On Sunday 1 October Sovereign merged with Network Homes. The proposed merger was announced on Monday 13 March 2023 and the final business case was approved by Sovereign and Network Homes’ respective boards on Thursday 7 September 2023.
The new organisation, SNG (Sovereign Network Group), is one of the largest housing associations in the UK, with over 84,000 homes and 210,000 customers across London, Hertfordshire, and the South of England.
We have a clear purpose to provide quality affordable homes and places that people will love for generations. Our size and geographic breadth means we own a diverse range of homes offering stability alongside growth potential.
Mark Washer is the Chief Executive Officer of SNG and Helen Evans the Deputy Chief Executive. Paul Massara is the Chair and Jon Gooding the Deputy Chair.
SNG will have an annual income of over £800m in 2024-25 and will invest £8.5bn over the next ten years, building 25,000 new homes – almost 4,000 more than in current plans, as well as regenerating estates and improving the quality of existing homes. A new Community Foundation is also being established which will invest £100m over a ten-year period.
Our strategy is to continue to grow, staying financially strong through good governance and performance management so we can invest more in the things that matter – building more homes and making better places.
To achieve our commercial and social goals, we need a diverse range of funding which is cost-effectively structured to provide the necessary funds and maintain liquidity. This includes an appropriate mix of bond and bank finance.
Regulator of Social Housing: G1/V2
S&P Global Ratings: A
- Moody's Credit Opinion Report October 2023 [pdf, 1MB]
- S&P Global Ratings report November 2023 [pdf, 265KB]
Regulator of Social Housing: G1/V2
SNG will produce a Value for Money statement annually, setting out how effectively and efficiently we use income generated through our operations and via external funding, including examining areas where we’re looking to make improvements to our performance.
The first SNG value for money statement will be produced for the 2023/24 year. The most recent value for money statements for Sovereign Housing and Network Homes are available below:
Network Homes Value for Money statement [PDF, 13MB] (Refer to page 15 of Network Homes' Annual Report 2023)
SNG has a clear social and environmental purpose to provide homes that people love over generations. Over 90% of the homes we provide are for people who aren’t able to afford them, and we have a clear strategy to reduce the environmental impact of homes so that they can be enjoyed by future generations.
SNG will have over 70% of stock at EPC C or above, with a delivery plan to increase this to 100% in advance of the Regulatory requirement by 2035 or 2030 for customers in fuel poverty. Our primary target which follows years of research and assessment of our properties is to improve all of our properties to EPC B+, creating an operationally net zero carbon housing portfolio by 2047.
We are a social purpose organisation and investment in our communities is core to our strategy. We are creating a community foundation to invest over £100m of external and internal funding over the next 10 years.
SNG will remain well governed, retaining its G1/V2 ratings previously held by both Sovereign and Network Homes.
SNG will produce its first ESG report for the 2023/24 year, and you can read Sovereign and Network Homes’ most recent ESG reports here:
We have engaged with Inspired ESG to measure our energy usage, associated emissions, energy efficiency actions and energy performance for 2022-23. Read the full report - Streamlined Energy and Carbon Reporting (SECR) [PDF, 4MB]. We also engaged Inspired ESG to help us compile our Carbon Balance Sheet for the 2022-23 year [PDF, 3MB].
Sovereign and Network Homes both have a Sustainable Finance Framework. These are aligned, the categories identified in the framework represent tangible and effective investment areas which are core to Sovereign's sustainability strategy and are the focus of our service delivery.
Our Second Party Opinion report [PDF, 481kb] has been provided by Sustainalytics and their opinion is that Sovereign's Sustainable Finance Framework is both credible and impactful.
Sovereign Housing Association
You can also read more about our operational and financial performance in our quarterly update [pdf, 155KB].
We held a number of bank and investor meetings seeking consent where required under our facility agreements. The Investor presentation [pdf, 2.28MB] was given in April 2023. It provides a detailed overview of the information given to investors before the merger between Sovereign Housing Association and Network Homes.
Sovereign Housing Association - We hold a Funders' Day in Q3 [pdf, 10.58MB] every year and in addition we hold an Investor Roadshow [pdf, 6.27MB] where current and potential investors can meet our Executive Board and hear about our performance and future strategy.
Sovereign Housing Capital plc, a wholly owned subsidiary of the Registered Provider (RP) Sovereign Housing Association Ltd has issued Medium Term Notes (MTN) as follows:
|Date issued||Maturity Date||Issued Amount||Coupon||Interest paid||Date|
|2009||2039||£175m||5.705%||Semi-annual||10 September / 10 March|
|2012||2043||£250m||4.768%||Semi-annual||1 June / 1 December|
|2019||2048||£375m||2.375%||Semi-annual||4 May / 4 November|
- Quarterly performance update Q2 2023/24 [pdf, 155KB]
- Quarterly performance update Q1 2023/24 [pdf, 1MB]
- Quarterly performance update Q4 2022/23 [pdf, 169kb]
- Quarterly performance update Q3 2022/23 [pdf, 176kb]
- Quarterly performance update Q2 2022/23 [pdf, 190kb]
- Quarterly performance update Q1 2022/23 [pdf, 156kb]
- Quarterly performance update Q4 2021/22 [pdf, 141kb]
- Quarterly performance update Q3 2021/22 [pdf, 117kb]
- Quarterly performance update Q2 2021/22 [pdf, 224kb]
- Quarterly performance update Q1 2021/22 [pdf, 80kb]
- Quarterly performance update Q4 2020/21 [pdf, 111kb]
- Quarterly performance update Q3 2020/21 [pdf, 133kb]
- Quarterly performance update Q2 2020/21 [pdf, 135kb]
- Quarterly performance update Q1 2020/21 [pdf, 66kb]
- Quarterly performance update Q4 2019/20 [pdf, 125kb]
- Quarterly performance update Q3 2019/20 [pdf, 122kb]
- Quarterly performance update Q2 2019/20 [pdf, 120kb]
- Quarterly performance update Q1 2019/20 [pdf, 255kb]