Peabody has posted an 11% reduction in its annual turnover.

The 108,000-home housing association, in its financial statement for the year to 31 March, reported total turnover of £989m, down from £1.1bn the previous year.

The group’s social housing lettings income increased from £711m to £768m, however its non-social housing activity fell from £260m to £92m. This included a £172m drop in market sale activity, from £200m to £28m.