Open market and shared ownership sales lower than targeted
LiveWest has increased its completions by 9% year-on-year, it has revealed in its 2024/25 financial statements.
The 40,000-home housing association, which operates across the south west of England, completed 980 homes in the year to 31 March. This is up on the 899 recorded for the previous year.
It however missed its target for homes completed for affordable tenures. It completed 902 affordable homes against its target of 950. It said this was due to “site challenges” and developers slowing the “build rate due to the challenging housing market”. The figure was still higher than the 788 affordable homes completed by LiveWest last year.
The association said it is targeting 1,000 affordable homes in 2025/26, and is “focused on reinforcing our development pipeline and building stronger partnerships with our key developers” in order to deliver this. It aims to build 5,700 homes over five years.
The accounts also show LiveWest increased its turnover slightly from £306m to £310m. It’s social housing lettings income increased by £19m, offsetting a £17m drop in ‘other income’ including proceeds from open market sales and shared ownership first tranche sales.
LiveWest made 82 open market sales against a target of 100, and 248 shared ownership sales against a budgeted 270.
Chief executive Paul Crawford, and chair Jacqueline Starr said: “The difficult housing market resulted in developers carefully managing on site delivery which led to a lower number of handovers of open market and shared ownership homes than anticipated, reducing the number of homes available for sale.”
The group’s surplus, which included a £700,000 reduction in the fair value of financial instruments, dipped very slightly from £50.8m to £50.6m.
LiveWest increased its investment in existing homes from £102m to £117m year-on-year. It said it improved the energy efficiency of more than 1,800 properties to Energy Performance Certifcate C and above, including 763 retrofits.
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