Housing association giant Peabody has reported a 31% increase in its surplus following a jump in revenue due to shared ownership residents increasing the proportion of the properties they own.

The 104,000-home housing association, in its accounts for the 2021/22 financial year, reported a 36% increase in surplus, from £110m to £150m, off the back of a 5% increase in turnover to £664m.

It said the increased revenue from 275 shared owners ‘staircasing’ has helped fund a catch-up repairs programme and increased fire safety spend.