But landlord’s surplus falls to £12m
Stonewater has reported a £35m increase in turnover in its latest financial results.
The social housing provider’s accounts for the year to 31 March 2025 showed income had hit £306m, up from £271m in 2024.
The 40,000-home landlord, which announced in June Jonathan Layzell was to succeed Nicholas Harris as chief executive, said the increase was due to a £35m rise in rental income.
Stonewater reported that rental income grew 17.5% (2024: 14.0%), supported by the handover of 1,029 new homes (2024: 1,185), and a rent increase of 7.7% (2024: 7.0%).
Rents were further boosted by the addition of homes from Bristowe (Fair Rent) Housing Association, following a stock transfer 30 September 2024.
Stonewater also reported a £10m increase in its operating surplus for this year, making £70m in 2025 compared with £60m in 2024.
It also reported a surplus for the year of £12m, which was considerably lower than last year’s £131m.
This was attributed to the fact that last year’s figure included a one-off gain of £122m related to a business acquisition, although this year’s number was nonetheless lower than the £54m recorded in the 2023 results.
Stonewater’s operating costs rose to £216m (compared to £187m last year), largely due to increased repairs and maintenance activity.
This year Stonewater celebrated its 10th anniverary. In that time it has built more than 8,000 new homes.
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It reported £3.1bn in fixed assets, an increase of £171m on last year’s valuation.
Over the past year, Stonewater built 1,029 homes (slightly down on last year’s 1,185), of which 751 were affordable rent, social rent, or rent-to-buy, and 278 were shared ownership.
In his executive summary, Layzell writes: “I’ve been part of Stonewater’s journey for a long time, but being CEO gives me a new vantage point.
”From our formation to becoming one of the UK’s leading social housing providers – owning and managing over 40,000 homes for more than 93,000 customers – our purpose remains clear: for everyone to have the opportunity to have a place that they can call home.
“In a year marked by economic pressures, regulatory change, and greater scrutiny across the sector, we’ve responded with focus and resilience.
”Strong governance, sound financial management and a deep commitment to our customers have underpinned everything we’ve done.”
Stonewater is targeting growth to 50,000 homes by 2030.
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