For-profit provider’s turnover halves due to low shared ownership sales

Auxesia completed 30 shared ownership sales in 2024, while three leaseholders chose to fully staircase during the year.

Mr Martin said: “It should also be noted that 2023 results were based on a 15-month period and 2024 was a 12-month period. 

“In addition, there was a reduction in shared ownership sales, followed on from lower exchanges during 2023 when the business was focused on regulatory recovery rather than growth.”

In June 2024, the provider completed its first “sizeable” stock transfer, selling 89 homes to Weaver Vale Housing Trust for £4.8m.

Mr Martin said the stock transfer was “proof in concept of the viability of the business strategy where rather than repaying investor debt, the proceeds were reinvested into the business and were used to fund exchange deposits, strengthening the pipeline of properties, to be levered from 2025 and beyond”.

During the second quarter of 2024, Auxesia secured a two-year extension on its existing debt facility with Warrington Borough Council. This gave the for-profit “sufficient liquidity to get the regulator comfortable the business was compliant”, said Alison Hadden, chair of Auxesia.

Auxesia was deemed compliant by the Regulator of Social Housing in December 2024. This came two years after the provider was found to have breached the regulator’s Governance and Financial Viability Standard.

In September 2024, Auxesia re-entered the market to start a larger refinancing process of its existing debt book, which was expected to complete in the first half of 2025.

Tenant satisfaction levels for 2024 rose by 1.6%, from 84.4% to 86%.

Ms Hadden said Auxesia is expected to deliver 107 new homes in 2025, up from 76 delivered in 2024.

Through a leadership shake-up over the summer, the for-profit appointed Claire Donnelly as interim chief executive and Mr Martin as chief financial officer.

This came as Auxesia was executing a five-year plan to “significantly” expand its housing delivery across the North West, Yorkshire, Cheshire, Derbyshire and the Midlands.

Ms Donnelly said: “2025 has seen further progress on all fronts, with shared ownership sales already exceeding 2024 levels, significant pipeline growth through the establishment of new developer partnerships and having completed a further stock transfer of 134 units to Onward Homes in June.”

Auxesia completed the transfer of 134 homes to Onward Homes in a deal valued at £13.5m and acquired 26 affordable homes on the Chingford Meadows scheme, with a total market value of £6.4m.