RPs shifting focus back to new development on back of long-term funding clarity, Rapleys survey finds

Housing associations say they are not prioritising upgrades of existing assets over new acquisitions and development, according to a new survey from Rapleys.

The strategic property consultant interviewed 20 registered providers of varying sizes across the UK, finding that more than 80% of them said upgrades to existing stock would not be prioritised over development in the next 12 months.

Rapleys’ analysts speculate that this could be down to the speedy resolution of existing issues, as 100% stock condition surveys are rolled out across the sector.

“While financial pressures, asset management obligations and build cost inflation continue to constrain activity, respondents are signalling renewed appetite for acquisitions following the introduction of long-term grant funding and greater policy certainty,” said the Rapleys report.

“The results indicate a market transitioning from caution towards selective growth, with development strategies increasingly focused on larger, lower-risk opportunities and established delivery partners.”

The survey found that more than 85% of respondents acquired more than 250 units in 2025, which the analysts said indicated that “activity was not as dearth as widely discussed in the media, despite the delay in grant funding and the general backlog in s106 units”.

Market conditions and build costs were identified in the survey as the greatest risks to RPs’ development programmes in 2026.