Completions at one of Clarion’s development arm entities fall by 87% as it posts £22m loss

Completions were also down significantly in 2024-25, with Latimer finishing construction on 40 homes, compared to 319 last year.

The developer sold 89 open market homes, up from 76 last year, and transferred 33 homes to Clarion or its partners.

Overall, Clarion Housing Group completed 1,727 homes in 2024-25, up from 1,538 last year. 

At Latimer, turnover increased year on year from £54.3m to £70.2m, and it made an operating profit of £1.1m – an improvement on last year’s operating loss of £12m.

Operating costs increased to £11.3m from £7.1m. While remediation, abortive and similar costs rose from £3m to £4.3m, Latimer said it was making “good progress” in recovering costs – totalling £3.7m – from contractors.

Open market sales increased among Latimer’s subsidiaries, rising from £25.5m last year to £40.4m. They also generated £22.2m from selling social homes to Clarion, up from £14.9m last year.

Yet the impairment of Latimer’s loans to its subsidiaries accounted for a loss of £12.3m, and the impairment of amounts due from jointly controlled entities and associates totalled £11.5m.

Latimer made a £2m provision for the estimated cost of repairing drains at one scheme so that it can be adopted by the local water company, and made a £680,000 provision at another scheme to repair balconies.

The developer also published its annual sustainability report for 2024-25, which showed that it had diverted 98.8% of construction waste from landfill and delivered 64.4% of its homes with heating systems free from fossil fuel.

It secured an average biodiversity net gain of 43.1% across projects gaining planning permission during 2024-25.

Richard Cook, chief development officer at Clarion, said: “Sustainability is a core part of the foundation for how we approach development.

“This year’s report reflects our ambition to lead by example and to ensure that our homes deliver for the people who need them most, for the planet and for future generations. We are extremely proud of the progress we have made as a team.”

Miles Lewis, director of sustainability at Clarion, said: “From delivering fossil-fuel-free homes to piloting circular construction practices, the data and case studies in this report show how we’re committed to continual improvement at Latimer.”

Earlier this year, Latimer started work on its flagship regeneration project in Leeds, where it aims to deliver more than 1,600 new homes.

Clarion recently published its annual accounts as a group, which included provisions for building safety of £35.4m and a loss of £3m from its joint venture partnerships after impairment charges.