Platform Housing Group has reported a drop in surplus but has maintained its current rate of housing development.

The 48,000-home housing association, in its unaudited results for the six months to 30 September, reported overall post-tax surplus of £28m for the half year, down on the £31.1m posted for the same period last year.

The overall surplus was affected by a drop in the surplus and margin from shared ownership sales. The association reported shared ownership sales surplus dropped from £3.8m to £2.7m, with margins falling from 20% to 14.9%. Surplus from staircasing sales – where a resident increases their stake in a shared ownership home- fell from £3.5m to £1.9m.