Platform Housing Group, the largest housing association in the Midlands, has achieved a G1/V1 rating from the Regulator for Social Housing following its first in-depth assessment – or IDA – in February of this year; this is the highest regulatory rating a housing association can achieve with a G1 governance and V1 for financial viability.
The IDA outcome confirms that the regulator is fully assured that the social landlord’s financial plans supports its financial strategy and has confidence in the way it manages and governs the business. This is the first IDA that the housing association has had since its creation in 2019.
Elizabeth Froude, the group’s Chief Executive said: “It is really positive news that the Regulator has recognised the focussed way in which we have restructured both our Board and our Executive team, providing strong skills and expertise aligned to our new corporate strategy. We are absolutely delighted with the result. It demonstrates that Platform is in great shape to deliver our ambitious strategic plans as well as maximising any additional forthcoming opportunities and challenges for the benefit of our customers.
“The increase in our house building programme, whilst maintaining a clear commitment to high levels of affordable homes, reduction in our operating costs and the funding we’ve attracted - including our Homes England strategic partnership and the £350million raised through the bond market – have all helped to achieve this. We continue to drive forward on delivering all the aims of our merger and can clearly demonstrate that we are making good progress.”
Over the next five years, Platform Housing Group aims to build around 12,000 high quality new homes, improve the energy efficiency of many more homes to alleviate the fuel poverty burden on our residents and deliver services which support the health and well being of its customers.
Elizabeth concluded: “Platform Housing Group is highly committed to continuous improvement in all the services we deliver. However, we can’t do this alone, hence why we value the calibre and professionalism of our people, the strength of our stakeholder partnerships and the unwavering commitment of our involved customers, to achieve all that we do.”
Platform Housing Group – which owns 46,000 homes in total – completed 1,448 homes in 2019/20 (1,598 in 2018/19) at an investment of £258m (£228m in 2018/19). The Group also built more social rented homes – at a figure of 981 – during the past 2 years in England than any other provider, 523 in 2019/20, almost 33% of the total homes built.
Platform Housing Group’s operating area is from Herefordshire in the West to the Lincolnshire coast in the East, and from the Derbyshire Dales in the North to the Cotswolds in the South.