RSH publishes its quarterly survey for Q1 2025-26
The Regulator of Social Housing has published its latest quarterly survey, which looks at the financial health of landlords.
The Regulator of Social Housing has today (Tuesday 16 September 2025) published the results of its quarterly survey of private registered providers’ financial health, covering the period from 1 April 2025 to 30 June 2025.
Landlords continue to invest significantly in existing homes, spending £9.1 billion on repairs and maintenance over the 12 months till June 2025, compared to £8.2 billion in the previous year. Forecast 12-month spend has also increased by a further 3% to £10.3 billion.
Although 12-month development spend dropped slightly from £14.2 billion (in the year to June 2024) to £13.6 billion (in the year to June 2025), landlords are continuing to build new homes and forecast development spend for the next year is consistent with the previous quarter’s reported figure of £14.8 billion.
The report sets out that many landlords are still in the process of updating development projections and budgets following the Spending Review.
While cash balances have dropped to the lowest level in 12 years, total available liquidity (£33.5 billion) remains sufficient to cover forecast expenditure on net interest costs , loan repayments and net development for the next year.
Meanwhile investment in the sector remains robust with new finance of £1.8 billion being arranged in the quarter, with bank lending accounting for 84% of new facilities.
Cash interest cover (excluding sales) in the year to June was 81% and is expected to remain restricted, with an estimated 67% forecast for the year to June 2026. Almost 60% of providers are forecasting interest cover to be below 100% in this period.
Will Perry, Director of Strategy at RSH, said:
Landlords continue to invest significantly in new homes, and we know that they are looking to update their business plans in light of the substantial package of funding and other measures announced in the June Spending Review.
The robust pipeline of private investment into the sector is essential for enabling landlords to both make important improvements to existing homes, as well as building new homes for the future. We remain committed to maintaining a financially robust sector and will take early action if we identify serious financial weakness.
Notes to editors
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The report is based on the financial regulatory returns from 198 private registered providers (housing associations and other private registered providers, including for-profits), who own or manage more than 1,000 homes.
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Through its annual stability checks, RSH considers whether each provider’s current viability grade is consistent with the information contained in their regulatory returns. RSH focuses on indicators of financial robustness and evidence of any significant changes in risk profile.
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RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.