The operating margins of housing providers that rely more heavily on market sales have decreased, while social housing letting margins have fallen across the board, according to data from Moody’s Ratings. 

The ratings agency’s research has found that over three years, social housing letting (SHL) margins have fallen the most in London.

Between the year ended December 2020 and 2023, London housing associations experienced the largest decrease in their SHL margins compared to other English regions, with a decrease of 13 percentage points.