Two associations together managing more than 130,000 homes in London and the South East have reported strong half-year results despite the market downturn which has caused others to pause development.

London-based Peabody said it increased its surplus – the housing association version of profit – for the six months to September to £67.2m, up 25% on the same period last year. While this increase is partly derived from to the recent merger with Town and Country Housing, the association’s surplus still grew more than 10% on a like-for-like basis.

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