Fiona MacGregor, outgoing Chief Executive of the Regulator of Social Housing (RSH), reflected on her nearly 11 years at the organisation during her keynote speech at the CIH Northern Housing Festival on 18 March 2026. She highlighted key developments in social housing regulation, the sector’s current challenges, and the importance of maintaining stability amid ongoing change.

Reflections on a decade of regulation

Fiona MacGregor announced her decision to step down from RSH last October, having served as CEO since 2018 when the regulator became a standalone body. Her career in housing spans over three decades, beginning as a typist in a housing association in Edinburgh in the late 1980s, followed by roles at the Housing Corporation, London and Quadrant, and the Homes and Communities Agency.

MacGregor emphasised that social housing has always been purpose-driven, forming a vital part of the UK’s social infrastructure and acting as a force for good. She focused much of her speech on the regulatory journey during her tenure, shaped profoundly by two tragic events: the Grenfell Tower fire and the death of Awaab Ishak.

Impact of Grenfell and Awaab’s Law

The Grenfell Tower fire was a watershed moment for the sector, exposing critical failings in building materials and construction standards. It reinforced two fundamental duties for landlords: ensuring tenant safety and listening attentively to tenant complaints with fairness and professional curiosity. These lessons remain central to regulatory expectations.

The death of Awaab Ishak, though under different circumstances, underscored the importance of health and safety, particularly regarding damp and mould, and again highlighted the need for landlords to engage proactively with tenants. These tragedies led to significant legislative and regulatory changes, including the Social Housing Regulation Act 2023, which granted RSH new inspection powers and introduced revised consumer standards in April 2024.

MacGregor noted positive signs that many landlords have improved their understanding of tenants’ home conditions and engagement methods. Further measures such as Awaab’s Law, the introduction of STAIRs (which provide tenants with detailed information about their homes), and enhanced Competence and Conduct standards aim to strengthen professionalism and tenant rights across the sector.

Maintaining economic stability amid challenges

Alongside consumer regulation, RSH has maintained a strong focus on economic regulation throughout MacGregor’s leadership. The sector has navigated numerous challenges, including the COVID-19 pandemic, rent cuts and caps, inflation spikes, and rising interest and capital costs.

Stress testing remains a critical tool for ensuring financial resilience. Despite some providers encountering difficulties, the sector has maintained an impressive record of no losses on secured loans, supported by lenders’ confidence in stable regulation. This stability has encouraged continued investment, with over £4 billion in financing agreed in the quarter ending December 2025.

Current priorities: safety, warmth, and new homes

The social housing sector is currently balancing two essential priorities: maintaining safe, warm, and decent existing homes, and increasing the supply of new social housing. Investment in existing homes is at a record high, with £10.6 billion forecast for the current budget year and an expected average of £10.9 billion annually over the next five years.

Urgent demand for new social homes remains a pressing issue. In 2025, providers invested over £14 billion in building and acquiring 54,000 new homes, although regional disparities exist, particularly where remediation costs are high. The government has demonstrated commitment through a £39 billion grant over ten years, a 10-year rent settlement, and measures easing local authority building restrictions.

Projections indicate providers will build approximately 274,000 new homes over the next five years, though these figures precede the latest government support announcements. MacGregor stressed that the sector must seize these opportunities, making sound investment decisions grounded in robust data and risk management.

Good governance, data integrity, and value for money remain essential to effective decision-making. Providers who can adapt to external pressures and have thoroughly stress-tested their plans are best positioned to fulfil their social purpose and contribute to the country’s social infrastructure. However, financial pressures are unevenly distributed, and there is little margin for error, making governance more critical than ever.

Looking ahead

MacGregor highlighted the need for the regulator to remain agile and assertive, continuously reviewing economic standards and regulatory principles. The goal is to future-proof regulation and support the sector’s access to necessary capital despite ongoing challenges.

She expressed gratitude for the opportunity to lead RSH and confidence in the organisation’s strength, citing the support of strong chairs, a talented executive team, and dedicated colleagues. MacGregor concluded by recognising the sector’s commitment to safe, warm, and decent homes alongside building new ones, wishing attendees success in their endeavours.

What this means for landlords

Landlords should be aware of the strengthened regulatory environment shaped by recent tragedies and legislative changes. Ensuring tenant safety and engagement is paramount, with new standards and transparency measures such as STAIRs increasing tenant access to information.

Financial resilience remains vital amid economic pressures, making stress testing and robust governance essential practices. The sector’s continued access to investment depends on maintaining stable regulation and demonstrating sound management of risks and resources.

Finally, landlords have a key role in meeting the urgent demand for new social housing while sustaining high standards in existing properties. Taking advantage of government support and aligning with regulatory expectations will be critical to success in the coming years.

Source: Based on reporting from Regulator of Social Housing

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