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Large Southern housing association sees completions fall by more than 25%
Hampshire-based landlord Vivid has seen its new home completions fall by 26%, its latest annual results show.
The 32,000-home association built 1,010 homes in the year to 31 March 2021, down 26% from the 1,372 homes it built in the previous year.
Vivid built fewer of all tenures except for social rent, of which it built 226 homes in 2020/21 – up 12% from the 202 social rent homes built in 2019/20.
Shared ownership was the tenure built most by Vivid last year (32%), followed by market sale (22%), social rent (22%), affordable rent (12%) and market rent (4%).
Housing associations across the UK have seen the number of homes they completed fall over the past year, in large part due to the impact of the coronavirus pandemic on the construction sector.
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In May, Mike Shepherd, director of new business and development at Vivid, told Inside Housing that it seems like the pandemic would be a “blip” in the landlord’s overall development ambitions. In its accounts, Vivid said it plans to build 1,400 homes this year.
The organisation posted a post-tax surplus of £62.1m, down 10% from £69.3m in 2019/20. Turnover decreased 5% from £326.7m in 2019/20 to £311m in 2020/21.
The housing association received a customer satisfaction score of 80.4 in March, which is the highest it has ever received.
Mark Perry, chief executive of Vivid, said: “The past year has made many of us really take stock of what matters most in life. This is where genuine empathy, understanding and support can make a real difference, and this is something we’ve continued to focus on as a business.
“We’re here for the long term, and this year has reinforced that through good times and bad, there’s a central role we at Vivid can provide in helping people improve their life chances and supporting communities to thrive.
“I’m delighted that as a business we’re continuing to move from strength to strength and this is testament to the commitment and collective efforts of everyone across the organisation to do even more for our customers and neighbourhoods.”
