SNG invests more in new homes and maintains leading development programme
We've published our 2025/26 annual report [pdf, 9MB] 
, highlighting continued investment in new and existing homes, a sector leading development programme, and the financial strength needed to deliver more affordable housing, invest in services and support thriving communities over generations.
During the year, we invested £702.9 million in the development of new homes, up from £642 million the previous year, and delivered 1,661 new homes across a range of tenures, including an 11.6% increase in affordable homes (1,598). We also started 2,482 additional homes and increased its development pipeline to more than 12,000 homes, reinforcing its position as one of the largest housing association developers in England.
Our annual turnover increased by 2.9% (£23.4 million) to £817.6 million, while social housing rental income rose to £636.4 million, reflecting growth in homes under management and continued demand for affordable housing.
The Group reported an operating surplus of £193 million (2024/25: £205.2 million). The reduction reflects the impact of one-off impairment and pension settlement costs, alongside higher depreciation and financing costs driven by continued investment in existing homes, building safety, retrofit activity and new housing development. Our underlying financial performance remains robust and aligned with its long-term strategy.
Our balance sheet continued to strengthen, with net assets increasing to £2.82 billion and fixed assets rising to £8.55 billion. We also secured £900 million in new funding during the year and ended 2025/26 with £1.064 billion in cash and undrawn facilities, providing significant capacity to support future investment.
Alongside investment in new homes, we continued to invest heavily in existing properties. Since the merger of Sovereign and Network Homes, SNG has invested more than £600 million in existing homes, while our Homes and Place Standard continues to drive improvements in quality, sustainability and long-term value for customers.
The Group also generated £119.4 million in social value during the year and secured £2.19 million in external funding to support communities and local organisations. Our employment and skills programmes helped 537 customers secure jobs, while targeted support services delivered millions of pounds in financial gains and debt support for customers facing cost-of-living pressures.
Mark Washer, Group Chief Executive of SNG, said: “Demand for affordable housing continues to grow, yet far too many people remain without access to a decent home they can afford. That’s why we remain firmly committed to delivering new homes at scale while continuing to invest in the homes and communities we already serve.
“Over the past year we have invested more than £700 million in new homes, delivered over 1,600 homes, and expanded our development pipeline to over 12,000 homes. These achievements reflect both the scale of our ambition and our determination to play a leading role in tackling the country’s housing crisis.
Peter Benz, SNG’s Chief Financial Officer, said: “SNG’s financial performance demonstrates the benefits of maintaining a strong balance sheet and a disciplined approach to investment. Despite a challenging economic and operating environment, we increased our asset base, strengthened liquidity and secured significant new funding, ensuring we remain well positioned to invest for the long term. Our focus is on preserving financial resilience while creating the capacity to improve existing homes, support communities and deliver sustainable growth.“