How your money is spent

Your rent helps provide services including maintaining your home and more.

Last year (2024/25) we spent £362 million on our rented homes, which is split like this:

£102m repairs

This included £65m carrying out over 220,000 responsive repairs, £33m on gas servicing, fire risk assessments and other safety checks. And £11m on major repair works.

£80m housing management (Total)

This relates to the day to day costs of running the organisation as well as providing services to customers.

It includes £42m of employment costs for our colleagues working in housing services and our back office functions.

Other significant costs include £7m on IT equipment and systems, and £6m on insurance.

£55m depreciation

Depreciation is the decrease in the value of an asset over time (in our case, the "assets" are houses or other buildings). This decrease in value is recorded as an expense every year in our accounts.

£62m interest payments

Interest is a charge we pay to our lenders (banks) to borrow money that we use to build homes.

In 2024/2025 we made a surplus of £35 million. We reinvest our surplus back into the business where it helps pay for things like this:

Improvements to our existing homes – we invested £67 million last year
Building new affordable homes for rent – we invested £84 million last year

Making a surplus is important as it:

Gives us financial stability
Lets us invest

Want to know more?

If you want to know the detail behind our finances then read our financial statements. Our customers shape everything we do. Find out how you can get involved in how your money is spent.

How much money do we receive, and where do we spend it?

What we do:	Renting homes	Building homes to sell	Providing care and support and other activities	Other activities	Total
Income (£m)	380	67	49	9	505
Costs (£m)	-362	-62	-46	-18	-489
Other (£m)	-	9	-	9	18
Surplus (£m)	18	14	3	0	35

How do we fund development of new homes?

We spent £157 million on building new homes last year:

Approximately 25% of a new affordable home is funded through a grant from the government and Home Group funds the rest.

We do this by reinvesting the surplus we make on the homes we build to sell, or borrowings that we then pay back from the rental income we receive.

Directors’ remuneration and management costs

The regulator requires us to provide information about our directors’ remuneration – what we pay our executive directors and board members – and the management costs of running the business.

In 2024/25 we spent £77m on housing management of social housing. As well the direct costs of managing customers’ homes, this includes the day to day costs of running the business, including back office costs such as running our offices and IT systems.

Management costs represent £1,469 per home compared to £1,368 in 2023/24. The average cost for the sector in 2023/24 was £1,274.

We paid our executive directors and independent board members a total of £1.4m last year. This represents £27.34 per home compared to £28.22 in 2023/24. Our Chief Executive was paid a total of £301,000, or £5.73 per home compared to £5.06 in 2023/24.