Registered Social Landlords’ (RSLs) overall finances improved in 2024/25 compared to the previous year, but many RSLs continue to face material pressures. These are the main findings of a new report published today by the Scottish Housing Regulator. The report is the Regulator’s annual analysis of RSLs’ audited financial statements.
The report highlights at an aggregate level RSL:
- turnover increased by 9.7% to £2.31 billion, driven largely by a 10% rise in affordable lettings income; and
- operating costs rose by 4.8% to £1.84 billion, with increases across both planned and reactive maintenance.
However, the report also highlights that some RSLs are experiencing cash pressures as weaker operating results and heavy investment commitments continue to impact short‑term liquidity.
Shaun Keenan, Assistant Director of Financial Regulation, said:
“Our 2023/24 analysis showed that RSL finances were becoming increasingly constrained. Our latest analysis indicates that RSLs remain financially resilient, but continuing declines in cash reserves highlight the pressure of rising costs and ongoing investment demands. Overall RSL performance improved in 2024/25 as income grew faster than expenditure and liquidity benefited from new and expanded lender commitments.
“Performance, however, is uneven. Some RSLs are experiencing cash and short term liquidity pressures due to weaker operating results and high investment requirements, and financially weaker RSLs remain more exposed despite strong affordable lettings income.
“Given these pressures, it is vital that RSLs keep business plans under regular review. Strong resource management, effective scenario planning, and clear decision making will be key to maintaining financial stability while protecting affordability for tenants.”
Read our analysis of Registered Social Landlord audited financial statements 2024/25.
Notes to editors
- The Scottish Housing Regulator was established on 1 April 2011 under the Housing (Scotland) Act 2010. Its objective is to safeguard and promote the interests of tenants and others who use local authority and RSL housing services. The Regulator operates independently of Scottish Ministers and is accountable directly to the Scottish Parliament. It assumed its full regulatory responsibilities on 1 April 2012. The Regulator consists of the Chair and seven Board members. More information about the Regulator can be found on its website www.housingregulator.gov.scot
- SHR’s approach to how it regulates social landlords is set out in its current Regulatory framework – Regulation of Social Housing in Scotland.