You are viewing 1 of your 1 free articles
Turnover falls at Grainger’s for-profit provider due to lower shared ownership sales
Turnover and profits fell last year at Grainger’s for-profit affordable housing provider.
Turnover and profits fell last year at Grainger’s for-profit affordable housing provider #UKhousingGrainger Trust, which owns and operates the affordable housing within Grainger’s wider build-to-rent schemes, posted turnover of £14.8m for the year to September 2025, down 6% from the year before.
The for-profit slumped to an operating loss of £384,469, compared with a £13.8m operating profit in 2024. Administrative expenses rose 30% to £1.1m, while the landlord booked an £8.2m fair-value loss on investment property.
However, total comprehensive income for the year after valuation movements and tax stood at £19.5m, up from £11.3m in 2024, driven by £5.8m of unrealised gain on revaluation of homes.
Read more
Inside Housing Living understands the reduction in turnover reflects Grainger’s programme of shared ownership sales. The for-profit added that it exceeded its shared ownership sales budget for the year by £500,000.
Increased spending on repairs and day‑to‑day maintenance reflected strengthened regulatory and consumer standard requirements, as well as the natural maturity of homes. Key Grainger Trust sites such as Wellesley and Berewood in Hampshire are now over 10 years old.
Grainger Trust was established in 2012 as one of the first for-profit registered providers. As of September 2025, it had 1,226 homes under management across five sites, plus a further seven leasehold properties paying ground rent.
In the last 12 months, Grainger Trust delivered 201 new affordable homes, up from 122 in 2024. The new homes include 158 affordable rent homes and 42 shared ownership homes located across the Wellesley and Berewood schemes, as well as Cobalt House in Bristol, part of Grainger’s Glasshouse Square build-to-rent development.
In January 2025 Grainger Trust underwent its first regulatory inspection by the Regulator of Social Housing, and was awarded C2 for consumer standards, G2 for governance and V1 for viability.
The for-profit achieved overall 73% tenant satisfaction for the year across all its homes, up 2% from the year before.
Tenant satisfaction for rental homes was 80%, down from 85.1% the previous year, while satisfaction for low-cost homeownership was 56%, up from 45% in 2024.
The for-profit plans to invest in more affordable homes during 2026 and will fund this through profits from other development sites and further investment from its parent company. The landlord aims to integrate affordable housing within its build-to-rent schemes and operate ‘tenure-blind’ to deliver high customer satisfaction.
Grainger Trust’s parent company will announce its half-year results for the six months to 31 March later this month.
Grainger is the UK’s biggest build-to-rent landlord, with a portfolio of 14,400 rental homes, of which 9,900 are operational. In January, billionaire Mike Ashley acquired a 3.1% stake in Grainger.
Are you subscribed to Inside Housing Living?
Inside Housing Living brings you exclusive analysis and big deals from the wider residential market, including build-to-rent, student living, later living, for-profit registered providers and more. Not subscribed yet?
Related stories
