In the 2016/17 financial year the shape of the L&Q Group changed radically through its merger with East Thames and its acquisition of Gallagher Estates and investment in Trafford Housing Association. Value for money is fully integrated into the way new group works.

Value for money in the new group

The value the group pursues is the development of as many homes as possible to meet a range of housing needs but particularly the delivery of homes at below market levels for people who would not otherwise be able to afford them. The volume of homes delivered is important but the group also wants to deliver value by providing homes and services of a good quality and investing in its residents and communities. To ensure that its resources are directed towards achieving its ambitions, the L&Q Group is committed to finding efficiencies and making sure it gets the most out of the money it spends.

We measure value for money and compare ourselves to our G15 peers using a new benchmarking tool being developed by housing associations. Our group board and executive, their sub groups and a resident services group scrutinise the group’s performance on an ongoing basis.

Our success in 2016/17

The two housing associations within the group, L&Q and East Thames, have come together with a shared commitment to take the necessary steps to drive this vision. In 2016/17 the L&Q Group has:

  • Increased operating surplus by 14% to £365m (2016: £321m)

  • Increased operating margin on social housing lettings by 2% to 51% (2016:49%)

  • Completed 2,552 residential units (2016: 2,510) including 1,536 units for sub market rent and shared ownership (2016:1,364) and 1,016 for market tenures (2016: 1,146)

  • Increased its investment in new supply to £3.80 for every £1 generated from operations (2016: £1)

  • Maintained high levels of customer satisfaction

Our goals for 2017/18

The key corporate targets related to the delivery of value for money for next year are:

Customers

  • Overall satisfaction with services: 79%
  • Satisfaction with repairs: 75%
  • Social return: £3 for every £1 invested

Operations

  • Merger efficiencies: £9.6m

Financial health and growth

  • Total starts on site: 2,268
  • Total handovers: 2,232
  • Group surplus: £324m
  • Operating margin (social housing):   50%
  • Cash operating cost per unit (social housing): £3,824

Related links

You can find further information on how we provide value for money in these other sections of this website: