Paradigm Housing has reported a loss of £11.2m for the year

The 16,000-home housing association, in its accounts for the year to 31 March, reported the drop, from a surplus of £54.1m the previous year.

The association said the fall was due to £32.5m of charges as part of a refinancing deal. It said its underlying surplus, excluding one-off items grew 12% to £21.3m.

Paradigm also revealed it built 225 homes in the year, missing its target of 328. It said this was due largely to a development where an unnamed contractor went into administration.