The housing association, L&Q has increased its completions by 29 per cent in the first quarter of the year. Quadrant Smart looks at the housing association’s current progress and its plan going forward.
After building a sector record of 4,000 homes last year, L&Q has now released figures for the three months to 31 July, which shows the housing association is increasing delivery again.
L&Q has said it has completed 1,295 homes in the first quarter of the year, up from 1,003 for the same period in 2020/21. Its social housing competitions have also been boosted from 646 to 807, while its market sale delivery has increased from 357 to 488 units.
More Than 4,000 Homes Are To Be Built By L&Q in 2022/23
Figures suggest that L&Q is on track to exceed its housing association sector record-breaking total of 4,157 homes completed in 2021/22.
More than 4,000 homes are said by L&Q to be built in 2022/23, as it is still working on homes that were started when it previously ramped up activity to build 10,000 homes a year.
Since then, it has dropped the 10,000-home target and has scaled-backed delivery due to the need to invest in existing homes. It is expected that its delivery will be levelled out at about 3,000 new homes a year from 2023/24.
Ensuring Safety Is Essential To Good Quality Homes
Group Director of Finance at L&Q, Waqar Ahmed, spoke about how ensuring safety in homes is essential: “Our focus remains on the delivery of our strategic objectives which prioritises investment in safety and the quality of existing homes and services.”
We continue to make strong progress against our building safety inspection programme and have completed safety inspections on 556 buildings including a full intrusive inspection on all 192 buildings that are above 18 metres in height
A surplus after tax of between £260m and £280m is forecasted for the financial year, which would exceed the £208m recorded in 2021/22.