Research and analysis

Value for money 2023 accessible data

Accessible data from the value for money report 2023

From:
Regulator of Social Housing
Published
15 February 2024

Applies to England

Documents

Value for money metrics and reporting - annex to the Global Accounts 2023

PDF, 882 KB, 44 pages

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Details

  1. Reinvestment breakdown (weighted average)
  2. New supply
  3. Operating margins from social housing lettings and overall
  4. Social housing lettings turnover, operating cost, and operating margin trend to 2023
  5. Headline social housing cost per unit - overview
  6. Gearing and EBITDA MRI interest cover
  7. Return on capital employed
  8. Size of providers
  9. Reinvestment by cost factor and size
  10. New supply (social) by cost factor and size
  11. Headline social housing cost by cost factor and size
  12. Headline social housing cost variation by size of provider
  13. Regional overview
  14. Reinvestment
  15. Reinvestment per unit
  16. New supply
  17. New supply (social)
  18. Headline social housing cost – cost per unit 2022 to 2023 (median)
  19. Return on capital employed

Reinvestment breakdown (weighted average)

Lower quartile Median Upper quartile
4.3% 6.7% 9.4%
Weighted average 2021 2022 2023
Works to existing 0.9% 1.2% 1.5%
Development and other 4.8% 5.0% 5.4%
Total reinvestment 5.7% 6.3% 6.9%
Housing properties at cost or valuation (£bn) £166 £172 £181

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New supply

Lower quartile Median Upper quartile
0.6%
(Social)		 6.7%
(Social)		 9.4%
(Social)
2021 2022 2023
Median new supply (social) % 1.3% 1.4% 1.3%
Number of new social units 40,537 45,542 48,791
Number of new non-social units 6,477 5,552 8,280

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Operating margins from social housing lettings and overall

Operating margin %

Lower quartile Median Upper quartile
14.4% 19.8% 25.5%

Median operating margin

Operating margin (social) (%)
Median 2023 19.80%
  2022 23.30%
  2021 26.30%

Operating margin (overall) %

Lower quartile Median Upper quartile
12.0% 18.2% 23.0%

Median operating margin (overall)

Operating margin (overall) (%)
Median 2023 18.20%
  2022 20.50%
  2021 23.90%

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Social housing lettings turnover, operating cost, and operating margin trend to 2023

2016 2017 2018 2019 2020 2021 2022 2023
SHL turnover (£bn) 15.0 15.1 15.4 15.5 15.7 16.1 16.5 17.6
Operating cost (£bn) 10.2 10.0 10.3 10.7 11.3 11.5 12.3 13.8
Operating margin % 32.1% 34.1% 32.8% 30.5% 27.8% 28.3% 25.3% 21.3%

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Headline social housing cost per unit - overview

Lower quartile Median Upper quartile
£4,082 £4,586 £5,847
HSHC weighted average
  2021 2022 2023 2022-23 % change 2021-23 % change
Management costs £1,075 £1,104 £1,201 8.8% 11.7%
Service charges £678 £701 £795 13.4% 17.3%
Maintenance and major repairs £1,926 £2,302 £2,711 17.8% 40.7%
Other costs £470 £491 £544 10.7% 15.6%
Total HSHC £4,150 £4,599 £5,251 14.2% 26.5%

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Gearing and EBITDA MRI interest cover

Gearing %

Lower quartile Median Upper quartile
33% 45% 54%

Gearing (median) %

Gearing (%)
Median 2023 45.30%
  2022 44.10%
  2021 43.90%

EBITDA MRI interest cover %

Lower quartile Median Upper quartile
89% 128% 169%

EBITDA MRI interest cover % (median)

EBITDA MRI interest cover (%)
Median 2023 128%
  2022 146%
  2021 183%

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Return on capital employed

Lower quartile Median Upper quartile
2.2% 2.8% 3.6%
Operating margin (overall) (%) Return on capital employed (%)
Median 2023 18.20% 2.80%
  2022 20.50% 3.20%
  2021 23.90% 3.30%

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Size of providers

2020 2021 2022 2023
< 2,500 3% 3% 2% 2%
2,500 - 4,999 5% 4% 4% 4%
5,000 - 9,999 14% 14% 13% 12%
10,000 - 19,999 18% 18% 17% 18%
20,000 - 29,999 13% 14% 12% 10%
> 30,000 47% 47% 51% 53%
Total < 2,500 2,500- 4,999 5,000 - 9,999 10,000 - 19,999 20,000 - 29,999 > 30,000
198 PRPs 39 PRPs 31 PRPs 51 PRPs 36 PRPs 11 PRPs 30 PRPs
             

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Reinvestment by cost factor and size

Year Reinvestment
All returns Upper quartile 2023 9.40%
  Median   6.70%
  Lower quartile   4.30%
Median      
Size (Social units owned) > 30,000 2023 8.10%
    2022 6.30%
    2021 5.10%
  20,000 - 29,999 2023 7.00%
    2022 6.00%
    2021 5.20%
  10,000 - 19,999 2023 7.70%
    2022 7.60%
    2021 7.10%
  5,000 - 9,999 2023 6.80%
    2022 7.20%
    2021 5.90%
  2,500 - 4,999 2023 5.90%
    2022 6.50%
    2021 5.00%
  < 2,500 2023 3.70%
    2022 4.70%
    2021 4.60%
Cost factor LSVT < 12 Yr 2023 12.40%
    2022 12.00%
    2021 13.20%
  London 2023 4.80%
    2022 5.30%
    2021 4.40%
  SH provider 2023 6.30%
    2022 6.10%
    2021 4.10%
  HOP provider 2023 7.70%
    2022 4.50%
    2021 5.90%

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New supply (social) by cost factor and size

Year New supply (social)
All returns Upper quartile 2023 2.20%
  Median   1.30%
  Lower quartile   0.60%
Median      
Size (Social units owned) > 30,000 2023 2.00%
    2022 1.60%
    2021 1.50%
  20,000 - 29,999 2023 1.20%
    2022 1.60%
    2021 1.30%
  10,000 - 19,999 2023 1.20%
    2022 1.40%
    2021 1.10%
  5,000 - 9,999 2023 1.50%
    2022 1.60%
    2021 1.40%
  2,500 - 4,999 2023 1.00%
    2022 1.20%
    2021 1.20%
  < 2,500 2023 0.70%
    2022 0.90%
    2021 0.80%
Cost factor LSVT < 12 Yr 2023 0.50%
    2022 1.00%
    2021 0.70%
  London 2023 0.70%
    2022 1.00%
    2021 0.70%
  SH provider 2023 0.70%
    2022 1.20%
    2021 1.50%
  HOP provider 2023 0.30%
    2022 1.00%
    2021 1.10%

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Headline social housing cost by cost factor and size

Year Headline social housing cost per unit (£K)
All returns Upper quartile 2023 £5.85
  Median   £4.59
  Lower quartile   £4.08
Median      
Size (Social units owned) > 30,000 2023 £4.57
    2022 £4.08
    2021 £3.68
  20,000 - 29,999 2023 £4.45
    2022 £3.87
    2021 £3.54
  10,000 - 19,999 2023 £4.34
    2022 £3.89
    2021 £3.37
  5,000 - 9,999 2023 £4.51
    2022 £4.01
    2021 £3.65
  2,500 - 4,999 2023 £4.88
    2022 £4.42
    2021 £3.94
  < 2,500 2023 £5.72
    2022 £4.96
    2021 £4.79
Cost factor LSVT < 12 Yr 2023 £4.65
    2022 £4.43
    2021 £3.98
  London 2023 £7.22
    2022 £6.76
    2021 £6.20
  SH provider 2023 £9.22
    2022 £8.40
    2021 £9.68
  HOP provider 2023 £6.55
    2022 £5.77
    2021 £5.55

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Headline social housing cost variation by size of provider

RP Name Social stock owned General needs providers SH providers HOP providers
Advance Housing and Support Limited 2,243   £16,112  
Arawak Walton Housing Association Limited 1,105 £4,179    
Arches Housing Limited 1,316 £3,730    
Black Country Housing Group Limited 2,134 £6,270    
Bournemouth Churches Housing Association Limited 1,309   £13,070  
Brunelcare 1,128   £8,060  
Christian Action (Enfield) Housing Association Limited 1,358 £7,138    
Cornerstone Housing Limited 1,381 £4,014    
Croydon Churches Housing Association Limited 1,444 £7,255    
Durham Aged Mineworkers’ Homes Association 1,784 £3,316    
East End Homes Limited 2,372 £5,841    
Eden Housing Association Limited 1,823 £3,822    
Empowering People Inspiring Communities Limited 1,387 £3,272    
English Rural Housing Association Limited 1,343 £3,644    
First Garden Cities Homes Limited 2,276 £4,317    
Framework Housing Association 1,223   £28,646  
Hundred Houses Society Limited 1,368 £4,313    
Inquilab Housing Association Limited 1,332 £6,002    
Islington and Shoreditch Housing Association Limited 2,403 £8,261    
Joseph Rowntree Housing Trust 2,154 £8,779    
Local Space 1,350 £7,633    
Look Ahead Care and Support Limited 1,255   £30,446  
Manningham Housing Association Limited 1,393 £3,780    
Mount Green Housing Association Limited 1,579 £5,721    
Nehemiah United Churches Housing Association Limited 1,223 £4,655    
North London Muslim Housing Association Limited 1,067 £5,455    
Pickering and Ferens Homes 1,429 £5,125    
Railway Housing Association and Benefit Fund 1,547   £3,838  
St Mungo Community Housing Association 1,749   £25,630  
Sustain (UK) Ltd 2,038   £8,376  
The Abbeyfield Society 1,873     £27,800
The Industrial Dwellings Society (1885) Limited 1,426 £8,681    
The Pioneer Housing and Community Group Limited 2,417 £3,522    
Tower Hamlets Community Housing 2,054 £16,944    
Tuntum Housing Association Limited 1,571 £4,174    
Unity Housing Association Limited 1,385 £3,968    
Warrington Housing Association Limited 1,298 £4,901    
Willow Tree Housing Partnership Limited 1,494 £4,728    
YMCA St Paul’s Group 1,191   £13,817  
Abri Group Limited 32,342 £4,415    
Anchor Hanover Group 40,338     £11,167
Aster Group Limited 34,384 £5,062    
Bromford Housing Group Limited 42,808 £3,950    
Clarion Housing Group Limited 109,520 £5,565    
Flagship Housing Group Limited 31,550 £4,380    
Home Group Limited 50,973 £6,153    
Hyde Housing Association Limited 34,455 £5,782    
Jigsaw Homes Group Limited 33,428 £3,982    
Karbon Homes Limited 30,403 £3,809    
LiveWest Homes Limited 36,983 £4,190    
London & Quadrant Housing Trust 88,736 £7,626    
Midland Heart Limited 31,172 £4,070    
Notting Hill Genesis 50,459 £8,167    
Orbit Group Limited 40,339 £4,436    
Peabody Trust 92,799 £6,707    
Places for People Group Limited 70,663 £3,362    
Platform Housing Group Limited 46,401 £3,436    
Sanctuary Housing Association 88,889 £4,750    
Southern Housing 70,031 £5,868    
Sovereign Housing Association Limited 57,576 £4,695    
Stonewater Limited 32,803 £3,997    
Thames Valley Housing Association Limited 45,406 £5,397    
The Guinness Partnership Limited 60,576 £5,141    
The Riverside Group Limited 66,944 £7,330    
Thirteen Housing Group Limited 34,579 £4,010    
Together Housing Group Limited 35,968 £5,064    
Torus62 Limited 38,674 £4,042    
Vivid Housing Limited 31,005 £3,919    
Wakefield And District Housing Limited 31,890 £4,103    
Accent Group Limited 19,024 £3,904    
Believe Housing Limited 18,044 £4,371    
Bernicia Group 13,715 £4,086    
Beyond Housing Limited 15,130 £4,364    
Bolton at Home Limited 18,912 £4,818    
bpha Limited 17,363 £4,054    
Chelmer Housing Partnership Limited 10,036 £4,623    
Connexus Homes Limited 10,673 £4,862    
Cross Keys Homes Limited 12,230 £3,750    
Curo Group (Albion) Limited 12,773 £5,133    
East Midlands Housing Group Limited 18,583 £3,596    
Eastlight Community Homes Limited 12,450 £4,190    
First Choice Homes Oldham Limited 11,426 £4,242    
ForHousing Limited 17,790 £4,025    
Futures Housing Group Limited 10,063     £4,288
Grand Union Housing Group Limited 12,266 £4,086    
Housing 21 19,733     £7,636
Lincolnshire Housing Partnership Limited 12,245 £3,861    
Livv Housing Group 12,963 £4,033    
Magenta Living 12,634 £4,956    
Moat Homes Limited 18,326 £3,835    
Nottingham Community Housing Association Limited 10,024 £6,402    
One Manchester Limited 11,888 £5,000    
One Vision Housing Limited 13,007 £3,995    
Ongo Homes Limited 10,289 £3,813    
Paradigm Housing Group Limited 15,020 £4,289    
Plus Dane Housing Limited 13,355 £5,049    
Plymouth Community Homes Limited 14,475 £4,310    
Progress Housing Group Limited 11,000   £6,834  
Regenda Limited 12,133 £4,451    
Rochdale Boroughwide Housing Limited 12,381 £5,094    
Sovereign Network Homes 18,043 £6,239    
The Housing Plus Group Limited 18,908 £4,060    
The Wrekin Housing Group Limited 13,167 £4,470    
Wythenshawe Community Housing Group Limited 13,627 £4,589    
Yorkshire Housing Limited 17,903 £4,507    
B3 Living Limited 4,540 £4,488    
Bournville Village Trust 3,720 £4,527    
Brighter Places 3,195 £4,574    
Bromsgrove District Housing Trust Limited 4,072 £4,642    
Connect Housing Association Limited 3,412 £4,788    
Estuary Housing Association Limited 4,331 £5,794    
Gateway Housing Association Limited 2,803 £6,937    
Gloucester City Homes Limited 4,756 £4,645    
Golden Lane Housing Limited 2,671   £9,221  
Habinteg Housing Association Limited 3,320   £7,227  
Hexagon Housing Association Limited 4,313 £6,894    
Honeycomb Group Limited 3,121 £6,214    
Inclusion Housing Community Interest Company 3,758   £16,440  
‘Johnnie’ Johnson Housing Trust Limited 4,908     £5,033
Leeds Federated Housing Association Limited 4,452 £4,233    
North Devon Homes 3,332 £4,300    
North Star Housing Group 3,827 £4,331    
Ocean Housing Group Limited 4,271 £3,014    
Orwell Housing Association Limited 3,847 £10,013    
Prima Housing Group Limited 2,666 £5,281    
Salvation Army Housing Association 3,612   £7,795  
Shepherds Bush Housing Association Limited 4,616 £11,124    
South Lakes Housing 3,300 £4,804    
South Liverpool Homes Limited 3,830 £4,210    
Teign Housing 3,782 £4,341    
The Cambridge Housing Society Limited 3,072 £6,289    
Thrive Homes Limited 4,831 £4,882    
Trident Housing Association Limited 3,158 £11,219    
Two Rivers Housing 4,384 £3,954    
Watmos Community Homes 2,615 £10,350    
Worthing Homes Limited 3,690 £4,147    
A2Dominion Housing Group Limited 28,177 £7,556    
Citizen Housing Group Limited 29,244 £4,188    
Gentoo Group Limited 28,701 £4,038    
Great Places Housing Group Limited 21,331 £3,942    
GreenSquareAccord Limited 25,313 £4,452    
Incommunities Limited 21,192 £4,535    
Longhurst Group Limited 22,549 £4,418    
Onward Group Limited 29,686 £4,627    
Paragon Asra Housing Limited 21,692 £5,540    
Walsall Housing Group Limited 21,316 £4,055    
Your Housing Group Limited 25,889 £6,701    
Acis Group Limited 6,610 £3,647    
Aspire Housing Limited 9,300 £4,068    
Broadacres Housing Association Limited 6,656 £4,634    
Broadland Housing Association Limited 5,548 £3,805    
Calico Homes Limited 5,293 £3,594    
Castles & Coasts Housing Association Limited 6,795 £4,515    
Cheshire Peaks & Plains Housing Trust Limited 5,239 £4,540    
Coastline Housing Limited 5,111 £4,679    
Cobalt Housing Limited 5,797 £3,357    
Community Gateway Association Limited 6,742 £3,056    
Cottsway Housing Association Limited 5,386 £3,825    
Fairhive Homes Limited 8,564 £5,461    
Freebridge Community Housing Limited 6,832 £3,968    
Golding Homes Limited 7,783 £5,144    
Greatwell Homes Limited 5,078 £4,455    
Halton Housing 7,330 £4,009    
Hastoe Housing Association Limited 5,075 £3,143    
Hightown Housing Association Limited 6,980 £6,766    
Housing Solutions 6,389 £4,277    
Irwell Valley Housing Association Limited 7,423 £3,868    
Livin Housing Limited 8,670 £4,158    
Magna Housing Limited 8,450 £4,582    
Mosscare St. Vincent’s Housing Group Limited 8,558 £4,571    
Muir Group Housing Association Limited 5,600 £4,622    
Newlon Housing Trust 7,436 £11,817    
NSAH (Alliance Homes) Limited 6,868 £4,933    
Octavia Housing 5,050 £9,321    
Origin Housing Limited 6,729 £7,181    
Phoenix Community Housing Association (Bellingham and Downham) Limited 6,498 £5,439    
Poplar Housing And Regeneration Community Association Limited 5,318 £6,500    
Raven Housing Trust Limited 6,337 £5,253    
Red Kite Community Housing Limited 5,525     £5,455
Richmond Housing Partnership Limited 7,588 £5,198    
Rooftop Housing Group Limited 6,609 £4,665    
Saffron Housing Trust Limited 6,626 £4,069    
Salix Homes Limited 7,876 £4,101    
Saxon Weald 6,164 £5,393    
Selwood Housing Society Limited 6,961 £4,326    
Settle Group 9,266 £5,570    
Silva Homes Limited 6,957 £4,636    
Soha Housing Limited 7,363 £4,159    
South Yorkshire Housing Association Limited 5,386 £5,478    
Southway Housing Trust (Manchester) Limited 6,164 £4,123    
The Community Housing Group Limited 6,040   £4,251  
The Havebury Housing Partnership 7,251 £4,382    
Trent & Dove Housing Limited 6,529 £4,019    
Wandle Housing Association Limited 6,895 £6,134    
Watford Community Housing Trust 5,220 £4,310    
Weaver Vale Housing Trust Limited 6,345 £4,499    
West Kent Housing Association 7,954 £5,698    
Westward Housing Group Limited 7,276 £4,215    
Sector Median
£4,586

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Regional overview

Number of providers

Regions No. of providers
London   26
Mixed   23
South East   20
South West   19
East Midlands   8
West Midlands   21
East of England   20
North East   10
North West   36
Yorkshire & the Humber   15
England   198

% of social homes owned

Regions % of sector (social units owned)
London 12%
Mixed 26%
South East 12%
South West 6%
East Midlands 3%
West Midlands 8%
East of England 6%
North East 6%
North West 17%
Yorkshire & the Humber 6%
England 100%

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Reinvestment

Reinvestment component and average property values by region 2023

Regions Median Existing stock (per unit) Development and other (per unit) Average property value (£k)
London 4.80% £1.49 £5.08 £122.56
Mixed 6.00% £1.06 £3.53 £70.32
South East 7.30% £0.81 £4.72 £80.78
South West 5.90% £0.78 £3.13 £54.75
East Midlands 7.40% £0.81 £3.52 £52.07
West Midlands 7.10% £0.83 £3.21 £47.77
East of England 7.10% £0.96 £4.57 £65.86
North East 8.00% £1.03 £1.86 £33.48
North West 7.70% £0.87 £2.34 £38.29
Yorkshire & the Humber 5.50% £0.91 £1.73 £36.62
England 6.70% £0.99 £3.47 £64.82

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Reinvestment (per unit)

Regions Reinvestment per unit Existing homes (per unit) Development and other (per unit)
London £6.57 £1.49 £5.08
Mixed £4.58 £1.06 £3.53
South East £5.53 £0.81 £4.72
South West £3.90 £0.78 £3.13
East Midlands £4.33 £0.81 £3.52
West Midlands £4.04 £0.83 £3.21
East of England £5.53 £0.96 £4.57
North East £2.90 £1.03 £1.86
North West £3.21 £0.87 £2.34
Yorkshire & the Humber £2.64 £0.91 £1.73
England £4.46 £0.99 £3.47

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New supply

New supply social New supply non-social
  % units % units
London 1.9% 6,675 0.5% 1,760
Mixed 1.5% 11,577 0.5% 3,955
South East 2.3% 8,081 0.2% 544
South West 2.0% 3,402 0.2% 424
East Midlands 2.0% 1,569 0.0% 15
West Midlands 1.8% 4,043 0.0% 76
East of England 2.2% 3,831 0.2% 351
North East 1.0% 1,608 0.2% 258
North West 1.3% 6,273 0.1% 570
Yorkshire & the Humber 1.1% 1,732 0.2% 327
England 1.7% 48,791 0.3% 8,280

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New supply (social)

2022 2023
London 1.8% 1.9%
Mixed 1.4% 1.5%
South East 2.0% 2.3%
South West 1.9% 2.0%
East Midlands 2.5% 2.0%
West Midlands 2.0% 1.8%
East of England 2.3% 2.2%
North East 1.1% 1.0%
North West 1.1% 1.3%
Yorkshire & the Humber 1.1% 1.1%
England 1.6% 1.7%

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Headline social housing cost – cost per unit 2022 to 2023 (median)

Median
    England London Mixed South East South West East Midlands West Midlands East of England North East North West Yorkshire & the Humber
Headline social housing cost per unit (£K) 2023 £4.59 £7.22 £5.54 £4.67 £4.57 £4.35 £4.47 £4.35 £4.06 £4.47 £4.51
  2022 £4.15 £6.76 £5.03 £4.13 £4.23 £3.76 £4.07 £3.93 £3.72 £3.89 £3.88

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Return on capital employed

2022 ROCE % median 2023 ROCE % median Operating margin (overall) % weighted average
London 2.2 1.9 12.6
Mixed 2.8 2.5 16.4
South East 3.5 3.0 20.7
South West 2.9 3.0 17.5
East Midlands 3.2 2.9 19.1
West Midlands 3.4 3.2 22.1
East of England 3.5 3.5 25.4
North East 3.7 3.2 19.2
North West 3.4 3.2 11.8
Yorkshire & the Humber 2.3 2.4 11.8

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Published 15 February 2024