Delivering value for you
We’re committed to keeping costs low for customers and helping them save money, while maintaining high-quality services at all times.
Where our money comes from
For every £1 we generate:
- 79p is from social housing lettings
- 6p is from other sources — including the provision of management services for our external partners
- 7p is from the sale of shared ownership homes — the surplus generated from these sales is used to support our charitable objectives
- 4p is from the service charge income (which is fully spent on providing services to our residents)
- 4p is from non-social housing lettings — including our market rent properties and our garage portfolio
How each pound was spent
Housing management costs including staff
We spent 28p in each pound to provide services to our customers and to pay for staffing costs and overheads.
Interest and financing costs
We paid 19p in each pound to the bank as interest on our loans.
Property depreciation
18p in each pound accounted for the wear and tear of our assets, including the homes we own.
Surplus for reinvestment
11p in each pound will go towards delivering future improvements in our existing homes and building new homes in line with our business plan.
Property maintenance
We spent 10p in each pound on repairs, servicing and maintenance, including work carried out as part of our improvement programme to deliver upgrades to your homes.
Construction costs
We spent 5p in each pound on building and selling properties for shared ownership.
Cost of delivering other services
We spent 4p in each pound on other costs including services to support people and community initiatives.
Service charge costs
We spent 5p in each pound on heating, lighting, cleaning and other costs recoverable through service charges. We regularly benchmark our service charges against the wider housing association sector, which shows that our service charges are lower than the sector average.