GreenSquareAccord reports reduced surplus due to increased investment in homes

It said the decrease in turnover was primarily due to a reduced level of sales activity, with open market sales turnover falling by £8.7m as the landlord sold its “last remaining properties in this area”.

The housing association’s turnover from first-tranche sales also decreased as the number of sales halved from 28 in the prior period to 14 in the first six months of 2025-26.

But it highlighted that this was offset by inflationary increases to rental income, as well as savings achieved following the exit of its two dementia care schemes.

Investment in existing homes over the six months totalled £20.7m, with £9.9m invested in a major works programme, and £200,000 invested in damp and mould remedial works.

Spending on fire and building safety activities increased by £3.7m compared to the same period last year, alongside “increased demand for responsive repairs which remains high”.

GSA also highlighted its commitment to decarbonisation, with a further £1.2m invested in these works.

Its EBITDA MRI interest cover stood at 137% as of 30 September 2025, up from 122% at the same point last year.

Mona Shah, chief finance and investment officer, said the half-year results are “largely in line” in GSA’s forecasted expectations, and “continue to show a solid financial position”.

She continued: “This performance has been achieved in what remains a challenging operating environment, with increased demand for services and therefore cost pressures, particularly in repairs and maintenance, as [is] being experienced across the sector.”

GSA’s rating has been confirmed as G2, V2 and C2 following a recent inspection by the Regulator of Social Housing. 

The regulator has also removed a notice issued in 2021 after it found that hundreds of the landlord’s homes did not have a current fire risk assessment and more than 10,000 had never had an electrical inspection.

Ms Shah added: “We already have plans in place for many of the areas the regulator identified for improvement and these will be a key focus for the remainder of this financial year.

“The feedback provides validation that we have the right strategy in place and we have made significant strides forward in becoming a great social landlord.

“Key areas of focus will be to strengthen how we report and oversee how we tackle issues such as damp and mould, delivering improvements to further reduce the volume of complaints we receive and continuing to demonstrate how customer feedback is shaping our services.”