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Bromford plans to build more than 3,000 affordable homes over the next five years, at a time when housebuilding has slumped to its lowest level in 24 years nationally.

Its latest financial accounts highlight ambitions to help ease the UK’s housing crisis by building 3,132 homes across central England by 2020/21. In the last financial year Bromford started building 727 new homes, its highest level for four years, and its overall investment in new homes increased from £44m in 14/15 to £50m in 15/16.

Bromford’s drive to build more new homes comes as official figures show the number of affordable homes being built in England has dropped to its lowest level since 1991/92. A total of 32,110 new affordable homes were built last year which is less than half the 66,600 built the previous year.

The social enterprise has been buoyed by strong financial performance which show a record surplus of £57m recorded in 2015/16 while its core operating margin increased to 43 per cent, the fourth strongest in the sector.

Financially strong

Director of new homes, Alex Dixon, said:

The UK’s housing shortage is unfortunately showing no signs of abating and that is why financially strong organisations like Bromford have a central role to play in maintaining and improving our efficiency to maximise the cash available to invest in new and existing homes and services. Our aim is to ultimately provide customers with homes they can be proud of, in desirable locations, which will create sustainable communities benefiting not just Bromford customers but wider society too.

The new homes started in 2015/16 include a mixture of affordable homes, shared ownership and supported housing. Around 20 per cent of the completed homes were built by Bromford’s in-house construction team.

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