Regulator investigates Merseyside landlord for potential serious governance failings

Members get to choose their rent and terms of living, but share responsibility for the upkeep of the properties.

Ravenscroft’s most recent published annual return dates from the year 2020-21; that year the organisation reported 26 members, an operating surplus of £64,450 and turnover of £79,030. Its pre-tax surplus was £50,465 and its assets were worth £608,656.

The annual return described Ravenscroft’s common aspiration to “enable members to live in good quality affordable housing in a strong community”.

Any surplus funds are retained with the co-operative to help pay for maintenance and refurbishment costs and to keep rents at an affordable level, the co-operative said. No dividends or distributions are made to members, it added.

Housing co-operatives remain a fringe part of the market in the UK, but in countries such as Switzerland and Canada there are huge co-ops, with wealthier residents paying more to subsidise those on lower incomes.

Being placed on the regulator’s gradings under review list means the RSH has serious concerns about that landlord’s delivery of the standards outcomes and is investigating.

On 9 July, the regulator issued its first batch of judgements under its new consumer standards regime, which came into force in April.

Bristol City Council, Guildford Borough Council, Octavia Housing and Sheffield City Council were each given a non-compliant C3 consumer rating, which means there are “serious failings” and they must make “significant improvements”.

In addition, the RSH revealed that Cambridge City Council had breached the Rent Standard by overcharging 3,600 tenants. The regulator does not give gradings on its Rent Standard.

In June, Inside Housing spoke to co-operative veteran Nic Bliss about the campaign to change how landlords see tenants.