Shared ownership income drops at Bromford Flagship

Bromford Flagship’s shared ownership sales income has fallen by £6.2m.

The 80,000-home newly merged landlord, in its 2024/25 audited financial statements published today, revealed it generated £52m in shared ownership sales income in 2024/25, down from £58m the previous year. It sold 501 shared ownership homes compared to 548 the previous year. Its surplus from first tranche sales fell by £3m.

The group’s accounts also confirmed figures previously trailed in a detailed but unaudited statement released in May.

It confirmed it completed 1,770 homes in 2024/25.

The figure is 9% lower than Bromford and Flagship combined built in the previous year before the pair merged to create an 80,000-home group in February.

More than a third of the homes – 519 units – were for social rent. This is relatively high for the sector, given the roughly one in five proportion for social rent in the Affordable Homes Programme 2021-26. The group invested £359m in development, up from £355m the previous year.

Despite the drop in development year-on-year, Bromford Flagship said it has acquired new land and entered new agreements with development partners and how has a secured pipeline of 6,500 new homes.

The group intends to increase development to 2,000 homes a year and maintain this every year for 30 years, with an ambition for half of the homes for social rent, meaning it would be the largest developer of homes for the tenure.

The group in March secured a new £100m revolving credit facility with the Royal Bank of Canada. It said it now has a total revolving credit facility portfolio of £850m, which is largely undrawn.

>>See also: Bromford and Flagship complete merger to create 80,000-home provider

Bromford Flagship’s turnover increased from £567m to £607m, with social housing lettings income rising by £45m . Its surplus rose from £125m to £136m.

Its customer satisfaction stands at 80%, which puts it in the top quartile for providers.