But later living provider smashes its development target for the year
Anchor reported deficit in its most recent financial year after being hit by one-off costs of £50.5m.
In results for the year ending 31 March 2026, the later living provider reported a pre-tax deficit of £43.1m, compared with a pre-tax surplus of £11.6m the previous year.
It said the deficit “as a result of stock write-downs, compliance remediation costs and increased investment in repairs”, with other factors including lower occupancy in care and extended relet times in housing.
The £50.5m recorded included a £11.4m non-cash write down of two new developments where alternative options are being pursued, with one earmarked for bulk sale and the other for conversion to social housing tenure.
It also includes a £16.4m write down and £11.7m provision to buy back properties at a historical development which had been affected by damp and water ingress issues, as well as £2.1m for fire safety works at a leasehold scheme, and £8.9m incurred as part of its regulatory compliance improvement plan.
The 55,000-home provider said that, excluding these items, it would have delivered an underlying net surplus of £11.1m, a decrease of £0.5m compared to the prior year.
Turnover at Anchor was up to £722m from £679m.
The housing association’s development performance was stronger, with practical completion on 408 homes across the country, including 76 homes in Hackney as part of its “long-term commitment to older people’s housing in the London borough”.
The delivery numbers were significantly higher than both its forecast of 260 homes and its 197-home delivery in the previous year.
Sales performance also improved from £19.1m from 73 home sales to £23.6m from 96. However, unsold stock levels remained high at 438 homes and average holding periods increased to 20 months.
Investment in works to existing properties increased from £57.1m to £76.6m.
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Largest 50 Housing Associations 2025
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