Firm says it is prioritising improving existing homes
L&Q鈥檚 completions were 22% lower in 2024/25 than the previous year, according to an unaudited trading update issued by the housing association giant today.
The 105,000-home association said it completed 2,316 homes in the 2024/25 financial year.
This is down on the 2,955 completed the previous year and less than the 2,605 homes it had originally targeted.
The group has been scaling back its development plans to lower risk and focus more on improving existing homes.
It said it invested 拢1.4bn in its committed development pipeline in 2024/25, a drop of 拢600,000 on the 拢2bn spent the previous year.
It said: 鈥淚nvestment in our development pipeline continues to reduce in line with our strategic objective to derisk our business and prioritise investment in existing homes and services.鈥�
The group increased its spend on maintenance from 拢328m to 拢372m as part of its 拢3bn major works programme.
L&Q鈥檚 turnover decreased marginally by 拢24m to 拢1.12bn, as sales income dropped from 拢298m to 拢192m. Its surplus fell from 拢117m to 拢88m as there was a 拢120m cost registered due to 鈥榙isposal of business interests鈥�.
L&Q鈥檚 full financial statements will be published in the summer.
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