We have stepped up investment in new and existing homes as completions rise 17 per cent
We have increased investment in both new and existing homes during the first quarter of 2026/27, while completing 303 new affordable homes across the Midlands.
We have invested £102million in new homes during the three months to the end of June, an increase of almost 33 per cent compared with £76.8million during the same period last year.
Investment in existing homes also increased significantly, rising by 49 per cent from £11million to £16.4million as we continued work to improve the quality, energy efficiency and sustainability of our homes.
The figures are contained in our Quarter 1 Trading Statement, published today, which also reports that 303 new homes were completed during the period, a 16.5 per cent increase on the 260 delivered during the first quarter of 2025/26.
All 303 homes were delivered for affordable tenures, comprising 95 for social rent, 52 for affordable rent, 134 for shared ownership and 22 for rent to buy.
Kevin Bolt, our Interim Chief Executive said: "Our first quarter performance demonstrates our continued commitment to investing in the homes and communities we serve, both by building much needed new affordable housing and improving the quality and sustainability of our existing homes.
"Completing more than 300 new homes during the quarter while increasing investment in our development programme to £102million reflects the strength and resilience of our programme and the partnerships that underpin it.
"Equally important is our investment in the homes are customers already live in. Increasing that investment by almost 50 per cent year on year demonstrates the priority we continue to place on quality, sustainability and ensuring our homes meet customers' needs for the long term.
"We are operating in a highly dynamic environment and recognise the pressures facing both the housing sector and our customers. Our focus remains on controlling what we can, maintaining strong financial oversight and continuing to invest responsibly in our existing and new homes."
We have reported a total turnover of £97.5million for the quarter, up 5.6 per cent from £92.3million in the same period last year.
Social housing lettings turnover increased by 7.2 per cent to £84.4million, reflecting rent increases and income from newly completed homes, while social housing lettings represented 86.5 per cent of total turnover.
Operating surplus excluding fixed asset sales was £21.8million, compared with £21.5million in the previous year, while the social housing lettings margin increased from 26.9 per cent to 27.7 per cent.
Current tenant arrears reduced slightly year on year, from 2.5 per cent to 2.4 per cent.
We also completed 96 shared ownership sales during the quarter, compared with 91 in the same period last year. Shared ownership sales turnover increased from 6.7million to £7.5million, although affordability and demand were affecting margins at some developments amid wider economic uncertainty.
We reported record low defect levels across our new homes alongside an 84 per cent customer satisfaction score for build quality.
Kevin added: "The external environment will continue to present challenges, but Platform remains in a strong position to respond. We welcome the government's continued focus on increasing the supply of affordable housing and stand ready to work with government and our partners to deliver the quality, sustainable homes that communities need.
"Strong financial management remains fundamental to that ambition, ensuring we can continue investing while meeting the expectations of our customers, partners and investors."
Photo caption : Platform's Quarter 1 Trading Statement reports that 303 new homes were completed during the period.