Large London landlord sees turnover and surplus drop in first half of year

Turnover at the 38,000-home housing association fell by 24% to £165.5m, from £218.9m last year, which was partly due to a “significant land sale” in the first of 2024 and budgeted land sales in 2025 being delayed to the second half of the year.

The housing association’s surplus for the period fell by 12.7%, from £13.4m last year to £11.7m, while interest costs reduced by £50.5m.

A2Dominion also saw increased interest income due to the surplus funds from the sale of temporary accommodation properties in March 2025 being placed on money market funds – around £120m, which earned roughly 4%. 

The trading update also said the landlord’s current assets rose to £267.3m from £190.7m last year, which is “mainly due to higher cash at September 2025”.

However, this was offset by “lower work in progress, reflecting the decrease in the development pipeline and the repayment of joint venture loans”.

On operational performance, A2Dominion said it had completed the handover of eight units in the first half of the year, out of the 10 units forecasted for delivery in 2026.

It continued: “At present, we are prioritising building safety works alongside significant investment in the maintenance of our stock, and in improving the quality of our repairs service.

“We are currently developing a comprehensive Regeneration and Development Strategy to improve properties and move forward with zero-carbon initiatives to be undertaken with a variety of partners and funding models. We plan to pilot this approach in 2026.”