RSH publishes its quarterly survey for Q2 July to September 2025
Source: gov.uk (2025-11-20)

The Regulator of Social Housing has today (Thursday 20 November 2025) published the results of its quarterly survey of private registered providers’ financial health, covering the period from 1 July 2025 to 30 September 2025.

Investment in existing homes continues to rise, with landlords spending £9.3 billion on repairs and maintenance over the 12 months till September 2025, 10% higher than the £8.4 billion invested in the previous year. Forecast 12-month spend has also increased slightly from £10.3 billion to £10.4 billion.

Although the 12 months to September saw £13.2bn spent on development (compared to £13.7 billion the previous year), forecast development for the next year has increased slightly to £14.9 billion, in part due to underspends in the current quarter being re-profiled into future periods.

Though cash balances remain at historically low levels, total available liquidity (£34.5 billion) is sufficient to cover forecast expenditure on net interest costs, loan repayments and net development for the next year.

Investment in the sector remains strong, with capital market issuances being at the highest level in four years.

Cash interest cover (excluding sales) in the year to September dropped to 78% and is expected to remain constrained, with the sector’s forecast interest cover projected to total 67% over the next year.

Will Perry, Director of Strategy at RSH, said: “While ongoing spending pressures continue to impact financial performance, the sector remains resilient and liquidity is strong.

“Many landlords are delivering the dual ambition of more and better homes, in part thanks to the robust pipeline of private investment into the sector.

“Though trade-offs will be inevitable, many landlords are looking to revisit development projections following major funding announcements for the sector in recent months.”

Notes to editors

The report (https://www.gov.uk/government/collections/quarterly-survey-of-private-registered-providers#quarterly-surveys-2025-to-2026) is based on the financial regulatory returns from 198 private registered providers (housing associations and other private registered providers, including for-profits), who own or manage more than 1,000 homes.

The regulator reviews each private registered provider’s quarterly survey. It considers a range of indicators and follows up with the PRP where a risk to 12-month liquidity is identified, or where there is a risk to loan covenant compliance. Further assurance is sought where there is increasing exposure to risks from activities carried out within non-registered entities. Findings will be reflected in regulatory judgements where appropriate.

RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.

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