Shared ownership sales boost South East landlord

However, Paradigm said its staircasing volumes had dropped, without disclosing a figure, which it blamed on the “economic pressures” facing residents. 

The landlord also revealed sales of existing homes had fallen, leading to a 64% drop in its surplus on the sale of fixed assets to £2.5m in the nine-month period. 

Like many housing associations, Paradigm has been upping spending on its existing homes. The group spent £31.4m in investment and maintenance of current stock, up from £16.9m the previous nine months – representing an 86% jump. 

Overall turnover was up by £7m to £86.9m, helped by a rise in rental income and extra homes being added, the group said.

On development, Paradigm reported 367 completions, up from 237 the previous nine months. It expects to have competed around 500 homes by the year end.

The group, which operates homes in and around Buckinghamshire, Bedfordshire and Hertfordshire, reported its operating costs were broadly flat at £51.7m.

Paradigm’s overall operating margin edged up to 40.7%. 

Nicola Ewen, chief financial officer at Paradigm, branded it a “strong performance against a challenging economic background”. 

“Our rental income remains stable, and our operating margin remains strong, enabling us to continue to deliver against our corporate plan objectives,” she said. 

Last October, the landlord appointed Richard Moriarty, boss of the Financial Reporting Council, as its new chair.

Paradigm has a G1/V1 rating with the English regulator.