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Large London landlord sees record completions but surplus drops 40%
Metropolitan Thames Valley Housing (MTVH) has reported a record number of annual completions, but its surplus has slipped by 40%.
Large London landlord Metropolitan Thames Valley Housing has reported a record number of annual completions, but its surplus has slipped by 40% #UKhousingThe G15 provider recorded 1,318 handovers in the year to the end of March 2026, compared to 544 the year before, according to unaudited results published yesterday.
Around 90% of these completions were “affordable” tenures, with the majority in London and the South East, MTVH said.
An spokesperson for the 57,000-home group told Inside Housing the record completions “reflects the scale and maturity of MTVH’s development programme”.
The landlord is involved in a number of major schemes, including Clapham Park in Lambeth, south London. It drew down £256m of funds to finance the completions.
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Like many larger landlords, MTVH has been scaling back its development ambitions. However, it is still targeting 6,000 homes over the next four years and currently has around 4,000 homes on site.
The positive news on completions came despite the group reporting a net surplus of £28.7m, down from £47.8m the year before. MTVH pointed to higher costs and falls in the share of operating surplus from joint ventures.
The drop in surplus came despite a slight uptick in turnover to £456.5m. MTVH’s core rental income rose by nearly 4%. However, this was partly offset by a £9m drop in revenue from first-tranche shared ownership sales, the group said.
Spending on repairs, maintenance and capital improvement works rose from £165m to £185m, the landlord said.
The group’s net debt increased to nearly £2.4bn at year-end. Gearing rose to 41% from 39%.
Duncan Brown, MTVH’s chief financial officer, said it had been able to increase investment in homes and deliver record completions due its “high level of liquidity” and “healthy level of fixed rate debt”.
In an update on the group in January, credit agency S&P flagged MTVH’s “stable financial metrics”, but said the overall size of its investment programme is “significant” and will “weigh on financial performance over the coming years”.
At the time, S&P said: “We project the group’s debt metrics will remain very weak.”
However, the agency maintained its ‘A-’ credit rating, with a “stable” outlook.
MTVH currently has compliant C2/G2/V2 grades with the Regulator of Social Housing.
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