G15 landlord more than doubles delivery after slump the previous year
Metropolitan Thames Valley Housing (MTVH) built more than 1,300 homes last year, its biggest ever total.
The G15 landlord, in an unaudited trading update said it completed 1,318 homes in the year to 31 March. This is a 142% increase on the 544 homes it built the previous year.
It said this increase means the landlord now has 4,000 homes on site or completed, as it works towards its target of building 6,000 between 2026 and 2030.
MTVH’s turnover was £456.4m, similar to last year’s figure of £453.7m figure.
Its core rental income increased by 3.7% but this was offset by a £9m reduction in income from shared ownership first tranche sales.
The group’s surplus fell from £47.8m to £28.7m, while on an operating basis it dropped from £148.2m to £138.4m. MTVH said the drop is due to increased operating costs and a fall in surplus from joint ventures.
MTVH said it used interest savings to increase its spend on existing stock. It invested £185m in repairs, maintenance and capital improvement works in the year, up from £165m .
Mel Barrett, chief executive of MTVH, said: “I’m proud of the record-breaking number of affordable homes we have built this year. These new homes have a significant positive impact, allowing hundreds of people to come off housing waiting lists and benefit from the foundation of an affordable, safe and warm home.”
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