Our thoughts on the Global Accounts Report 2023
16 January 2024
The recently released Global Accounts Report for 2023, published by the Regulator of Social Housing, sheds light on last year’s trends and challenges in the social housing sector.
For landlords, these funding statistics provide a great opportunity for future planning and possible avenues for investment.
A closer look at the report’s findings
The report highlights a milestone in the sector’s journey – a record investment of £7.7 billion in repairs and maintenance, marking a 20 per cent increase from the previous year.
This leap signifies a robust commitment to tackling longstanding issues such as damp, mould, and energy inefficiency in social housing.
Moreover, there’s a noticeable uptick in the development of new social homes, with a commendable 11 per cent increase in investment, totalling £13.7 billion.
This development aligns with the growing need for affordable housing, showcasing the sector’s responsiveness to societal needs.
However, the path isn’t without its hurdles. The report also uncovers the economic challenges that shadow these achievements, notably higher inflation and borrowing costs.
These factors are stretching the sector’s resources and testing the financial resilience of providers.
Ensuring compliance with standards for repairs, maintenance, and energy efficiency, considering these challenges, is more crucial than ever.
In the face of these economic pressures, landlords must adopt legal strategies that not only comply with current standards but also anticipate future regulatory shifts.
Preparing for the future: a proactive stance
As we look to the future, predictions suggest that the trend of significant investment in social housing will continue.
However, you should be prepared for ongoing economic pressures and evolving market dynamics despite this increased funding.
The importance of robust risk management and compliance strategies cannot be overstated, and you should discuss these issues with your solicitor as soon as possible.
With the economic landscape continuously shifting, up-to-date legal knowledge and strategic foresight become invaluable assets.
The Birketts view
The Global accounts report reflects the social housing sector’s resilience and adaptability in the face of the economic challenges we have been dealing with for the past few years.
However, the legal and regulatory requirements placed on landlords have not become any easier to manage.
For any queries, please do not hesitate to get in contact with the team.
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Thaine Wilson
Sectors
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at January 2024.