Onward Homes has reported a loss of £22.5m for the 2021/22 financial year.

The 35,000-home housing association reported its results were hit by financing fees of £36.1m. It was also hit by a £2.3m impairment of tower blocks in Preston and a £2.1m write down relating to a development in Halton Road in Runcorn.

The association said however “underlying trading remains strong” with net surplus as a percentage of turnover increasing 8.5% once the loan breakage costs are excluded. The group increased its turnover by 2.4% to £159.8m which it said was due to increased social housing rents.