

105.93

0.00

-100.00

6.43

87.16

13.91

8.16

Onward Homes

159.82

2.37

6.34

15.03

0.00

n/a

6.34

15.03

3.97

3.53

Wandle

59.42

3.70

6.31

39.06

0.00

n/a

6.31

39.06

10.61

7.91

Accent Group

108.11

4.68

6.24

-18.47

0.00

n/a

6.24

-18.47

5.77

7.41

Progress Housing Group

99.84

15.86

6.08

45.21

0.00

-100.00

6.08

-2.78

6.09

7.26

Selwood Housing

44.28

6.42

5.80

39.15

0.00

n/a

5.80

39.15

13.10

10.02

Estuary Housing

42.12

5.93

5.56

85.73

0.00

n/a

5.56

85.73

13.19

7.52

Silva 

49.09

-2.69

5.28

-36.76

0.00

n/a

5.28

-36.76

10.76

16.56

Golding Homes

52.96

-10.53

5.28

-49.88

0.00

-100.00

5.28

-62.26

9.96

23.61

Housing Plus Group

101.46

3.80

4.95

35.37

0.00

-100.00

4.95

12.34

4.88

4.51

Hexagon

40.59

15.11

4.75

46.12

0.00

n/a

4.75

46.12

11.69

9.21

Wythenshawe Community Housing Group

71.83

-1.64

4.43

-18.36

0.00

-100.00

4.43

-50.77

6.16

12.31

Rooftop Housing Group

44.69

4.39

4.38

9.90

0.00

n/a

4.38

9.90

9.81

9.32

Octavia Housing

60.88

10.88

4.38

16.10

0.00

n/a

4.38

16.10

7.19

6.87

One Manchester

63.35

6.25

4.36

217.71

0.00

n/a

4.36

217.71

6.88

2.30

Alliance Homes Group

46.31

8.28

4.24

390.52

0.00

n/a

4.24

390.52

9.16

2.02

Total (excluding One Housing Group)

20,992.58

5.70

1,833.85

24.00

1,541.26

-9.48

3,375.12

6.08

16.08

16.02

  Notes: Places for People’s accounts give its income but not surplus from open market sale; n/a means no figure for 2021

The spokesperson added: “We’re only exposing ourselves to carefully selected open market sale schemes. The surplus from this helps fund more homes for affordable rent and shared ownership, which aligns with our core social objectives.”

 

The outlier with regard to surplus was L&Q, which recorded a loss of £25m on development activity, despite sales of £262m. The 105,000-home landlord said this was down to asset impairment charges totalling £52m in 2021-22. 

 

John Lumley, strategic sales director at L&Q, said that around 80 per cent of these charges were attributable to three schemes. “The impairment reflects increased build costs, programme delays, known defects and known offers for land values where schemes are being transferred to joint ventures,” he told Social Housing.

HAs’ housing development-related surpluses: income above £4m, 2022

 First tranche salesNon-social housing developmentTotal development income
Registered providerSurplus, £m

2022

margin, %

2021

margin, %

Surplus,

£m

2022

margin, %

2021

margin, %

Surplus,

£m

2022

margin, %

2021

margin, %

Notting Hill Genesis

9.70

13.74

6.90

22.20

12.16

24.52

31.90

12.60

20.07

Clarion

15.90

10.59

13.76

15.00

9.54

1.82

30.90

10.05

8.86

Peabody

9.00

20.93

15.79

12.00

11.54

17.14

21.00

14.29

16.54

Southern Housing

-0.08

-0.39

-4.48

19.72

41.69

43.32

19.64

29.51

12.45

A2Dominion

4.60

11.98

9.68

13.70

13.62

17.33

18.30

13.17

16.75

Orbit

6.20

15.16

13.70

11.90

13.73

14.36

18.10

14.18

14.14

Vivid

12.42

23.62

22.61

4.50

8.68

6.80

16.92

16.20

11.45

Hyde

3.22

17.65

8.67

10.22

13.57

14.39

13.45

14.36

12.91

Sovereign

10.54

18.21

15.68

1.29

10.63

8.08

11.83

16.90

14.06

LiveWest

4.96

15.98

15.84

6.28

16.11

9.49

11.24

16.05

12.47

Places for People

10.80

32.43

9.09

0.00

n/a

n/a

10.80

32.43

1.55

Curo

2.70

24.75

29.46

7.44

15.01

8.09

10.13

16.77

14.17

Bromford

6.82

18.45

21.80

2.96

21.69

19.83

9.78

19.32

21.20

Moat

5.25

17.88

15.34

4.45

12.88

1.64

9.70

15.18

12.83

Platform Housing Group

9.67

19.80

n/a

-0.02

-35.71

n/a

9.66

19.75

n/a

Metropolitan Thames Valley

5.14

12.22

13.78

4.17

24.50

8.99

9.31

15.75

10.92

Abri

5.26

15.65

n/a

3.08

34.80

0

8.33

19.64

n/a

Yorkshire Housing

3.40

14.57

17.34

4.38

15.29

19.33

7.78

14.96

18.75

Stonewater

6.98

18.68

17.18

0.25

25.97

n/a

7.23

18.86

17.18

Flagship Group

7.18

36.69

34.18

0.00

n/a

n/a

7.18

16.38

30.18

Home Group

0.99

5.83

8.44

6.01

11.04

7.27

7.00

9.80

7.55

Sanctuary Group

2.50

13.09

14.38

4.50

11.94

21.88

7.00

12.32

18.92

Catalyst

3.72

9.91

1.94

2.98

10.85

4.21

6.70

10.31

3.47

Great Places Housing Group

3.02

13.36

15.31

3.14

18.02

15.81

6.15

15.39

15.57

Aster

5.95

13.28

10.77

0.11

53.96

15.86

6.06

13.46

10.85

BPHA

5.98

20.82

16.64

0.00

n/a

n/a

5.98

20.82

16.64

PA Housing

5.85

29.96

31.38

0.00

n/a

n/a

5.85

29.96

31.38

Co-Ownership Housing

5.48

12.24

7.28

0.00

n/a

n/a

5.48

12.24

7.28

GreenSquareAccord

3.73

20.03

26.58

1.67

10.33

8.15

5.40

15.53

15.60

Hightown

5.35

20.58

16.88

0.00

n/a

n/a

5.35

20.58

16.88

Optivo

4.89

14.34

19.55

0.40

3.50

16.08

5.29

11.64

18.44

Longhurst

4.89

21.92

20.77

-0.06

-2.14

9.08

4.83

19.20

17.40

Anchor

0.00

n/a

36.90

4.09

12.51

28.46

4.09

12.51

28.57

Cross Keys Homes

4.09

27.24

28.23

0.00

n/a

n/a

4.09

27.24

28.23

Paradigm

3.72

24.23

25.11

0.00

0

1.79

3.72

24.23

7.61

Gentoo

0.00

n/a

0.00

3.62

9.54

7.31

3.62

9.54

7.30

Grand Union Housing Group

3.14

30.65

24.34

0.43

8.08

11.67

3.57

22.88

20.14

Network Homes

1.20

3.78

11.50

2.31

10.74

32.44

3.50

6.59

25.50

CHP

3.31

29.02

n/a

0.18

137.80

n/a

3.48

30.22

n/a

Soha Housing

2.03

23.53

19.18

1.29

24.31

51.09

3.32

23.83

22.57

West Kent HA

3.31

26.56

23.47

0.00

n/a

n/a

3.31

26.56

23.47

Eastlight

3.12

32.29

0

0.00

n/a

n/a

3.12

32.29

n/a

Citizen

2.70

22.88

19.61

0.00

n/a

29.85

2.70

22.88

23.94

Broadland

1.11

27.03

29.80

1.56

18.09

18.90

2.67

20.98

20.82

Midland Heart

2.64

15.61

14.49

0.00

n/a

n/a

2.64

15.61

14.49

Karbon Homes

2.34

37.59

33.57

0.16

14.19

19.27

2.50

33.96

23.68

Housing 21

2.48

11.08

n/a

0.00

n/a

n/a

2.48

11.08

n/a

Vale of Aylesbury Housing

2.43

25.71

28.58

0.00

n/a

n/a

2.43

25.71

28.58

Jigsaw Group

2.39

26.38

16.04

0.00

n/a

n/a

2.39

26.38

16.04

Thirteen Group

0.59

13.87

16.66

1.78

18.75

27.22

2.37

17.23

20.75

Broadacres

1.71

41.50

54.14

0.65

20.32

0.00

2.37

32.23

23.57

Origin Housing

1.66

13.46

2.35

0.69

10.24

4.68

2.35

12.32

4.31

Coastal Housing Group

0.51

25.47

34.92

1.79

18.34

17.50

2.30

19.54

31.48

Settle

2.29

20.81

15.57

0.00

n/a

n/a

2.29

20.81

15.57

Estuary Housing

2.25

40.51

9.22

0.00

n/a

n/a

2.25

40.51

9.22

The Guinness Partnership

2.10

7.02

8.78

0.10

25.00

n/a

2.20

7.26

7.93

Aspire Housing

2.04

29.18

27.66

0.00

n/a

n/a

2.04

29.18

27.66

WHG 

1.95

18.15

n/a

-0.09

-17.92

n/a

1.86

16.60

n/a

Together Housing Group

1.82

21.56

16.69

-0.01

n/a

n/a

1.82

21.51

15.65

Riverside

2.40

16.22

3.40

-0.69

-3.37

-0.20

1.71

4.83

0.98

Havebury Housing Partnership

1.60

24.83

24.57

0.00

n/a

77.64

1.59

24.79

29.40

Nottingham Community HA

1.59

11.69

8.39

0.00

n/a

n/a

1.59

11.69

8.39

EMH Group

1.57

12.18

24.30

0.00

n/a

n/a

1.57

12.18

24.30

Acis Group

0.77

19.36

25.38

0.77

15.11

22.15

1.53

16.97

23.70

Connexus

0.10

3.57

n/a

1.34

18.37

n/a

1.44

14.24

n/a

Progress Housing Group

1.43

23.56

26.76

0.00

n/a

n/a

1.43

23.56

17.92

Silva Homes

1.27

24.09

32.18

0.00

n/a

n/a

1.27

24.09

32.18

Golding Homes

1.25

23.77

18.61

0.00

n/a

7.24

1.25

23.77

15.81

Accent

1.25

20.03

19.27

0.00

n/a

n/a

1.25

20.03

19.27

Housing Plus Group

1.31

26.39

24.60

-0.06

n/a

-32.53

1.25

25.14

14.88

Alliance Homes

1.23

28.92

21.39

0.00

n/a

n/a

1.23

28.92

21.39

Selwood Housing

1.18

20.32

18.54

0.00

n/a

n/a

1.18

20.32

18.54

Octavia Housing

1.13

25.73

30.98

0.00

n/a

n/a

1.13

25.73

30.98

One Manchester

1.07

24.52

18.00

0.00

n/a

n/a

1.07

24.52

18.00

Pobl

1.05

8.01

13.10

0.00

n/a

n/a

1.05

8.01

13.10

Onward Homes

0.92

14.52

0.94

0.00

n/a

n/a

0.92

14.52

0.94

Hexagon

0.60

12.71

5.02

0.00

n/a

n/a

0.60

12.71

5.02

Rooftop Housing Group

0.52

11.84

7.97

0.00

n/a

n/a

0.52

11.84

7.97

Futures Housing Group

0.17

3.48

5.88

0.33

14.75

17.53

0.50

7.07

11.11

Wandle

0.45

7.12

11.03

0.00

n/a

n/a

0.45

7.12

11.03

Your Housing Group

0.43

6.90

24.39

0.01

2.78

11.60

0.44

6.79

22.91

Torus

0.30

4.35

n/a

0.00

n/a

n/a

0.30

4.35

n/a

Wythenshawe Community

0.24

5.47

7.01

0.00

n/a

n/a

0.24

5.47

4.23

Magenta Living

0.13

16.13

25.89

-0.08

-1.29

n/a

0.04

0.62

25.89

Newlon Housing Trust

0.01

0.06

27.28

0.00

n/a

n/a

0.01

0.06

27.28

WDH

-0.01

-0.07

n/a

0.00

n/a

n/a

-0.01

-0.07

n/a

Shepherds Bush

-0.44

-6.21

-81.65

0.00

n/a

n/a

-0.44

-6.21

-81.65

L&Q

-3.00

-2.56

16.67

-22.00

-15.17

6.16

-25.00

-9.54

8.66

Total (excluding One Housing Group)

284.05

15.49

15.38

162.70

10.56

12.29

446.75

13.24

13.72

  Notes: Places for People’s accounts give its income but not surplus from open market sale; n/a means no figure for 2021

Addressing L&Q’s overall performance and prospects for the future in terms of development sales, Mr Lumley added: “We continue to see significant challenges in the outright sale market, although that makes up a relatively small proportion of our pipeline.

 

“And we’re also seeing some variations based on location and scheme typology. We are seeing, however, very strong performance in shared ownership almost across the board and we’re particularly seeing a return of appetite in London and in flatted developments in particular.”

 

Click on the button below to download the data tables for ‘Special report: sales proceeds 2022’* 

 

*This feature is only available to Social Housing subscribers

 

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