NORTHERN Ireland’s 20 social housing associations’ combined turnover was up almost 10 per cent to £429m last year.
The figure was revealed in the Northern Ireland Federation of Housing Associations’ (NIFHA) 2022 Global Sector Accounts Report, which also showed the collective members added 835 new homes to the social housing stock here.
It said the surpluses made over the year have been reinvested to support improvements and maintenance of homes as well as going towards the building of new houses and supporting clients.
NIFHA said the increase was achieved despite operating costs rising by 12 per cent during the period.
There are currently 1,700 new builds under construction in the social housing sector the report read.
It added the combined associations employ 3,338 staff, contributing £79m in annual wages.
New NIFHA Chief Executive Seamus Leheny, said the sector is vital in tackling growing housing waiting lists here.
He said: “The social housing sector has faced huge challenges in recent years, but the resilience of our members has ensured that the sector remains in a strong position. The core aim of all housing associations is to provide quality homes and support tenants, but to do that successfully, and in particular, to ensure that they have to ability to build new homes, they must be in a strong financial position. This report underlines the financial stability of the sector and also highlights the important role housing associations play in reducing the housing waiting lists.”
Housing Associations use private sector borrowing, resulting in a total of £1.541bn currently invested in social and affordable housing.
The report said they use a gearing financial model (ratio of a company's loan to equity) of 32.5 per cent, which is “well within the financial comfort range of between 25 per cent and 50 per cent”.
Mr Leheny added: “The outlook for new builds is stronger however with many sites moving towards completion in the current year.
“The social housing sector is at the fore of innovation. The increase in Co-Ownership sales, as well as more mixed-tenure and affordable housing being developed by Housing Associations, show how NIFHA members are supporting the growth and improvement of the whole housing sector across Northern Ireland as well as making a significant contribution to the local economy.”
