Saxon Weald was established in 2000, Saxon Weald is a housing association managing approximately 6000 homes across Sussex and Hampshire. Saxon Weald provide affordable rented and shared ownership homes for individuals and families, as well as properties exclusively for the over 55s. Saxon Weald are a not-for-profit company, with the money they make from rents being re-invested in the management, maintenance and building of homes. Saxon Weald is also a registered charity. They are regulated by the Homes and Communities Agency. Saxon Weald also provide homes for market rent and outright sale through our Weald Living brand.
RSH Narrative Regulatory Judgement
Provider: Saxon Weald
Regulatory code: L4299
Publication date: 15 November 2022
Governance grade: G1
Viability grade: V2
Reason for publication: Viability regrade
Regulatory route: Stability Check and Reactive Engagement
Regulatory judgement
This judgement regrades our previous published judgement of Saxon Weald’s viability grade from V1 to V2 and confirms its existing G1 grade for governance.
The regulator has assurance that Saxon Weald is compliant with the financial viability elements of the Governance and Viability Standard and that its financial plans are consistent with, and support, its financial strategy. Saxon Weald has an adequately funded business plan, sufficient security, and is forecast to continue to meet its financial covenants.
Saxon Weald needs to manage a number of material exposures including increased fire safety and energy efficiency costs and additional debt to fund development. It is also more exposed to the housing market arising from increased development of homes for sale. These exposures have a detrimental impact on interest cover and when coupled with the current economic uncertainty in relation to inflation and interest rates, Saxon Weald’s capacity to deal with adverse scenarios is reduced.
The regulator’s assessment of Saxon Weald’s compliance with the governance elements of the Governance and Financial Viability Standard remains unchanged. On the basis of the Stability Check, the regulator has concluded that there is no evidence to indicate a change to Saxon Weald’s current governance grading.
Other providers included in the judgement
None
About the provider
Origins
Saxon Weald is a community benefit society. It was formed to take the transfer of stock from Horsham District Council in 2000.
Its primary business is to build and rent homes for those who cannot afford to buy or rent in the private market and/or those who need additional support to maintain an independent home and lifestyle.
Registered Entities
Saxon Weald is the only registered entity.
Unregistered Entities
There are two unregistered entities within the group structure.
Saxon Weald Capital Plc is a wholly owned subsidiary set up to secure funding from the capital markets to on-lend to Saxon Weald; and
Weald Property Development Limited is a wholly owned non-charitable subsidiary set up to develop homes for open market sale.
Geographic Spread and Scale
Saxon Weald provides social housing in Sussex and Hampshire.
Staffing and Turnover
Saxon Weald has 243 full-time equivalent employees. It reported a turnover of £45m in the year ended 31 March 2022.
Development
Saxon Weald intends to develop a mix of around 750 affordable and shared ownership units over the next five years.
Housing Ombudsman
REPORT COMPLAINT 201915048 Saxon Weald 20 January 2021 Our approach The Housing Ombudsman’s approach to investigating and determining complaints is to decide what is fair in all the circumstances of the […]
REPORT COMPLAINT 202002242 Saxon Weald 19 March 2021 Our approach Under our early resolution process, the Ombudsman works with the resident and landlord to explore the issues in dispute, identify the matters that remain outstanding […]
The complaint concerns the landlord’s application of an age limit to parties wishing to purchase the resident’s property, and whether this is applied fairly to all residents of the housing scheme.
The resident is a leaseholder and owns a flat in a purpose built housing scheme. Their complaint concerns the following issues: The accuracy with which the property and scheme was presented during the sales process, and the accuracy of information provided when purchasing the property. The landlord’s refusal to buy the property back from the resident.