Statement re: RSH Rating

RHP Finance PLC

30 April 2025

 

RHP Regulatory rating to G2/V1 following regulatory judgement - 30 April 2025

RHP has received an updated Governance and Viability rating of G2/V1 from the Regulator of Social Housing. This change relates specifically to an area already of focus for us, improving our responsive repairs service.

Whilst we continue to meet all regulatory requirements and have maintained good overall performance, our revised rating reflects longstanding challenges with our repairs service, which our management team have a comprehensive plan in place to address.

While the full impact of this has yet to be realised, significant groundwork has already been laid. We remain fully committed to delivering the highest standards and are confident that the measures underway will lead to sustained improvements. We have already seen an 8% increase in tenant satisfaction with repairs in our Tenant Satisfaction Measure for 2024/25.

We are working on plans to bring our repairs service in-house by the end of the year, which will increase control, accountability, and service standards. We remain financially strong and focused on delivering high-quality, safe, and sustainable homes, which is recognised by retaining our V1 rating.

Sarah Thomas, RHP's Chief Executive said: "Whilst a downgrade is always disappointing, we accept fully the Regulator's decision and - given self-referral led to the responsive engagement - are pleased that we have already made significant progress against the expected repairs focus. Confirmation in the same judgement of our retained V1 provides evidence of our financial strength to regain G1 and address the repairs issue as soon as possible."

As we progress through 2025/26, we are committed to getting things right and putting residents at the heart of everything we do.

 

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