RSH deems small landlord non-compliant following investigation

The Regulator of Social Housing (RSH) has expressed “serious concerns” about Rentplus Homes Limited, which has been found non-compliant with governance and financial viability standards.

RSH said it found “serious failings” in the landlord’s governance, with its board unable to show it has effectively responded to increasing risks or that it has a robust business planning and risk management framework.

It also said arrangements with Rentplus Homes’ unregistered parent company - Rentplus UK Limited - to provide support failed to operate in practice, hampering Rentplus Homes’ ability to protect its social homes.

Rentplus Homes is now facing “significant liquidity pressures” and is seeking to put plans in place to safeguard tenants’ homes from its viability risk.

Jonathan Walters, RSH chief executive, said: “Landlords must regularly assess and test their governance arrangements to make sure they are fit for purpose. But Rentplus Homes has failed to do this, which has had serious implications for its financial resilience and ongoing viability.

“Although Rentplus Homes is taking steps to manage emerging risks, it has not yet provided a credible route to resolve them at the pace we expect.

“We have serious concerns about this case, and are considering further regulatory intervention.”

The Milton Keynes-based landlord was placed on the regulator’s gradings under review (GUR) list in August, following an investigation triggered by a self-referral to RSH in June.

The self-referral concerned the administration of RPA1 Limited, a Rentplus group subsidiary that owns around 68% of the homes managed by Rentplus Homes.

Rentplus Homes has now been removed from the GUR list following the publication of a regulatory judgement.

Rentplus Homes is a small landlord with fewer than 1,000 social homes, meaning the RSH does not issue grades but publishes a judgement when there are serious failings. It has been approached for comment.