Collapse of contractor cited for shortfall in housing numbers
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.
It said its current 1,100-home pipeline is lower than its corporate plan target of maintaining a pipeline of 1,600 homes due to impacts from Covid-19.
Paradigm is aiming to build 2,250 homes over five years as part of its development strategy. It has also set itself a target of bringing all its homes to Energy Performance Certificate C by 2030 and has brought forward a programme to survey of its properties to ensure it can reliably measure energy performance of its stock.
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Julian Ashby, chair of Paradigm said: “We want to expand and improve the quantity and quality of the new homes that we build, and to make a clear commitment to improving the energy efficiency of our existing homes. Both of these have embedded within them a commitment to providing customers with good quality, affordable and safe homes.”
Ashby, former chair of the Regulator of Social Housing, joined Paradigm as chair in 2018, re-uniting with chief executive Matthew Bailes, who led the regulator between 2012 and 2015.
Housing association financial statements 2021/22
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