19,000-home landlord increases surplus and turnover
Yorkshire Housing has reported it has narrowly failed to hit its build targets for 2024/25 due to construction delays and increased borrowing costs.
The 19,000-home landlord, in its annual financial statement said it completed 508 homes in the year to 31 March. This was down on the 689 completed the previous year. The total was equivalent to 2.53% of its social housing stock, missing its target of 2.75%.
The housing association said it hadn’t “quite met” its targets this year for the delivery of new homes”, with increased borrowing costs a significant factor.
The group’s total interest and financing costs increased by £856,000 year-on-year, while the amount payable on bank loans rosed by nearly £3m to £29.6m. The average rate used for interest capitalised increased from 4.05% in 2024 to 6.07% in 2025.
Ingrid Fife, chair of Yorkshire Housing said: “The Bank of England cut interest rates throughout the year ending at 4.5%, although the cost of capital market and bank debt remains much higher than recent history and are a barrier to building much-needed homes”
Yorkshire said it is looking at opitmising its funding portfolio to minimise costs while it close manages the “scale and pace” of its development programme.
The landlord said delays to schemes starting or while on site were also a factor in delivery targets being missed.
Yorkshire’s 113-home Derry Hill scheme in Menston was delayed due to contractor Tolent falling into administration, which also led to an impairment charge of nearly £1m (£954,000) recognised as increased cost of sales on the provider’s balance sheet.
Yorkshire increased its turnover from £138.8m to £165.4m, while its total surplus also rose from £7.3m to £10.4m. The group’s figures were boosted by a £12.6m increase in social housing lettings income and moving from a loss to a £1m surplus in open market sales.
The group’s surplus on the disposal of fixed assets was £5.2 million in 2025, up from £4.3 million in 2024. Yorkshire’ surplus from shared ownership first tranche shales however fell from £6.8m to £4m.
Group expenditure on works to existing properties during the year totalled £54m, up from £51.5m the previous year.
Yorkshire launched a new telephony system which integrates with the Salesforce technology platform, which it said has enabled a more personalised approach for customers. The landlord said it reduced its repairs outstanding from around 13,300 to 7,200, despite the number of reported repairs increasing by 19% year on year.
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