Housing association puts in place ‘live monitoring of contractor risk’ after undershooting development target
Citizen Housing missed its housing completions target for 2024/25, due in part to insolvency of contractors.
The 32,000-home Birmingham-based landlord, in its annual financial statement, revealed it completed 401 homes in the year to 31 March 2025. This was below its target of 476 and lower than the 653 it completed last year.
The landlord said: “Delivery was impacted by contractor insolvency, local authority and utility delays and limited subcontractor availability.
”Lessons from recent insolvencies are being captured and will inform future schemes, with updates provided to senior leadership and the development board.”
It added that it has put enhanced due diligence in place, including regular contractor credit checks, financial reviews and live monitoring of contractor risk.
The group said its development is likely to be below some of its peers over the next few years as it seeks to balance investment in new homes with extra spend to improve existing homes.
The group increased its turnover 9% from £192.6m to £210.7m. However its surplus fell from £19.1m to £7.8m. The figure was impacted by an £8.4m increase in financing costs and £21.1m extra operating expenditure.
Citizen spent £86.5m on energy efficiency and other capital works to improve properties in the year up from £61.4m the previous year. The group cost per social housing unit rose due to this plus an impairment charge of £8.5m relating to a regeneration project.
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