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One of the largest developers of social housing has seen its new home completions fall by 37.7%, annual results show.
Midlands-based Platform Housing Group completed 909 new homes in the year to 31 March 2021, down 37.7% from 1,449 homes the year before.
All 909 homes completed were for affordable tenures, including 28% for social rent, 31% for affordable rent and 41% for shared ownership.
In its unaudited annual results, Platform said: “During quarter four, our homebuilding programme was again affected by a surged in COVID-10 cases and another national lockdown. This affected work on site, contractors and supporting services, with reduced staff and social distancing slowing progress.”
The association, which owns and manages 47,000 homes, posted a surplus after tax of £60.7m, up by 4.8% from £57.9m the previous year. Turnover also increased by 5.5% from £257.1m to £271.2m.
Elizabeth Froude, chief executive at Platform, said: “In this last quarter we have again seen a surge in COVID-19 cases and a further, hopefully last, national lockdown. In spite of this we have continued to push forward with our ambitions to provide more affordable housing to those in the Midlands, while protecting our residents, staff and financial strength. It is pleasing to report that we delivered strong results for the year and are well placed to push ahead with our strategic ambitions.
“Our shared ownership sales programme had its strongest quarter of the year, with 136 new homes sold and a further 46 existing homes sold as part of further equity purchases. This level of performance looks set to continue, with large numbers of sales enquiries received towards the end of the quarter.”
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Amid the housing crisis and with increasing demands on local authorities, developers and housing associations to deliver more homes, the Inside Housing and Homes England Development Summit brings together the public and private sector to collaborate towards the effective delivery of homes across England.
This is not a conference. It is a business meeting of decision-makers on delivery and how to build more quality homes.
To find out more, click here.