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
•However, surpluses have been under pressure with net operating surpluses £116 million lower than in 2008 and surpluses from asset sales down from £241 million to £336 million. The total impairment charge for the year was £159 million. The charge represented only 0.2% of the gross book value of assets.
Launching the document, 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.”
The 2009 Global Accounts of Housing Associations provides a financial overview, based on published accounts data, of the housing association sector and some of its key segments. It covers the period 1 April 2008 to end 31 March 2009.
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