Riverside uses the surpluses we generate to re-invest in new and improve existing homes.
Riverside’s headline social housing cost per home has increased significantly in 2022/23 due to a few factors. Firstly, the result includes full year costs for One Housing Group (OHG), whereas the previous year only included the final four months of the financial year. In addition, the challenging external economic environment has driven increases in cost particularly expenditure on materials and energy.
The overall repair cost includes significant fire safety expenditure on tall buildings within the OHG stock portfolio. Excluding OHG, Fire Safety cost reduces cost per home by £720.
All categories of social housing costs have increased. The biggest increases have been in major repairs, £68.1m, which is the equivalent of £995 per home, management costs £29.9m, which is the equivalent of £436 per home, and maintenance, inclusive of planned maintenance, £27.4m, which is the equivalent of £401 per home.
Average cost of managing your home per year
It is anticipated that there will be an increase in cost per home in 2023/24 due to a planned increase in major repairs including fire safety work, demonstrating our commitment to investing money in our housing stock for the benefit of current and future customers.
The figures quoted exclude service charge costs as it is difficult to benchmark Riverside’s cost per home inclusive of service charge cost as there are very few providers with a similar proportion of supported housing and housing for older people.
Riverside is committed to delivering further efficiency by a systematic approach to integration following the merger with OHG and will continue to drive down costs through better working practices and effective procurement without compromising on service standards or quality.
How every £1 of rent is spent