Southern Housing has decided to “stop making commitments on new developments” as it shifts spending towards improving existing homes.

Paul Hackett, chief executive of the 80,000-home housing association, said the move would enable it to “significantly derisk the business and focus on core social housing activities”. As a result, the group said it would no longer be monitoring new home starts as one of its key performance indicators.

Southern, in its annual financial statement for the year to 31 March, did say however it would build out schemes it already owns and would still work in partnership to deliver housing with local authorities.