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08 May 2019

Global Account figures published for Housing Associations in Wales

We have published the Global Accounts report today which shows the vital role of Welsh Housing Associations to the economy in Wales, with over £2billion spent in 2017/18.

We commissioned the report in partnership with Welsh Government, gathering financial statements from 33 of the largest housing association in Wales, which shows that the social housing sector in Wales continues to grow.

The results demonstrate a financially robust sector with a clear commitment and capability to support the provision of affordable housing across Wales, significantly contribute to the Welsh economy and help mitigate the impact of poverty on people’s lives. Over the longer term, the vision of the social housing sector is to build 75,000 homes by 2036 and to realise this ambition the sector needs strong financial foundations with resilient year-on-year performance.

Key highlights from the report include:

  • £327m invested into developing new homes in 2017/18, a rise of almost 7% from 2016/17
  • 5% increase in turnover for the sector, with £445m of that invested back into regeneration throughout the year
  • The sector now owns and manages 162,439 homes
  • Housing Associations in Wales directly spent £1.2bn in 2018, of which 84% was retained in Wales
  • The indirect supplier effect meant the total contribution to the economy was over £2bn
  • Housing fixed asset levels, before depreciation, are now shown at £7.4bn, a 7.2% increase from 2017
  • Capital and Reserves levels are now £1.16bn (2017: £1.07bn), demonstrating the confidence lenders have in the social housing sector

Stuart Ropke, Chief Executive at Community Housing Cymru said:

“The Global Accounts document is a reflection of a sector with a clear track record of delivery, and a growing ambition to deliver the homes Wales needs for good housing to be a basic right for all.

“The report demonstrates a clear ongoing commitment and capability to support the provision of quality, affordable housing across Wales, stimulate the Welsh economy and help mitigate the impact of poverty on people’s lives.

“The Affordable Housing Review provides a further opportunity to create a financial environment that could enable the sector to scale up investment, enhance partnership working and ensure every pound invested in housing makes an impact throughout Wales.”

Read more here.