G15 provider admits building just 42% of targeted homes last year as it announces plan to focus on improving existing stock
Notting Hill Genesis (NHG) completed 42% of its targeted homes in 2022/23 after work on six developments was pushed into the current financial year.
The 67,000-home housing association said in its 2022/23 financial statement for the 12 months to March 2023 that it completed 459 homes in the period, well short of its 1,087-home target and around a third of the 1,377 it built in 2021/22.
The shortfall in homes was due to six schemes delivering a total of 626 homes that had been pushed back into 2023/24.
NHG missed its target for starts, with work beginning on 459 homes against a target of 1,428.
But it said its starts figure is 1,544 when counting homes begun under pre-contract service agreements, rather than full contracts.
NHG also announced plans to invest close to 拢500m in improving existing properties over the next 10 years. It more than doubled its spend on capital works to improve homes from 拢19.4m in 2021/22 to 拢39.7m in 2022/23.
It added: 鈥淲e are spending 拢500m (uninflated) on our planned investment between now and 2030 with a constrained development programme, while improving our residents鈥� experience.鈥�
Despite the decision to focus on existing homes, it said it will still build more than 1,000 homes in 2023/24 as part of a target to build 5,000 by 2028.
NHG鈥檚 turnover fell 13% to 拢728.1m, with its post-tax surplus dropping 7.7% to 拢94.4m. The firm said the drop in income was due to an 拢138.8m fall in sales and development revenue to 拢116.1m.
Housing association financial statements 2022/23
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