The Value for Money Metrics report for 2025/26 is the first look at key financial implications for housing providers from the most recent financial year. 

It includes data from 153 landlords that collectively own or manage roughly 2.5 million homes – which is approximately 85% of the affordable housing sector. 
 
For 2025-26, median interest cover stood at 109.3%, compared with 112% in 2024/25.
 
Analysis found cost pressures also showed indications of easing, with social housing cost per unit rising by 4.9% in 2025/26, compared with an 11% increase over the former reporting period. 

But Housemark noted that some unspent costs may represent deferred improvement works, with maintenance expenditure forecast to see a further rise in 2026/27. 
 
The findings arrive as housing providers proceed with major investment in existing homes, with repairs and maintenance spending estimated to total £59 billion over the course of five years. 
 
The data showed that in 2025-26 median social new supply stood at 1.2%, down slightly from the 1.3% recorded the year before, while 14% of landlords delivered no new social homes. 
 
In the context of larger housing associations, providers owning over 15,000 homes accounted for over 80% of new social housing in Housemark’s sample. 
 
Housemark assessed the potential for smaller housing associations to contribute further to new housing supply, within the research.

The analysis found that, although smaller providers have capacity to contribute more to development, additional borrowing alone would not be sufficient to materially change the national supply picture. 
 
John Wickenden, research manager at Housemark, said: “Slower cost growth is an encouraging sign, but it is not a complete measure of the sector’s financial position. 

“After several years of significant financial change, housing providers continue to balance substantial investment in existing homes with the need to deliver new supply.
 
“Sector-wide figures provide an important reference point, but they cannot explain an individual provider’s position on their own.”

Wickenden added: “Size, geography and operating model all influence performance, making meaningful comparison essential to understanding the results. 
 
“For housing providers, the value of data-led insights is in the decisions this informs: understanding their financial position, assessing investment priorities and demonstrating value for money.”
 
The analysis covers all seven regulatory Value for Money metrics and draws on housing associations’ financial statements as well as global accounts, financial forecasts and quarterly survey results released by the Regulator of Social Housing.