RHP Group: Sector leading operating costs
Last week Housemark published an ‘enhanced’ version of the Homes and Communities Agency’s global accounts cost analysis.
The Global Accounts provide an annual overview of the housing sector’s financial status and is based on analysis of the regulatory financial returns and statements that are submitted by private registered providers managing or owning 1,000 or more homes.
This data shows that RHP has the third lowest total operating cost per unit of £3,424 out of any organisation in the list that has over 50% of its operations in London.
This builds on the positive news the West London housing provider received late last year in which Standard and Poor’s reaffirmed their AA- credit rating – making it the joint highest in the sector.
In April 2016 RHP launched the UK’s first digital-only housing service, RHPi to new customers and has consulted with existing tenants on extending the service to them later this year. Designed to lower cost whilst also improving service, the savings will help RHP to reduce further its management cost per unit from current levels. It will also help the organisation invest £250M over the next eight years in providing new affordable homes.
Phil Day, RHP’s Executive Director of Finance comments:
“The published information again shows the wide variation in costs amongst providers and is based upon published figures to 31 March 2016. RHP expects to demonstrate further significant cost per unit reductions in 2017 and again in 2018 as we realise the benefits of our digital service delivery model, the changes to our repairs service and begin to increase the number of new homes we deliver.”