The Regulator of Social Housing (RSH) has published its 2024 Global Accounts, revealing significant financial pressures on social housing providers. The sector has invested heavily in existing homes, spending a record £8.8bn on repairs and maintenance, a 13% increase from the previous year. While development spending rose to £15bn, delivering 54,000 new social homes, providers face difficult trade-offs between financial resilience and investment. The sector's operating margin stabilised at 17%, but cash reserves decreased for the third consecutive year. Forecasts indicate reduced development ambitions, with 42,000 fewer homes projected over the next five years, while annual repair and maintenance spend is expected to reach £10bn. The RSH emphasises the need for providers to monitor risks closely as financial challenges intensify.