Housing association turnover breaks £10bn

Tenant Services Authority accounts show 10 per cent rise in 2007/08

Combined turnover in the housing association sector broke the £10bn barrier in 2008, according to figures from the Tenant Services Authority.

The social housing regulator's global accounts, published today, reveal that turnover for the largest associations in the sector grew by more than 10 per cent to just under £10.1bn in the financial year ending in March 2008.

The accounts, which include details of the 390 housing associations managing more than 1,000 homes, also show that their combined operating surpluses rose by 21 per cent to £328m.

The TSA said the increase was driven by the transfer of homes from council control to housing association ownership and the construction of new properties.

Peter Marsh, chief executive of the TSA, said the economic climate had changed considerably since the figures were gathered, causing the sector to face challenging times.

"Although the social housing sector is affected by the downturn, it continues to be remarkably resilient," he said.

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