Getting it right for residents
We’re committed to getting the basics right and working with residents to provide the homes and services that they really need.
During the year, we spent a total of £371m looking after residents’ homes, in line with our plans to spend around £2bn over five years. We also invested £10m in community activities. Our rents remain substantially below market levels at an average of £137 a week (annual subsidy of £721m). And nearly 80 percent of our 108,823 homes have an energy rating of EPC C or above.
We completed 1,381 new homes (1,204 for affordable tenures) during the year and have 5,800 homes under construction.
- 108,823 homes in 140 neighbourhoods.
- £371m spent on residents' homes.
- 78.6% of homes rated EPC C or above.
- £10m invested in communities.
- £721m annual rent subsidy.
- 1,204 affordable homes built.
"This last year has been full of challenges, but true to our purpose, we’ve continued to invest over £1m a day for residents, maintaining and improving their homes and providing support in local communities. Looking ahead, we’re committed to a local focus to ensure we offer the right services and support where it’s needed and that every penny we spend, benefits residents.”
Ian McDermott, Peabody Chief Executive.
Financial highlights
Despite challenging economic conditions, we performed strongly, with a turnover of £989m. We prioritised spending on residents’ homes, investing £150m improving their condition and environmental performance and £50m on building safety. And we spent £171m on routine and cyclical maintenance.
During the year, we invested £495m in new homes, completing 1,381, 88 percent of which were affordable rent and shared ownership. At an average of £137 a week, our rents remained substantially below market levels, representing an annual subsidy of £721m.
We're focused on getting the basics right, including providing safe and secure homes, and accessible and easy-to-use services.
The numbers
Group turnover
spent improving and maintaining residents' homes
annual social rent subsidy
Community highlights
During the year, we continued to support more than 26,000 customers with our care and support services.
Through Peabody Community Foundation, we invested £10m in helping local communities become healthier, wealthier and happier. This included giving £200,000 in grants to local organisations, providing more than 48,000 hours of free activities and opening two new community spaces.
We also provided warm clothing, Christmas gifts and food hampers to people in need and now have 29 food pantries helping to remove food poverty across the capital. Almost 2,400 people were referred to our Financial Inclusion team, who helped increase residents’ income by a combined £2.2m.
A new social value weighting for all our new suppliers and contractors (over a certain threshold) generated £12m of benefits to residents, communities and the environment.
Food pantries, like the Darwin Court Food Hub in Southwark (shown here), support residents who are struggling financially. They provide free or discounted food for local people, as well as the chance to boost wellbeing by meeting others.
The numbers
invested in local communities
boost to residents' combined income thanks to advice from our Financial Inclusion team
social value generated through suppliers and contractors
Sustainability highlights
We've increased the energy efficiency of residents’ homes, adding or replacing insulation, windows and boilers to make homes warmer and reduce bills. And we trialled new technology to help improve efficiency and added electric vehicle charging points.
We’re doing what we can to provide affordable homes where people want to live and are leading the regeneration of several estates in and outside London. We’re taking a whole-place approach, looking at more than just buildings. During the year, we improved the biodiversity of local areas by planting trees and cleaning up outdoor spaces. We engaged more residents in sustainable projects, including helping them save money and boost their income. All of this helped improve the health and wellbeing of local people, making communities more sustainable.
Our overall carbon footprint increased due in part to the extra emissions from the increased maintenance work on residents’ homes. We’re working hard to reduce our emissions going forward.
We know the impact we have environmentally, socially and economically matters. That's why creating a sustainable Peabody that's fit for the future, is one of our key priorities.
The numbers
of residents' homes rated EPC C or above
affordable homes built
grant funding to make homes more energy efficient
Looking ahead
We’ll continue to focus on getting the basics right and working with residents to provide targeted support and services in their neighbourhoods. Our local focus will help ensure everything we do benefits residents. The new consumer standards and Tenant Satisfaction Measures will help strengthen our culture of continuously improving and putting residents at the heart of everything we do.
We’ll make sure sustainability – both environmental and social - is foremost in our minds as we move towards our goal of being net zero by 2050. We’ll develop our thinking around sustainable places and do what we can to help tackle the social housing supply crisis. And we’ll work closely with the new government and other partners to address challenges that are holding back growth, such as the acute skills crisis in the built environment industries.
