Page 38 - Housing Solutions Annual Report

METRIC 2: New Units Delivered
In 2019/20 we completed 203 new homes, 57% of which were affordable rent, 7% social rent and the
remaining 36% were shared ownership homes. This continues Housing Solutions top quartile performance in
providing much needed new homes for local people.

4.5%
4.0%
3.5%
3.50%
3.0%
2.5% 2.92%
2.50%
2.0% 2.12%
1.5% 1.94%
1.0% 1.50%
1.10%
0.5% 0.60%
0.0%
Peer Lower Peer Middle Peer Upper Sector Lower Sector Middle Sector Upper Housing Housing
Quartile Quartile Quartile Quartile Quartile Quartile Solutions Solutions
2019 2019 2019 2019 2019 2019 2018/19 2019/20

METRIC 3: Gearing %

Our covenants are based on an indexed net debt per unit basis in line with our future required development
headroom to support our strategy to maximise opportunities for the development of new homes. Whilst our
gross gearing increased from 60.0% to 64.0%, our net gearing decreased from 50.7% to 48.7% due to the
increase in value of our property assets from the completion of developments. During the year a further £36m
was spent on developing new homes and 203 homes completed.

70%
60%
50% 59.9% 55.7%
52.6% 53.9% 50.7%
40% 43.4%
30% 37.4% 32.6%
20%
10%
0%
Peer Lower Peer Middle Peer Upper Sector Lower Sector Middle Sector Upper Housing Housing
Quartile Quartile Quartile Quartile Quartile Quartile Solutions Solutions
2019 2019 2019 2019 2019 2019 2018/19 2019/20

38 Annual Report and Accounts 2020

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16645.02 HS Annual Report 86pp A4 v10.indd 38