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Notting Hill Genesis (NHG) has announced is cutting its annual development from around 1,000 homes a year on average to 600 homes as it redirects spend towards improving existing homes.

The 60,000-home provider, in an unaudited trading update today for 2023/24, said inflation and interest rates have 鈥渁ltered the economics for development, particularly for not-for-profit organisations.鈥�

It said: 鈥淲e have therefore concluded that continuing to develop new homes at the same rate would not be financially sustainable and would jeopardise our ability to make the much needed improvements to residents鈥� homes.鈥�

NHG has completed 5,000 homes over the past five years but has said today it will reduce its delivery over the next five years to 3,000 units.

It will focus on regeneration schemes and projects to which it has already committed.

NHG said this decision will allow it to increase the amount it spends on existing homes from 拢500m to 拢770m over the next decade.

It said: 鈥淲e have made a good start, with our refurbishment and improvement programme and the transformation of our finance and operations functions, both supporting the future delivery of better quality homes and a far better experience for residents.

NHG however said it completed 822 homes, this year, up from 459 last year.

The landlord also confirmed that it has made a deficit of 拢82m in 2023/24. NHG in April warned it would post a deficit after identifying 拢110m in one-off costs relating to building safety liabilities and asset impairments.