Peabody Trust reports £1.03bn turnover amid challenging financial climate

LONDON - Peabody Trust, one of the UK’s largest housing associations, reported a turnover of £1.03 billion for the year ended March 31, 2025, up from £989 million in the previous year, according to its annual financial report published Wednesday.

Despite the revenue increase, the housing provider saw its operating surplus decline to £220 million from £244 million a year earlier, reflecting what the organization described as "one of the most difficult financial climates for many years."

The group invested £431 million in housing during the fiscal year, allocating £200 million to repairs and routine maintenance and £231 million to improvements. Additionally, Peabody spent £336 million to build 1,010 new homes, of which 626 were designated for social or affordable rent.

Peabody’s average weekly rent stands at £147, which the organization states is £59 million below the government’s target social rent and approximately one-third of private sector rental rates. This pricing strategy results in an annual rent subsidy of £1.1 billion, according to the report.

The housing association reported modest improvements in resident satisfaction metrics, with overall satisfaction among renters rising to 58.7% from 57.7% in the previous year. Satisfaction with repairs increased to 64.1% from 62.6%.

Energy efficiency improvements continued across Peabody’s housing stock, with 81.7% of homes now rated EPC C or above, compared to 78% in 2024. The average Standard Assessment Procedure rating improved to 74.52 from 73.71.

The group also invested £9 million in community projects through its Peabody Community Foundation, supporting activities attended by 30,000 people and providing 65,000 hours of free sessions.

Peabody’s financial report was released alongside its Residents Review and Resident Engagement Impact Report, based on a press release statement issued by the organization.

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