Onward hits new high for completions during ‘challenging year’ related to disrepair, voids and repairs
North West landlord Onward Homes delivered 434 homes in 2024-25, its highest annual total to date.
Onward hits new high for completions during ‘challenging year’ related to disrepair, voids and repairs #ukhousingThe 30,000-home landlord revealed the rise in completions, up from 329 the previous year, as part of its annual accounts for the year ending 31 March 2025.
Overall turnover increased around £9m to £197.7m, and the association’s surplus before tax dropped just under £1m to £14.2m. Its operating surplus also recorded a small reduction to £25.8m.
Onward’s accounts state: “Whilst underlying trading is strong, this has been a challenging year most notably due to cost pressures across disrepair, voids and repairs.”
Read more
The landlord’s spend on routine, major and planned repairs rose by £4.5m to £28m, and it reported a 17.1% increase in repair requests, with 94,131 repairs recorded.
More than 14% of Onward’s stock was built before 1919. This age profile, alongside an increase in damp and mould and roofing works, is driving this increased demand for repairs.
To help tackle this issue, the landlord has set up a new in-house damp and mould team, which it believes will mitigate some external costs in the coming years.
Onward said: “The balance sheet remains strong with an increasing net asset base due to development of properties and growing reserves from operational surpluses achieved.”
Reserves have increased from £411m to £429.4m, with its EBITDA interest cover standing at 314%.
Gearing increased to over 30% due to an additional £86m of revolving bank funding being used to support its development programme.
The landlord also reported property sales of £6.5m thanks to a focus on strategic disposals.
Onward Homes sits within the wider Onward Group, which includes Onward Repairs and Altrium City Living.
The consolidated group reported a surplus before tax of £13.3m, and an operating surplus of £26.5m, both up around £1.5m on the previous year.
In her foreword to the accounts, Bronwen Rapley, chief executive of Onward, said: “In the years ahead, wider economic pressures and demand for services will persist.
“In response, we have delivered improvements in key service areas and introduced new technologies to identify additional capacity and in turn be more efficient with our resources.”
Ms Rapley announced she would retire from her role after a decade earlier this month.
Sign up for our development and finance newsletter
Already have an account? Click here to manage your newsletters
Related stories
