The aggregate operating margin of social housing landlords fell to 16.6% in the last financial year, its lowest level since 2009, the Regulator of Social Housing (RSH) has revealed.

This represents a decrease of 2.9 percentage points, compared to the sector’s aggregate operating margin of 19.5% in 2022. The RSH said the economic conditions, combined with high levels of investment in existing stock, ”have led to the sector as a whole being stretched and financial resilience being tested.”