London giant predicts uptick in annual completions

Last year, the landlord signed a joint venture with Countryside to deliver around 2,500 homes across 17 sites as part of the regeneration of the Clapham Park Estate in Lambeth.

However, like many of its peers, MTVH is scaling back its development ambitions. This summer, the housing association revealed it had reduced its development pipeline to lessen its exposure to “market uncertainty”.

Elsewhere, the group’s half-year results revealed it spent £16.5m on planned improvement works to homes, compared with £14m last year. Fire safety spending was down to £5.3m in the six months, after £8.1m was spent in last year’s half-year.

MTVH was one of 14 social landlords housing secretary Michael Gove wrote to in the summer regarding tenant failures.

In its half-year to the end of September 2023, the group reported a broadly flat surplus year on year of £34.5m.

At the same time, revenue rose by £11.2m to £209m.

But a rise in operating costs outweighed this increase, climbing to £149.5m, compared with £128.9m the year before.

On an operating basis, MTVH’s surplus increased to £75.2m from £69.8m.

The group said this was “despite high inflation and rising interest rates putting upward pressure on costs and lowering housing market confidence”.

MTVH sold 116 homes in the period, which was 33 fewer than last year.

The group’s overall operating margin in the half-year edged up to 36%, against 35.3% the previous year.