G15 landlord on track to more than double development after ‘strong’ starts figures
Metropolitan Thames Valley Housing (MTVH) has said it is “confident” of building 1,200 homes in 2024/25, which would be a record for the London landlord.
MTVH, in a unaudited update today, said it had completed 476 homes in the six months to 30 September. This is double the 236 built in the same period last year and almost as many as the 544 it completed in the whole of the previous year.
The 57,000-home provider said: “New home starts have been strong, leaving us confident that we’ll complete more than 1,200 new homes in 2025/26 – a record number for MTVH”
“Our pipeline includes over 4,300 homes over the next 5 years and we’ve built the liquidity to expand this further” MTVH said it has currently 4,100 homes on site.
The brief update also showed the group’s turnover for the half-year dipped from £227m to £222m but its surplus rose from £14m to £16.8m.
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The group increased its spend on repairs, maintenance and capital improvement works for the half year from £48.3m to £60.5m, year-on-year.
MTVH said its interest cover had improved from 159% to 176% while its available liquidity increased from £675m to £843m.
Mel Barrett, chief executive, said: “We have invested in the quality of our existing homes and built a record number of new homes while maintaining our strong financial fundamentals.”
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