Home Group built more than 1,000 homes in the 2022/23 financial year, but saw its pre-tax surplus drop 11% as it battled rising costs.

The 55,000-home association, in its annual financial statement, said it completed 1,098 homes in the year to 31 March, of which 685 homes were social. This is a slight increase on the 1,047 delivered the previous year.

Home Group hit its target for social housing delivery, but fell behind on its non-social housing target, adding homes equivalent to 0.6% of overall stock instead of 1%.