The Regulator of Social Housing (RSH) has published its 2025 Global Accounts providing a financial overview of private registered providers of social housing for the year ending 31 March 2025. The report found that total spend on repairs and maintenance increased 13% to reach £10bn, of which £3.9bn was capitalised, while landlords spent £14.2bn on development and delivered 54,000 new social homes. Investment in existing homes is forecast to average £10.9bn per annum over the next five years, though these plans may be affected by the availability of grant funding for cladding replacement, the implementation of Awaab's Law and consultations on a new Decent Homes and Minimum Energy Efficiency Standard. The sector agreed new facilities of £12.3bn and reported undrawn facilities of £30.6bn in March 2025. Operating margins showed marginal improvement for the second consecutive year to reach 17.3%, while the sector's underlying surplus increased from £1.6bn in 2024 to £1.9bn in 2025. The analysis covers 200 large private registered provider groups owning or managing at least 1,000 social homes, representing more than 96% of the sector's stock.