L&Q confirms drop in completions as it increases spend on existing stock

L&Q’s annual completions have fallen 11% year-on-year to its lowest figure in more than a decade.

In an unaudited trading update today the G15 landlord reported completing 2,055 homes in the year, down from 2,316 the previous year.

The drop was expected as L&Q has pivoted to improving existing stock. It previously announced a lowered target of 2,069 homes in the year, down on the 2,316 completed last year, a figure which itself was the lowest for a decade. 

L&Q did however more than double its starts from 519 to 1,250, the majority of which were later phases of existing developments.

The group increased its spend on the maintenance of existing homes from £396m to £424m. It has completed year three of its £3bn, 15-year Major Works Programme and said it has delivered over 21,500 home improvements as part of this.

L&Q’s surplus increased from £33m to 154m. The previous year’s figure was impacted by a £120m cost relating to the disposal of a business interest. Its operating surplus excluding one-off costs dropped slightly from £377m to £370m.

L&Q will publish its full, audited accounts for 2025/26 later in the year.