During the same period, there were 13,964 sales of low-cost rental dwellings, an annual decrease of 25% and the lowest number since 2013-14. Low-cost home ownership sales decreased by 37% to 3,540, the lowest level since 2012-13. Demolitions also saw a 12% increase, rising to 3,625 in 2023-24.

There were 62,289 affordable homes delivered in England in 2023-24, a decrease of 2% on the previous year, but the second highest number since 2014-5. 9,866 new affordable housing completions for social rent also reached the highest level since 2013-14.

John Guest, national head of social housing and partner at RSM UK, said: “The slowdown of social housing sales last year is positive news for supply and will provide registered providers (RPs) with some respite maintaining existing stock and work towards government’s 2030 target for EPC ratings. But, when compared with new affordable housing completions for social rent (9,866), there is still a net loss of social housing sales. RPs therefore continue to face a challenging balancing act of managing tight margins, meeting demand and ensuring quality and safe existing stock.

“However, affordable homes are on the rise with 62,289 delivered in 23-24, the second highest delivery level in the last ten years. This shows things are moving in the right direction and the sector is addressing housing needs and delivering new stock, broadly in line with government’s planning overhaul to deliver 1.5m new homes.”

He added: “There are still some concerns about the viability of building 66,100 affordable each year, especially with incoming increases to employers’ National Insurance contributions which will further squeeze budgets. In order to realise this number, the sector needs more funding and clarity on government’s five-year rent settlement plans. This will provide RPs with greater financial stability and certainty to plan, invest and build confidently to meet government’s targets.”