We are set to build around 5,000 affordable homes over the next five years as part of a £1billion investment into the South West economy.
In the last financial year, we have provided 788 affordable homes and 111 for open market following a £176 million investment in developing new homes.
Over the next five years, we have made a commitment to develop more than 1,700 affordable homes in Devon, more than 1,200 in Somerset, and around 1,000 in both Cornwall and the West of England.
We own and manage more than 40,000 homes across the South West with more than 80,000 customers across our services.
We will be developing around 950 affordable homes for rent and shared ownership and 100 for outright sale during the current financial year.
Paul Crawford, our Chief Executive, said: “Our development programme remains ambitious, with plans to deliver over 5,600 homes across all tenures in the next five years, of which around 5,000 will be affordable homes.
“We are committed to doing all we can to tackle the housing crisis by providing more high-quality affordable homes.
“We also have a huge focus on building sustainable developments for the future with over 99% of the new affordable homes delivered this year achieving an EPC rating of B and above, which not only minimises environmental impact, but also provides lower energy bills for our customers.
“The demand for affordable housing continues to grow at a rate faster than supply, with our operating area seeing an increasing number of second homes and holiday lets. So, our commitment to increasing the number of low-cost rented homes is increasingly important.
“Despite challenging economic headwinds, we have achieved a surplus which will be reinvested into new affordable homes and improving the condition of our existing homes.”
We have been ranked fourth nationally for the number of social rented homes provided last year amongst its peers.
The 346 social rented homes delivered represented 39% of the total number of homes we, underlining our commitment to focus on affordable rented homes for people across the South West.
And between 350 and 400 of the homes we are developing this year will be for social rent which is typically set at around 60% of market rent.
Mr Crawford added: “We built 899 homes last year, of which 88% are affordable.
“It’s fantastic to be ranked in the top five nationally for social rent when you take into account the demand for affordable housing in the South West where there is a huge disparity between incomes and average house prices.
“Building more affordable rented homes helps to create communities where more families have a safe home in a place where they’re proud to live.”
As well as providing new affordable homes, we have invested £102m into its existing homes which is a £13m increase on last year.
Improvements include significant expenditure on building safety, energy efficiency and general upgrade to homes. Under our Cby28 programme, we aim to bring 8,000 of our worst performing properties up to Energy Performance Certificate C by 2028 – two years ahead of the Government target.
Taking a fabric first approach, we are investing around £40m into existing rental homes, underlining our commitment to reducing our carbon footprint, making our properties more affordable to live in and improving the energy performance of our homes.
Mr Crawford said: “Improving the services we provide for our customers and fulfilling our social purpose is one of our key ambitions.
“We are well positioned to make the sizeable investments necessary to build more homes, maintain quality standards, make our existing homes more sustainable and create thriving, inclusive communities where everyone can improve their life chances.
“During the year, we improved the energy efficiency of 985 of our existing homes to EPC C and above and we aim for all our homes to reach this rating by 2028.
“Our customers’ voices are integral to service improvement, and we have focused on building the trust of confidence of our customers, ensuring they feel safe in their homes and that their feedback is listened to and acted upon.
“We are developing processes and data analytics to integrate customer and property information, enabling us to identify customer vulnerabilities and support those with differing needs.
“Our sustained efforts to meet our customers’ needs are underlined with an 85% satisfaction rate.”
Against the backdrop of a cost-of-living crisis, we have provided £200,000 in Crisis and Hardship Grants to support customers experiencing financial difficulties as a result of an unforeseen crisis or emergency.
Since April 2020, we have provided more than 4,200 Crisis and Hardship grants totalling over £70,000.
Our investment plans over the next five years will sustain 6,000 jobs in the building and supply chain, protecting livelihoods and offering fresh opportunities.
We are the one of the region’s largest employers with more than 1,600 skilled and enthusiastic staff and we currently have more than 50 apprentices working across our organisation.
Read our Annual Report and Financial Statements for 2023/24