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Great Places significantly boosts year-on-year starts as surplus comes in above target
Great Places has significantly increased its new home starts to over 1,000 in the first nine months of the financial year.
Great Places has significantly increased its new home starts to over 1,000 in the first nine months of the financial year #UKhousingIn its latest quarterly performance update, the 26,000-home landlord also said its surplus before tax had come in £3m above budget, at £21m.
At the end of December 2025, Great Places had started 1,088 homes on site, more than doubling its 419 starts at the same point last year.
The Manchester-based landlord expects to deliver 1,772 homes by the end of the financial year, and it said its latest quarterly performance marks “significant progress toward the end-of-year target”.
A further 634 homes are scheduled to start in the coming months as Great Places completes its Homes England-supported programme.
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The trading update also revealed an operating margin of 25.7% with a full-year forecast at 24.8%.
This is slightly below the landlord’s internal golden rule of 25%, but “well above the sector norm”, according to the update.
Great Places’ drawn debt was £921m, increasing from £789m in the last quarter.
During the quarter, the landlord secured £100m of funding through the Affordable Homes Guarantee Scheme (AHGS), which will enable the delivery of more than 650 affordable homes across the North West and South Yorkshire.
This forms part of a new £200m facility, with flexibility to access the additional £100m in future.
The performance update said undrawn bank agreed facilities were £539m, increasing from £468m in the last quarter, due in part to the £100m AHGS bond.
Great Places also said its EBITDA MRI interest cover was 146% at the end of December, which reflects “the timing of expenditure”.
“The major investment programmes are expected to catch up during the year, meaning a year-end forecast at 115%, slightly ahead of budget,” the update added.
On sales, Great Places said: “Shared ownership sales metrics remain strong, with homes selling on average within 8.6 weeks of handover, well ahead of target.
“The forecast for the combined value of homes sold together with those reserved and on hold remains in excess of the full-year target.”
At the end of the quarter, Great Places had 2,236 homes below Energy Performance Certificate band C, according to the update. This is a reduction of 210 since the end of the last quarter.
“Delivery plans, including funded and self-delivery retrofit projects, remain on track to achieve year-end targets,” the update said.
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