Losses widen at for-profit Funding Affordable Homes

The £8.8m revaluation loss also included a £3.9m hit linked to ongoing remediation work at FAHHA’s Aldershot site. The work has been completed since the year-end, so no further deterioration in the site’s value is expected.

The for-profit is owned by Swiss bank Edmond de Rothschild. Its housing portfolio comprises 559 operational homes, including 142 for social rent, 262 for affordable rent and 155 for shared ownership.

It only owns homes that were built using grant funding from the UK government, and most of the homes are mid-rise flats. The majority of its schemes are concentrated in London, including two on the Isle of Dogs, and the South East of England.

During the year, FAHHA banked £848,382 from disposal of properties, up from £261,116 the year before.

The registered provider is part of a wider Luxembourg-based fund, Funding Affordable Homes, which was acquired by Edmond de Rothschild in 2018. The fund owns around 800 homes, 60% of which sit within FAHHA.

During the last financial year, the fund transferred a 20-year inflation-linked loan from Deutsche Bank to Aviva with no changes to the terms. At the end of the 2025 financial year, the fund had loans outstanding with Aviva, with a total principal balance of £30.3m.

Last month, FAHHA appointed Kush Rawal as managing director. Mr Rawal previously held various roles at housing association Metropolitan Thames Valley, including chair of the Molly Huggins Foundation, a charity set up by the social landlord to tackle the cost of living crisis for its residents.

Last year, Inside Housing Living spoke to Edmond de Rothschild Real Estate Investment Management’s chief investment officer and head of fund management about FAHHA as well as the bank’s market rent portfolio.