Deputy chief executive points to record spend on capital works to improve stock and increase in five-year development target
Midland Heart’s completions have fallen by 56% year-on-year.
Source: Google
Midland Heart’s offices in Birmingham
The 34,000-home housing association, in its annual financial statements today, said it completed 356 homes in the 2025/26 financial year compared to 813 the previous year.
However, the association increased its investment in planned capital works to improve homes by £20m to a record £54.7m, as part of its aim to spend £300m over five years. It also increased its target for completions in its 2025-2030 corporate plan from 2,250 to 2,750 units and deputy chief executive Joe Reeves said the 2025/26 results “should be viewed in that context.”
Reeves said: “We have chosen to invest more in existing homes, strengthen services and build organisational capacity because we believe that is the right thing to do for current and future tenants.”
Midland Heart is planning to spend £300m by 2030 as part of a plan to improve its “most challenging” homes, including around 4,500 pre-war properties that are its least energy efficient.
It is aiming for 100% homes being at Energy Performance Certificate ‘C’ or above by 2030. It is currently at 84% EPC ‘C’ or above. The group upgraded 1,200 homes to EPC ‘C’ in the year, with 300 receiving refurbishments, such as new kitchens or bathrooms.
The group’s planned and reactive maintenance and major repairs spend increased from £58.6m to £62.9m.
Turnover dipped slightly from £243m to £239.7m. The figure was impacted by the group’s sale of 1,600 homes to Housing 21 in 2024/25, offset by rent increases and new build properties being let. Midland Heart’s social housing lettings income dropped by £2.7m to £212.9m as a result.
Midland Heart’s overall surplus fell from £67.2m to £36.8m. The surplus this year was affected by a £2.4m loss on revaluation of investment property, while the previous year’s figure was inflated by a £20m one-off surplus from the disposal of 23 supported housing schemes.
Largest 50 Housing Associations accounts tracker
As we enter reporting season, Housing Today is tracking the financial statements of the largest housing associations in the UK.
See here for our reports so far:
Surplus and margin down at Platform Provider confirms increase in development to 1,380 completions
Completions drop at Karbon as landlord focuses on meeting repairs demand North-east provider narrowly misses development target
Surplus down but turnover and completions improve at SNG Latest annual report shows 4% increase in new homes delivery, but figure remains below 2024 level
Clarion surplus up on stable turnover But social landlord says completions drop despite rise in investment
Completions up at BPHA Bedfordshire provider boosts stock with transfer of 1,200 homes from Clarion
Sanctuary still exploring sale of student housing portfolio as it moves into surplus Accounts also confirm increase in turnover
Vivid completes record number of homes despite missing target Hampshire-based landlord builds more than 1,500 homes for third successive year but turnover and surplus down
Largest 50 Housing Associations 2025
Housing Today’s exclusive 50 Largest Housing Associations 2025 data table allows you to sort the providers by key metrics including homes managed, turnover, surplus or homes built.
We also analysed key trends from the accounts, crunched the data and highlighted the key organisations in the sector. Click below to access the data tables, analysis and library of reports
No comments yet