We've reported strong delivery of affordable homes and record low arrears in nine month trading update

26 February 2026

3 mins

We have reported continued financial stability and strong affordable housing delivery in our trading update for the nine months to 31 December 2025.

We completed 1000 new affordable homes during the period - a 37 per cent increase on the prior year – and remain on course for approximately 1500 completions in the full financial year. Around 1600 new starts are also expected for the second consecutive year.

Social housing lettings turnover increased by 6.4 per cent to £238.7m, driven by inflation linked rent increases and growth in housing stock. Overall turnover was £287.3m, broadly consistent with the prior year.

Tenant arrears fell to 2.3 per cent, the lowest level in the organisation’s history.

Operating margins reduced during the period as we accelerated investment into existing homes, fire safety and responded to regulatory changes, including the introduction of Awaab’s Law.

Social housing lettings margin reduced to 28 per cent (Dec-24: 32 per cent) reflecting the costs associated with these activities.

Operating surplus excluding fixed asset sales was £68.1m (Dec-24: £76.2m).

Kevin Bolt, our Interim Chief Executive said: “Nine months through the year, Platform’s performance continues to demonstrate strength and stability. We are improving outcomes for customers whilst maintaining strong financial metrics.

“We have accelerated our asset investment programme to meet current and future health, safety and environmental requirements. While this places short term pressure on margins, it reflects our commitment to delivering safe, secure homes for our customers.”

All 1000 homes completed in the period were for affordable tenures:

32 per cent affordable rent;
21 per cent social rent;
4 per cent rent to buy;
43 per cent shared ownership.

Energy efficiency remains a priority, with:

An average SAP rating of 88;
More than 25 per cent of completions achieving EPC A;
38 per cent delivered without gas heating systems;
All new starts in the period being gas free.

Customer satisfaction for new homes increased to 84 per cent, up from just under 80 per cent in the previous year.

As at 31 December 2025, we owned 50,967 homes, up from 49,823 a year earlier.

Shared ownership first tranche sales totalled £29m, lower than the prior year due to the development cycle, with fewer homes of this tenure built.

However, demand for shared ownership remains strong, supporting improved sales margins of 14.8 per cent.

We also saw a significant increase in staircasing activity, with 136 transactions, nearly double the previous year.

During the quarter, we issued a £250m sustainability bond under its £2bn EMTN programme, achieving a record low own named borrowing spread for the sector.

The bond was nearly five times oversubscribed.

Proceeds will support:

EPC A and B new homes;
Affordable housing delivery;
Retrofit and decarbonisation;
Fleet transition.

We retainan A+ credit rating from both S&P and Fitch, S&P affirmed the rating in January 2026, updating the outlook to negative (from stable).

Liquidity stands at £675m, sufficient to meet forecast needs into 2027.

Gearing remains stable at 44.4 per cent and EBITDA-MRI interest cover at 126 per cent.

We also announced leadership changes:

Helen Gillett appointed as Group Board Chair Designate (from April 2026);
Kevin Bolt appointed Interim Chief Executive Officer.

Helen brings more than 30 years’ experience in customer service leadership across social housing, telecoms and the water sector. She currently serves as Senior Independent Director at Orbit Group.

Kevin concluded: “Platform remains committed to developing a prudent and sustainable manner, balancing growth with financial strength. I would like to thank our investors for their continued support in what remains a sound and consistent investment.”

Photo caption : We completed 1000 new affordable homes in the nine months to 31 December 2025.