Fiona MacGregor, outgoing Chief Executive of the Regulator of Social Housing (RSH), reflected on her nearly 11 years in the sector during her keynote speech at the CIH Northern Housing Festival on 18 March 2026. She highlighted key regulatory developments, sector challenges, and the ongoing priorities for social housing in England.

Reflections on a decade at the Regulator of Social Housing

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, progressing through roles at the Housing Corporation, the Homes and Communities Agency, and London and Quadrant.

MacGregor emphasised that social housing has always been purpose-driven, forming a vital part of the country’s social infrastructure and acting as a force for good. Her tenure at RSH has been shaped by two major events that continue to influence regulation and sector priorities.

Impact of Grenfell and Awaab Ishak on regulation

The Grenfell Tower fire remains a profound shock with lasting effects on both social and private housing sectors. MacGregor described it as a wake-up call on the standards of materials and construction, reinforcing that landlords must ensure tenant safety and listen attentively to tenant complaints with fairness and professional curiosity.

Similarly, the death of Awaab Ishak highlighted the critical importance of health and safety, particularly regarding damp and mould, and the need for landlords to maintain close tenant engagement. These tragedies have driven 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 now better understand the condition of tenants’ homes and engage more meaningfully with tenants. Further developments such as Awaab’s Law and the introduction of STAIRs will enhance tenant access to information about their homes, while new Competence and Conduct standards aim to raise professionalism across the sector.

Maintaining economic stability amid sector challenges

Despite significant changes to consumer regulation, RSH has maintained a strong focus on economic regulation. Over the past decade, the sector has navigated the pandemic, rent cuts and caps, inflation spikes, and rising interest and capital costs. MacGregor stressed the importance of rigorous stress testing to manage these pressures effectively.

She expressed pride that the sector has preserved its record of no loss on default for secured loans, crediting the stability of regulation for maintaining lender confidence. This confidence has supported robust investment, with over £4 billion in facilities agreed in the quarter to December 2025.

Current sector priorities: safety, warmth, and new homes

The social housing sector is currently balancing two critical priorities: ensuring existing homes are safe, warm, and decent, while also delivering new housing stock. Social landlords are forecast to spend a record £10.6 billion on existing homes in the current budget year, marking a fourth consecutive year of record investment. This level of investment is expected to continue, averaging £10.9 billion annually over the next five years.

Building new homes remains urgent. In 2025, providers invested over £14 billion to build and acquire 54,000 new homes, though regional disparities exist, especially where remediation costs are high. The government has reaffirmed its commitment through a package including a £39 billion grant over 10 years, a 10-year rent settlement with clarity on rent convergence, and measures to enable local authorities to build up to 1,000 new homes without opening new Housing Revenue Accounts.

Providers are forecast to build 274,000 new homes over the next five years, though this projection predates the latest government support package. MacGregor urged the sector to seize these opportunities, emphasising the need for sound investment decisions based on robust data, good governance, and value for money. Providers who plan effectively and manage risks should be well placed to meet their social objectives and contribute to the country’s social infrastructure.

She cautioned that risks are unevenly distributed and financial pressures leave little margin for error, making good governance essential.

Looking ahead: an agile and assertive regulator

MacGregor concluded by highlighting RSH’s commitment to evolving its regulatory approach to remain agile, assertive, and modern. The regulator aims to future-proof its economic standards and regulatory principles to support sector access to capital despite ongoing challenges.

She expressed confidence in the strength and stability of RSH, praising the leadership, executive team, and dedicated staff. MacGregor also acknowledged the sector’s dedication to making homes safe, warm, and decent while continuing to build new housing.

“I wish you all every success and thank you for listening today,” she said.

What this means for landlords

Landlords should note the reinforced focus on tenant safety and engagement following Grenfell and Awaab Ishak, with new regulatory powers enabling inspections and greater transparency. The emphasis on professional conduct and competence will require landlords to maintain high standards in management and maintenance practices.

Economic stability remains a priority, with stress testing and sound governance critical to navigating financial pressures. The government’s long-term investment package signals opportunities for growth, but landlords must balance expansion with maintaining existing stock to meet regulatory expectations and tenant needs.

Robust data management and risk assessment will be vital for landlords aiming to benefit from government support and contribute positively to social housing provision.

Source: Based on reporting from Regulator of Social Housing

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