Grainger Trust Limited (4743) - Regulatory Judgement: 10 June 2026
Updated 10 June 2026
Applies to England
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Our Judgement
This judgement concerns an organisation that is designated a for-profit registered provider.
The registered provider is not at the head of its group. It is a subsidiary organisation within a larger group of connected companies.
The registered provider is not intended to operate as a standalone entity in the group structure. It requires the ongoing support of related parties to fulfil its functions and / or meet its objectives. The nature of this support is described in this judgement.
This judgement concerns the registered provider only and does not represent an assessment of the non-registered entities within the group.
| Grade/Judgement | Change | Date of assessment | |
|---|---|---|---|
| Consumer | C2* Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed. |
Based on previous assessment | July 2025 |
| Governance | G2* Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance to support continued compliance. |
Assessed and unchanged | June 2026 |
| Viability | V1* Our judgement is that the landlord meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios. |
Assessed and unchanged | June 2026 |
Reason for publication
We are publishing a regulatory judgement for Grainger Trust Limited (Grainger Trust) following a stability check completed in June 2026.
This regulatory judgement confirms a governance grade of G2* and a financial viability grade of V1. Grainger Trust has a consumer grade of C2 from an inspection completed in July 2025.
Summary of the decision
Based on the relevant information and evidence we reviewed in carrying out the stability check, our judgement is that Grainger Trust meets our financial viability requirements and has the financial capacity to deal with a wide range of adverse scenarios. Grainger Trust has a strong financial profile and its stress testing demonstrates that financial capacity is built into its business plan. Grainger Trust has provided appropriate assurance that it has access to sufficient liquidity and adequate funding in place. Based on this assessment, we have concluded a V1* grade for Grainger Trust, confirming that the grade is unchanged since our earlier inspection.
From the stability check, there is no evidence to indicate a change in governance grade is required. Grainger Trust’s governance grade remains G2*.
This regulatory judgement is based on a stability check which does not include a reassessment of Grainger Trust’s delivery of the outcomes of our consumer standards.
Prior to this regulatory judgement, Grainger Trust’s most recent grades were a C2* consumer grade, a G2* governance grade, and a V1* grade for financial viability. These were issued in July 2025 following an inspection.
How we reached our judgement
We carried out a stability check of Grainger Trust as part of our annual stability check programme.
Our judgement about how well Grainger Trust is delivering the viability outcomes of our Governance and Financial Viability Standard is based on a review of a range of documents provided by Grainger Trust, as well as analysis of information supplied by Grainger Trust in its regulatory returns.
In confirming Grainger Trust’s governance grade as part of the stability check, our work was limited to verifying that the information contained in Grainger Trust’s regulatory returns did not appear inconsistent with its existing published governance grade.
Our stability checks do not assess a landlord’s delivery of the outcomes of our consumer standards. Grainger Trust’s most recent consumer grade was issued in July 2025 following an inspection.
During the inspection, we considered all four of the consumer standards: Neighbourhood and Community Standard, Safety and Quality Standard, Tenancy Standard, and the Transparency, Influence and Accountability Standard. During the inspection we observed a board meeting, spoke with tenants, held meetings with Grainger Trust and its management and non-executive directors, and reviewed a wide range of documents provided by Grainger Trust.
Our regulatory judgement is based on a review of all the relevant information we obtained during the inspection as well as analysis of information supplied by Grainger Trust in its regulatory returns and other regulatory engagement activity.
Summary of findings
Consumer – C2* – July 2025
The findings of our most recent regulatory judgement about Grainger Trust’s delivery of the outcomes of our consumer standards, which assessed Grainger Trust’s consumer grade as C2*, are set out below. The regulatory judgement was issued in July 2025 following a programmed inspection.
During the inspection Grainger Trust demonstrated that it provides an effective, timely and efficient repairs service to its tenants, and could demonstrate compliance with statutory health and safety requirements. Grainger Trust evidenced that there is proactive and appropriate oversight of the provision of both the repairs service and landlord health and safety compliance.
Grainger Trust had a reasonable understanding of the condition of its homes, based on build quality, thermal efficiency and the age of its stock which was all built in the last ten years. However, it had some incomplete data and needed to improve its sources of evidence. A stock condition survey of all its homes was planned for late 2025.
In relation to the Transparency, Influence and Accountability Standard, Grainger Trust was effective in engaging with tenants through informal involvement at a local level. It demonstrated that it gains insight from complaints and numbers of complaints were relatively low. However, there was limited evidence of tenant scrutiny of service delivery, and of the use of tenant insight or information about the diverse needs of tenants to shape its services. Grainger Trust is taking steps to improve the collection and use of data and insight including learning from complaints.
Service information is clear and accessible to tenants. Annually published performance information provides limited assurance that this facilitates meaningful understanding of, or influence over, performance by tenants. Grainger Trust acknowledged that improvements were required to its strategic approach to tenant scrutiny and engagement as it continues to grow. Its current activities include plans to develop a comprehensive customer engagement strategy and action plan, but this work was at its early stages and not yet implemented.
In relation to the Tenancy Standard, Grainger Trust demonstrated that it is letting homes fairly and that there are a range of measures in place to support tenancy sustainment including helping tenants to access financial support.
In relation to the Neighbourhood and Community Standard, Grainger Trust evidenced that there is appropriate oversight of the provision of services to tackle anti-social behaviour, with proactive partnership working in place.
We continue to actively engage with Grainger Trust to monitor its progress in improving its delivery of the outcomes of our consumer standards.
Governance – G2* – May 2026
From the stability check, there is no evidence to indicate that a change in governance grade is required.
Prior to this regulatory judgement, we issued a regulatory judgement in July 2025 following a programmed inspection of Grainger Trust. Below are the findings in that judgement about Grainger Trust’s delivery of our governance requirements.
Based on the evidence gained from the inspection we have assurance that Grainger Trust is meeting the requirements of the Governance and Financial Viability Standard.
Grainger Trust’s board has a clearly articulated corporate plan with strategic objectives that reflect its planned growth, commitment to continuous improvement of services, and development of its approach to customer engagement and tenant scrutiny. It was able to provide evidence that its board considers alternative options to deliver value for money and make best use of resources. The skills and knowledge of board members align with Grainger Trust’s strategic direction.
Grainger Trust’s board has oversight of its risk and assurance framework. However, assurance around its internal control framework, operated on its behalf by its parent Grainger PLC, requires more effective oversight by Grainger Trust’s board. Plans are in place to improve reporting and board oversight in this area, but these are not yet fully implemented.
We have reasonable assurance that Grainger Trust’s operational relationship with its parent demonstrates an appropriate level of independence. However, we have identified that improvement is required in Grainger Trust’s board’s decision making, specifically how the board demonstrates that it is making evidence-based decisions for the benefit of Grainger Trust. Although we have evidence that the decisions we reviewed were made with the appropriate degree of diligence, skill and prudence, assurance around the clarity and transparency of reporting strategic decisions requires improvement.
The quality of strategic financial reporting and board oversight of business planning also requires strengthening. We conclude that the development and documenting of Grainger Trust’s business planning framework requires improvement for Grainger Trust to provide sufficient evidence that it has a robust and prudent business planning framework in place.
Grainger Trust’s board has acknowledged the need for improvement and in some areas, such as improved reporting on internal audit recommendations, action has already been taken. Strategies for improved financial reporting and overall transparency of decision making are in place but are not fully implemented.
We continue to actively engage with Grainger Trust to monitor its progress in improving aspects of its governance arrangements.
Viability – V1* – May 2026
Based on evidence gained from the stability check, we have assurance that Grainger Trust meets the viability requirements of the Governance and Financial Viability Standard.
It has a strong financial profile with a track record of meeting or exceeding business plan profitability targets. Grainger Trust’s business planning model demonstrates that it has the financial capacity to deliver the corporate plan 2025/2030, continuing to contribute to the financing of growth, and future stock investment to meet its energy performance and de-carbonisation targets. Its stress testing confirms that it can withstand a wide range of adverse financial scenarios.
Grainger Trust is financed by 100% equity funding from its parent, it has no external debt and there are no plans at group level to change this funding strategy in the foreseeable future. We have assurance that Grainger Trust has access to sufficient liquidity with funding in place to meet all business plan requirements for the duration of its five-year corporate strategy.
Background to the judgement
About the landlord
Grainger Trust is a wholly owned, ring fenced subsidiary of its non-registered parent, Grainger Plc (GPLC). GPLC is the UK’s largest listed residential landlord, which owns and manages around 11,000 private rental sector homes in most major cities in the United Kingdom.
Grainger Trust currently manages 1,245 social homes across London and the South East of England split between five main sites. Property management and central services are provided by GPLC connected companies via intra-group management services agreements. Services are provided by Grainger Residential Management Ltd (GRML) on behalf of GPLC.
Just over half of Grainger Trust’s homes are affordable rented homes, with the remainder including low-cost home ownership and intermediate rent properties. It has two blocks over 18 metres in height, both of which have been assessed as having no life-critical defects that require immediate remediation.
Grainger Trust is forecasting growth of 191 homes over the next five years, comprising 110 affordable rent homes and 81 shared ownership homes.
Grainger Trust’s Financial Statements for the year ended 30 September 2025 reported a turnover of £14.8m and three full-time equivalent employees.
Our role and regulatory approach
We regulate for a viable, efficient, and well governed social housing sector able to deliver quality homes and services for current and future tenants.
We regulate at the landlord level to drive improvement in how landlords operate. By landlord we mean a registered provider of social housing. These can either be local authorities, or private registered providers (other organisations registered with us such as non-profit housing associations, co-operatives, or profit-making organisations).
We set standards which state outcomes that landlords must deliver. The outcomes of our standards include both the required outcomes and specific expectations we set. Where we find there are significant failures in landlords which we consider to be material to the landlord’s delivery of those outcomes, we hold them to account.
Ultimately this provides protection for tenants’ homes and services and achieves better outcomes for current and future tenants. It also contributes to a sustainable sector which can attract strong investment.
We have a different role for regulating local authorities than for other landlords. This is because we have a narrower role for local authorities and the Governance and Financial Viability Standard, and Value for Money Standard do not apply. Further detail on which standards apply to different landlords can be found on our standards page.
We assess the performance of landlords through inspections and by reviewing data that landlords are required to submit to us. In Depth Assessments (IDAs) were one of our previous assessment processes, which are now replaced by our inspections programme from 1 April 2024. We also respond where there is an issue or a potential issue that may be material to a landlord’s delivery of the outcomes of our standards. We publish regulatory judgements that describe our view of landlords’ performance with our standards. We also publish grades for landlords with more than 1,000 social housing homes.
The Housing Ombudsman deals with individual complaints. When individual complaints are referred to us, we investigate if we consider that the issue may be material to a landlord’s delivery of the outcomes of our standards.
For more information about our approach to regulation, please see Regulating the Standards.