Blackstone’s Sage Homes posts record first-half

Sage Homes, Blackstone’s affordable housing company, has posted a record start to the year, exchanging on 1,847 homes in the six months to 30 June and agreeing 1,061 lettings to people on council waiting lists. Full-year results for 2021 saw a £9m profit, following a £25.9m loss a year earlier. Turnover of £174m was up by 85% on 2020.  Sage invested £547m over the year to deliver 3,287 homes in 2021 – a 52% increase on 2020 – across 179 sites. It increased the number of lettings by 92% to 1,818 and the number of shared-ownership homes sold by 85% to 1,404. The company plans to deliver 30,000 homes by 2030. It said highlights during the year included the company being granted strategic investment partner status by Homes England, and securing £73.5m of grant funding to deliver 1,750 new affordable homes, 413 of which have been delivered.  The company also became an investment partner to the Greater London Authority to deliver projects such as Barnet Council’s Upper and Lower Fosters estate regeneration. Chief executive Mark Sater said: “Our strong financial and operational performance and continued investment has helped deliver a record number of high-quality new sustainable homes for Sage Homes.”    To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews