For-profits made up 18 per cent of registered providers’ growth in 2024

The regulator said the net increase of 42,332 units of social housing stock was driven by 24,756 more affordable rent homes and 17,275 more low-cost homeownership homes. There was also a small increase in social rented units, of 696 homes.

Likewise, the majority of the net increase of 51,777 units of social housing stock owned by PRPs was due to increases in general needs units (26,581 homes) and low-cost homeownership units (16,561). General needs is made up of social rent and affordable rent.

PRPs built, purchased or acquired the majority of new homes in the sector, accounting for 85 per cent of the total increase in affordable rent and 96 per cent for low-cost homeownership properties.

Within this, the sector’s 69 for-profit providers reported that they owned 38,573 units of social stock in 2023-24, compared with 29,272 in the previous year. The majority of the stock owned by for-profit providers was low-cost homeownership (57 per cent).

Regarding the drop of around 4,500 social rent homes owned by local authorities, the Regulator of Social Housing (RSH) said this was likely to be driven by Right to Buy sales and other schemes.

A total of 4.5 million units of social stock was owned by registered providers in 2023-24, comprising 2.9 million owned by PRPs and 1.6 million owned by local authorities.

The SDR data also showed that 82 per cent of social homes in England were general needs, while supported housing made up 11 per cent and low-cost homeownership six per cent.

Will Perry, director of strategy at the RSH, said: “It is reassuring to see the sector continuing to build and acquire much-needed new social homes across the country, despite a challenging economic environment.  

“This data provides a rich source of insight into the sector as a whole, helping us understand the challenges facing both landlords and tenants.

“Landlords should ensure they hold accurate, up-to-date data to inform strategic decisions, especially around rents and the condition of homes.”

Elsewhere, the SDR data showed that, as expected, rents increased over the year. The average increase in general needs average weekly net rents was 7.2 per cent in 2023-24, in line with the limit set for the year.

The average weekly general needs rent in England was £105.22, although this varied across the country. Average rents were lowest in the North East (£88.11) and highest in London (£129.83).

Rents for local authorities were lower on average than for housing associations.

The SDR data also showed that PRPs in England remediated almost 37,500 properties in 2023-24 to make them compliant with the Decent Homes Standard.

Hear from the Regulator of Social Housing and experts across finance, funding and investment at the Social Housing Annual Conference, taking place on 20 November in London. For more information, click here.