Despite the recession, the Tenant Services Authority (TSA) has announced that the housing association sector’s overall assets has risen by 11% to £94.6 billion.

The operating surplus of the sector has increased by £68 million to £1.6 billion and turnover increased by £1.5 billion (the rise is partly due to changes in accounting rules which impact on low cost home ownership).

Other highlights of the 2009 accounts include:
• Net book value of housing property increased by £6 billion (12%), showing continued growth in difficult market conditions
• Social housing homes increased by 71,282 (2008 increase: 138,922) a significant reduction on the previous year
• £2.3 billion invested in existing stock, helping to deliver the Decent Homes Standards for tenants
• Long term loans increased by £5 billion (14%) to £39 billion, demonstrating that the sector is able to attract new funding

TSA Executive Director Risk and Assurance Clare Miller said, “Housing associations have continued to show strong growth during tough economic times.

“Despite the exceptionally demanding operating environment, the sector has continued to build new homes and invest in its stock. It’s financial performance compares very favourably to other sectors of the economy and leaves associations well placed to deliver much more needed new homes and to deal with the challenges of the coming year.”

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