Three landlords upgraded for financial viability as risks reduce

Cambridge-based Hundred Houses Society was downgraded initially in 2022 over an increase in spending, including fire remediation work and decarbonisation, which had “limited its ability to manage adverse financial scenarios”. 

But the RSH said the 1,300-home landlord had now completed its fire safety remediation work and its financial profile had “strengthened”. 

Manchester-based Golden Lane Housing, which provides specialised supported housing, was previously downgraded in 2022 after seeing a “significant rise in interest costs relating to its current and future debt funding”.

However, the regulator today said “the materiality of these risk exposures has reduced”. 

The agency added: “Golden Lane Housing has put in place further funding, and its plan now demonstrates increased forecast financial capacity, based on reasonable assumptions for inflation and interest rates.”

In its other judgements today, 19 landlords retained their current grades. Among them were Clarion, the UK’s largest housing association, which stayed at G1/V2 following a stability check. 

Clarion was originally downgraded to V2 in November 2022 as part of an initial wave of action by the regulator reflecting the worsening wider economic conditions.