The Regulator of Social Housing (RSH) has released its latest quarterly survey results for the period from October to December 2025, highlighting continued robust investment within the social housing sector. The report reveals that landlords remain able to secure necessary funding to support both new developments and the maintenance of existing homes.

Strong financial position and investment activity

According to the RSH survey published on 26 February 2026, private registered providers agreed over £4 billion worth of funding facilities during the final quarter of 2025. Net of loan repayments, drawn debt increased by £2.7 billion, contributing to a 17% rise in cash balances, which reached £4.2 billion. However, these cash reserves are expected to decline over the next 12 months as providers deploy funds.

Spending on repairs and maintenance continues to grow steadily. In the quarter, providers spent £2.4 billion on upkeep, with a total of £9.4 billion spent over the preceding 12 months—an increase of 7% compared to the previous year. This rise reflects ongoing efforts to maintain the quality and safety of existing social housing stock.

Development spend and future outlook

Investment in new homes saw a slight dip in quarterly development expenditure, falling to £3.7 billion. Despite this, the 12-month development forecast edged up marginally. It is important to note that projections for the coming year do not yet include development activity under the new Social and Affordable Homes Programme (SAHP), which opened for bids in February 2026. This programme is expected to influence future development plans significantly.

Cash interest cover, excluding sales, remained stable at 78% for the year ending December 2025 but is projected to tighten to 67% over the next year. This suggests that while providers currently maintain a reasonable buffer to cover interest payments, financial pressures may increase, requiring careful management.

Sector challenges and strategic considerations

Will Perry, Director of Strategy at RSH, commented on the findings: “We’re seeing repair and maintenance costs rising across the sector, though more slowly than in recent years. Despite this, investment in new homes is being sustained, and landlords are still able to secure the funding they need for new homes and maintain existing ones.”

He added, “Recent announcements on rents and the SAHP give providers the opportunity to make well-informed investment decisions, while maintaining a strong grip on financial risk.” This highlights the sector’s cautious optimism amid evolving funding and regulatory environments.

What this means for landlords

For landlords and agents, the RSH survey underscores the importance of maintaining financial resilience while continuing to invest in property upkeep and development. The steady increase in repair and maintenance expenditure signals rising costs that must be factored into budgeting and rent-setting strategies.

Meanwhile, the forthcoming Social and Affordable Homes Programme presents new opportunities for development funding, but also requires careful planning to align with regulatory expectations and financial viability. Landlords should monitor these developments closely to optimise investment decisions and manage risks effectively.

About the survey

The quarterly survey covers financial regulatory returns from 199 private registered providers, including housing associations and for-profit entities, managing over 1,000 homes. The RSH reviews these returns to assess liquidity risks, loan covenant compliance, and exposure to financial risks from non-registered activities. Findings inform regulatory judgements and help ensure the sector remains viable, efficient, and well-governed.

Source: Based on reporting from the Regulator of Social Housing

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