Birmingham-based provider halves development target for 2025/26 as it embarks on plan to improve 6,000 homes
Midland Heart’s completions have fallen by around 60% in the first half of the year.
The 34,000-home housing association, in an unaudited update, said it completed 109 homes in the six months to 30 September, compared to 269 in the first half of the previous year.
The group has halved its annual development target from 700 homes in 2024/25 to 350 in 2025/26.
A drop in development had been expected as Midland Heart last March announced a plan to prioritise spend on existing stock. It has pledged to invest £300m in improving 6,000 of its “most challenging homes” and has previously said development will fall because of the shift in expenditure.
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It is looking to build at least 2,250 homes over the next five years. This is 450 homes a year on average, which is down on the 660 average seen over the past six years.
The group has no homes for outright sale or market rent in its current pipeline. It saw 124 first tranche share ownership sales in the first half of 2025/26 with a surplus £1.3m.
Midland Heart said it is on track to deliver its planned programme of kitchen and bathroom replacements with 723 homes now at EPC band C against its target of 1,200.
The group’s turnover for the half year has dropped from £125.2m to £121.4m year-on-year with its surplus more than halving from £47.3m to £22.6m. This was in large part due to the 2024/25 income figure being inflated by the sale of 1,200 homes.
Largest 50 Housing Assocations 2025
For the first time and within less than two months since all the data was made public, Housing Today has published a full sortable table of the largest 50 housing associations in the UK according to their 2024/25 accounts.
Our interactive data table allows you to sort the providers by turnover, surplus, operating surplus, homes completed and homes owned and/or managed
We’ve analysed providers’ turnover, surplus, operating surplus, homes completed and homes owned and/or managed for the 2024/25 financial year.
Housing Today has dug into the data to show aggregated trends and which providers have shown the largest changes in their metrics year-on-year and why.
We’ve also pulled out key trends and talking points we’ve noticed from our reporting of financial statements over the past few months. Also find all our reports of HA accounts in one alphabeticised library. See below.
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