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L&Q built more than 4,000 homes for the second successive year but faced a big drop in its surplus due to falling investment property values, writedowns and rising costs.

The 108,000-home association, in its financial statements for the year to 31 March, said it completed 4,047 homes in the financial year, slightly down on the the previous year.

The association also increased its annual starts from 2,103 to 2,760. The completions figure means it has now exceeded a sustainability target of building 8,000 homes between 2019 and 2024.

L&Q however confirmed as previously announced that it intends to reduce its annual development to around 3,000 homes in the coming years as it focuses more spend on existing stock.

It said it has paused committing to any new development sites to focus on its 拢3.1bn development pipeline.

The association鈥檚 annual turnover dipped slightly from 拢1.2bn to 拢1.1bn. Its surplus however plummeted from 拢154m to 拢40m due to investment property values falling 拢120m and a 拢40m increase in impairment charges relating to development schemes and joint ventures. 

But its social housing lettings activities contributed 拢162m to the group鈥檚 operating surplus, down on the 拢189m posted last year.

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Its operating margin on social housing lettings fell from 31% to 25%, which it said was due to increased costs due to inflation as well as a 鈥渃onscious decision to invest in reducing the backlog of outstanding repairs jobs and investing in improved standards for customers鈥�.

L&Q, which was , is planning to invest more in improvements to existing homes over the coming years and in 2022/23 ramped up spend on current stock from 拢262m to 拢347m year-on-year.