Housing associations had a difficult year in 2022/23 as they had to weigh up competing priorities in an inflationary environment, amid warnings from the Regulator of Social Housing about weakening balance sheets. 

On the one hand, providers faced multiple pressures to divert spending to existing stock. Decarbonisation, building safety costs (for some) and  looming consumer regulation persuaded many to ramp up investment in maintaining and improving current homes. 

On the other hand, associations also retain a desire to build. The 2022/23 financial year saw many associations report reduced margins and sales income, while interest cover is tightening. Neverthless, there were plenty who stepped up to the plate and delivered substantial numbers of homes.