The latest audited results confirm that Housing 21 completions are set to rise in the 2025/26 financial year, as the provider aims to deliver around 100 more homes than in the previous period. The announcement highlights growing confidence in a stabilised construction market and renewed momentum in the delivery of affordable housing.
Financial Results and Delivery Targets
For the year ending 31 March 2025, Housing 21 completed 255 new homes, nearly reaching its target of 256 and more than doubling the 117 delivered the year before. Starts on site also exceeded expectations, with 511 recorded against a target of 384.
Looking ahead, the association plans 396 starts and 352 completions in 2025/26. The organisation noted that tendered construction costs now align more closely with financial assumptions, while the small and medium-sized contractor market has rebounded, improving capacity and pricing stability.
Growth Through Acquisitions
Beyond its direct development, Housing 21 has expanded significantly through acquisitions. In 2024/25, it purchased 1,566 homes from Midland Heart and an extra care scheme with 42 units from Rooftop Housing Association. This growth pushed its managed portfolio above 10,000 homes for the first time, with a total of 10,345 properties across 191 schemes. Almost 85% of these homes are for social rent, reinforcing its commitment to affordability.
Challenges in Land and Regulation
Despite progress, challenges remain. Securing sites from local authorities is difficult as capital receipts often take priority amid budget constraints. Housing 21 also faced regulatory scrutiny, receiving a C2 governance rating earlier this year from the Regulator of Social Housing.
In response, the board is working to strengthen oversight, improve triangulation of performance data, and enhance service quality. Leadership is optimistic that a C1 rating can be restored within 12 months of the downgrade.
Decommissioning of Liverpool Towers
The organisation also made a difficult decision regarding Oak Grange and Ash Grange in Liverpool. Expert surveyors warned that the concrete frames of the towers would erode within five to ten years, limiting their lifespan even with costly investment. Housing 21 has begun relocating residents, aiming to complete the process by 2027.
Dedicated teams are providing support to long-standing tenants during the transition, underlining the provider’s commitment to resident welfare even as it phases out ageing stock.
Financial Strength and Maintenance
Housing 21’s turnover rose from £275 million to £297 million, with surplus before tax up to £15.8 million from £11.8 million. Operating surplus reached £37.5 million, reflecting sound financial management. The provider also invested £38.8 million in maintenance and reported full compliance with safety standards, including fire, gas, electrical, water, and asbestos management.
Importantly, Housing 21 confirmed it had no cases of unresolved damp or mould across its properties—an assurance welcomed amid wider sector concerns.
Housing 21’s Future Outlook
With 19 development projects currently on site, expected to deliver over 1,000 additional homes, the outlook for Housing 21 completions is robust. While land availability and regulatory pressures remain challenges, the provider’s improved financial position, strong acquisition record, and stabilised construction environment give it a solid platform for growth.
Housing 21’s focus on social rent homes, combined with strategic acquisitions and a renewed push for regulatory improvement, places it among the UK’s most ambitious housing associations as it looks to expand in 2025 and beyond.
