Islington & Shoreditch Housing Association (ISHA), which owns around 2,500 homes across six London boroughs, has moved from ‘G1’ to ‘G2’ by the Regulator of Social Housing (RSH) following an in-depth assessment.
It now has a G2/V1 rating, which is still compliant with regulatory standards.
In 2016, an independent review of ISHA’s health and safety compliance recommended “the need for clear policies and action plans” to meet standards, “most notably regarding fire safety and asbestos management”, according to the regulatory judgement.
The regulator commented that the landlord has “demonstrated that it is making progress” to maintain compliance, but had not provided clear evidence “that the board has maintained sufficient oversight or received sufficient assurance of the control of health and safety risks”.
First Choice Homes Oldham (FCHO), an 11,500-home stock transfer association, and Connexus Housing, which has around 10,000 units, were both downgraded from ‘V1’ to ‘V2’ for viability.
The RSH cited forecast declining surpluses from social housing lettings in its judgement of FCHO and warned of increased risks from Connexus’ plans for a “significant increase in debt-funded development”, including a chunk of homes for market sale. A V2 rating means an association is still compliant with regulatory standards.
Cambridge Housing Society (known as CHS Group) and Nehemiah United Churches Housing Association were also moved down to V2. The regulator said increased development programmes were behind both regrades.