NI housing associations continue to deliver, despite the challenges they face

Published annually, the Sector Global Accounts (SGA) set out the combined financial performance and construction achievements of the 20 registered housing associations operating in Northern Ireland, with the completion of 1403 new social homes and 771 new homes provided through Co-Ownership.

The sector now manages almost 61,000 social homes, an increase of 2.47% from last year. Turnover for the sector stands at £425m for the year with operating costs up by 5.6%. This has been driven by the growth in new housing, and the ongoing impact of inflation on staffing and material costs throughout the year. 3,360 staff are employed directly by housing associations, contributing £90m to the local economy.

Launching the Sector Global Accounts NIFHA Chief Executive, Seamus Leheny said: “This year, despite testing economic and operating conditions, we are delighted that the sector broke the 60,000 ceiling with 60,838 social homes now owned and managed by registered housing associations in Northern Ireland.

“Delivering 1,403 new social homes this year - despite the barriers faced - has been positive, but that is simply not enough. Provided with adequate funding via the Social Housing Development Programme (SHDP), housing associations can deliver more than 2,000 new homes per annum, which will be fundamental if the Department for Communities (DfC) wants to achieve its targets outlined in the imminent new housing supply strategy.

“The Sector Accounts highlights that our members have, once again, managed their financial resources extremely efficiently, in particular their debt facilities and cash reserves, demonstrating an effective housing supply model. The ability of housing associations to both borrow and manage their finances independently, while working in partnership with the Northern Ireland Housing Executive and the DfC, is one of the fundamental reasons why the sector continues to deliver.

“The positive financial outcomes published today are testament to the professionalism of housing associations, and we are confident that with adequate funding and support from government, the sector can continue to build high quality social homes and provide essential services for people across Northern Ireland,” he added.