Social housing providers spent £9 billion on repairs and maintenance in the 12 months to March 2025 – a 13% increase on the previous year, according to the latest quarterly survey published by the Regulator of Social Housing (RSH).

The record levels of investment in existing stock comes as the sector prepares for the introduction of Awaab’s Law in the autumn and an increased regulatory focus on safety and quality issues.

The survey shows this trend is set to continue with the forecast spend for the next 12 months increasing to £9.9 billion.

This continuing focus on improving homes has resulted in a dip in spending on housebuilding. The survey shows the sector spent £13.6bn on new homes in the 12 months to March 2025, compared to £14.4 billion in the year to March 2024.

Over the next year, providers plan to spend a further £14.8bn on development, of which £10.7bn is committed.

Will Perry, Director of Strategy at RSH, said: “Landlords are continuing to build new homes for the future, although spend was lower this quarter as landlords invest record amounts on existing homes. These major investments to improve fire safety, damp and mould as well as other issues are vital for keeping tenants safe in their homes.

“Landlords continue to make trade-offs in response to financial pressures, but investor confidence remains strong and we will continue to support this through our regulation, including these surveys, as well as our inspections and stability check programme.”

Overall, the survey shows the sector to be in good financial health. Lending to the sector remains strong, with £4.3 billion of new finance arranged in the quarter, the second highest level in almost five years.

Available liquidity increased to the highest level in two years, as both undrawn facilities and cash balances increased in the quarter. The level of cash and undrawn facilities would be sufficient to cover the sector’s forecast expenditure on net interest costs (£4.6 billion), loan repayments (£3.5 billion) and net development for the next year (£12.6 billion), even if no new debt facilities were arranged and no sales income were to be received.

The investment in existing and new homes alongside increased debt levels means that the level of aggregate cash interest cover (excluding sales) stood at 82% for the 12 months to March 2025, consistent with the previous quarter, and is forecast to remain restricted at an estimated 65% for the next year.

A total of 75 providers (38%) anticipate reporting an impairment charge in their 2024/25 accounts. This compares to 66 (33%) in 2023/24 and 54 (27%) in 2022/23.

The total anticipated impairment charge is £407 million, of which £276 million relates to social housing assets.