29 October 2025
Summary: MTVH publishes its unaudited results for the six months ended 30 September 2025.
We’ve published our unaudited half-year results for the six months to 30 September 2025. The figures show a strong performance, with significant progress in maintaining and improving our existing homes and advancing our building safety programme. We remain firmly on track to deliver over 1,200 new homes this year, while increasing investment and continuing to maintain a robust and sustainable financial position.
Investing in our existing homes
We’ve invested £60.5m in repairs, maintenance and capital improvement works in H1, up from £48.3m in the same period last year – a material increase across our 57,000 homes.
Our building safety programme for higher-risk buildings is progressing well and is fully funded.
We continue to meet all legal requirements for our homes, and are well-prepared for the implementation of Awaab’s Law. Our financial plan includes provision for the emerging new Decent Homes Standard, which we look forward to implementing.
Building new affordable homes at scale
We completed 476 new affordable homes in the first half of this financial year – an increase of 100% compared to H1 2024/25 – and we remain on track to exceed 1,200 completions for the full year, a record for MTVH.
Our pipeline exceeds 4,300 homes over the next 5 years, with 4,100 homes currently on site.
Our developments create places residents are proud of and provide safe, warm and affordable homes that are the foundation to living well.
Maintaining a robust financial position
We are increasing investment in our homes and new developments without compromising our financial position. This includes improving our interest cover to 176% (from 159% 2024/25).
We ended the period with £843m of available liquidity, up from £675m a year earlier – £279m above our requirement – ensuring our development commitments are fully funded.
We’ve maintained our two A- (stable) credit ratings from Fitch and Standard and Poor’s.
2025/26 figures (unaudited)
- Turnover: £222.2m
- Operating surplus: £62.9m
- Operating margin: 27%
- Net surplus: £16.8m
- Available liquidity: £843m
- New homes completed: 476 (on track for >1,200 in FY 2025/26)
- Customer satisfaction: 70%
- Rent arrears: 5.16%
- Void loss: 0.9%
Mel Barrett, MTVH Chief Executive, said:
“We have invested in the quality of our existing homes and built a record number of new homes whilst maintaining our strong financial fundamentals.
“New homes delivery doubled compared to 236 in the same period a year ago and we invested £61m in repairs, maintenance and capital improvement works to our existing homes.
“Our building safety programme is progressing as planned and we’ll continue to invest to ensure residents live in safe and secure homes.”
Duncan Brown, MTVH Chief Financial Officer, said:
“I joined MTVH in July because the organisation is committed to investing in homes. We have strong financial foundations to maintain this momentum, even in volatile economic conditions.
“We’ve grown our liquidity and expanded our investor base to ensure our development programme and building safety programme are fully funded. And we’ve anticipated increased costs from the implementation of Awaab’s Law and the new Decent Homes Standard.”
Outlook for the year
Although the economic environment remains volatile, we expect our turnover and operating surplus for the year to be line with our budget.
We are committed to playing our part to address the housing crisis by delivering more mixed-tenure schemes like Clapham Park and West Hendon. Our development pipeline exceeds 4,000 homes and we’re building the financial capacity to increase this.
The summer 2025 Comprehensive Spending Review provided some financial upside for the sector. We welcomed the Government’s £39bn boost to affordable housing delivery, along with access to the Building Safety Fund and the consultation on future rent convergence.
We are also calling on the Government to oversee a joined-up funding strategy between Homes England, the GLA, National Housing Bank and the National Wealth Fund to coordinate how grants, debt, equity, and guarantees can work together to get Britain building.
These measures support our strategy of stable growth, prioritising investment in homes without compromising our financial strength.