Notting Hill Genesis (NHG) has increased its annual surplus by 48%, largely due to an increase in property sales.

The housing association giant, in its accounts for the year to 31 March, reported a surplus of £144.7m, up from £98.1m the previous year.

Its operating surplus increased £50m to £262.6m over the same period, while turnover for the year was £909.1m, a 24% increase on the previous year’s figure.

The results mean NHG has bucked the trend among the largest developing housing associations in reporting a large surplus increase, rather than a falling or flatlining surplus.