Hyde has reported a 3% drop in its annual turnover as its income from shared ownership and outright sale properties fell sharply.

The 44,000-home association, in its annual financial statement for 2022/23, reported group turnover of £363m, down on the £374m reported the previous year. Its income from outright market sales dropped £75m to £44m. This was offset by social housing rental income increasing by £7m to £261m and shared ownership revenue rising by £9m to £27.8m.

Hyde’s surplus for the year dropped 20% to £94m, due in part to £18m in one-off loan breakage costs. Its operating surplus excluding one-off items however remained steady at £110m, compared to £111m the previous year.