35,000-home north-west association ‘on target’ to build 1,400 homes by 2024
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.
The group completed 242 homes in the year. It is not clear what the group’s original target was but the figure was higher than then the 171 completed in the previous year which was disrupted by the pandemic lockdown.
Onward said it is “on track” to meet its target of building 1,400 new homes by 2024 and has a pipeline of 2,000 homes.
Onward last year agreed a strategic partnership deal with Homes England under which it will receive £152m to deliver 3,200 homes.
Tim Johnston, chair of Onward, said: “These annual accounts reveal underlying financial strength that is enabling significant investment in homes we own, and manage, in new homes to meet growing need and in the services we provide to our customers.”
Housing association financial statements 2021/22
Stonewater reports halving of surplus and missed build targets as costs hit 34,000-home housing association hit by increase in operating costs
Moat misses build target but revenue rises South east-based social landlord reports £181m turnover but feels impact of labour and materials squeeze
Metropolitan Thames Valley’s surplus falls 33% following tower block fire costs 57,000-home housing association’s balance sheet hit by multiple factors, including increased operating costs and a fall in home sales
L&Q’s surplus plunges after admitting major write down Housing association giant reports series of impairments reducing surplus by £53m
Orbit sees housing completions rise Materials and labour shortages mean growth was slower than expected for 47,000-home social landlord
Peabody boosts turnover and surplus due to shared ownership staircasing Housing association giant plans to start work on 7,000 new homes by March 2023
Sanctuary misses development target by a third due to ‘pandemic effects’ Housing association giant undershoots target but increases completions 34% year-on-year
Vivid increases development to above pre-pandemic level 33,000-home housing association completes 1,400 homes
Platform scales back targets for development and energy efficiency 46,000-home housing association increases turnover boosted by increased shared ownership sales
Later living giant Anchor posts £24.4m surplus following loss last year Housing association ‘on track’ with increased 5,700-home development plan
Hyde delivers fewer social homes than expected due to ‘delays and shortages’ 48,000-home housing association delivers 74% of affordable target, but hits lowered development target overall.
EMH Group misses development target by 40% Housing association says build hit by planning delays, materials shortages and pandemic impacts but is confident of hitting five-year target