Scottish landlord builds 844 homes
Wheatley Group completed 844 homes in 2024/25, which it said is its highest annual total for six years.
The figure means the 64,000-home group, which is based in Glasgow, has more than doubled the 348 completions it achieved in 2023/24.
The group, in its annual financial statements for the year to 31 March 2025, described its 2024/25 development programme as an “outstanding success”. It has now built 2,274 homes under its five-year strategy, which included a target of building 3,400 homes by 2026.
It said: “The scale of this development is even more significant given the challenging operating environment, including changes to the Scottish Government’s Affordable Housing Supply Programme grant, as well as rising labour, material, and maintenance costs.”
However, Wheatley said reductions in housing grant impacted the number of projects it expected to start in the year. A spokesperson told Housing Today the organisation was on site, or due to start on site, on 1,003 homes as of March 31. This is down from 1,706 at the same point the previous year. Activity has picked up however with Wheatley on site or due to start on site on 1,321 homes as of yesterday.
The Scottish government in March 2024 announced a cut of nearly £200m to the affordable housing supply programme budget. This was restored last December, but the amount was still less in real terms than the previous year’s budget.
Wheatley increased its turnover 25% from £412.6m to £516.8m. Nearly three-quarters of Wheatley’s income was generated from core social lettings. This rose by £23.8m due to rent rises and the additional homes completed through the development programme. It also recognised £114.1m of grant income, up from £42m last year. The group’s surplus increased eleven-fold from £7.4m to £87.7m.
Wheatley’s total expenditure on existing homes increased by £9m from £186m to £195m. Within this, repairs increased by £5m and capital improvements £3.8m.
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