RSH analysis shows Q4 2025 figure was 9% up on previous quarter
The largest registered providers in England are continuing to increase their spend on repairs and maintenance in real terms, according to the Regulator of Social Housing’s (RSH) latest quarterly survey.
The RSH analysis shows nearly 200 landlords spent £2.4bn in total on repairs and maintenance in the last three months of 2025. This is the second highest amount recorded since comparable data was first collected in 2022.
It was 9% higher than the total from the previous quarter (£2.2bn) - by contrast the consumer price index rose by around 3% over the same period. The figure was 4% higher than in the same quarter of the previous year (£2.3bn).
Providers’ 12-month repairs and maintenance spend increased 7% to £9.4bn, while they have increased their forecast spend over the next 12 months from £10.4bn to £10.6bn. A total of £5bn of this is capitalised works, with 10 large providers (seven in the G15 group in London) accounting for a third of this.
RSH said however that development spend “remains suppressed”. Providers spent £13bn on developing new homes in 2025, down from £13.7bn the previous year, while in the third quarter expenditure was £3.7bn compared to £3.9bn year-on-year. Providers are forecasting spend of £15bn in their 12-month forecast, lower than the average of £15.6bn over the past three years.
Crucially though the forecast figures do not take into account funding under the £39bn Social and Affordable Homes Programme, which opened for bidding on Tuesday.
RSH said investment in the sector “remains robust” with landlords agreeing more than £4 billion of facilities in the quarter. Net of loan repayments, drawn debt increased by £2.7bn in the quarter. This boosted cash balances which increased by 17% to £4.2 billion.
RSH said forecast interest cover over the next 12 months “remains low”, with a projected sector total of 67%. Quarterly cash interest cover (excluding sales) reduced to 68% in the third quarter, down from 99% in the three months to September. RSH said this was “due to reduced net cashflows from operating activities linked to working capital movements, and increases in repairs and maintenance and interest costs.”
Around a quarter of PRPs reported being outside their business plan assumptions for void rent loss. RSH said the landlords cite a combination of factors affecting void re-let times, including properties requiring major works after being vacated, prioritisation of damp and mould remediation, properties held as strategic voids, delays in opening new supported units, and contractor-related delays.
Will Perry, director of strategy at RSH, said: “Recent announcements on rents and the SAHP give providers the opportunity to make well-informed investment decisions, while maintaining a strong grip on financial risk.”
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