Clarion’s annual turnover has dropped 5% as its development sales revenue plummeted

The 135,000-home housing association, in its financial statement for the year to 31 March, reported turnover of £1.01bn, down from the £1.06bn reported the previous year.

The drop was driven by a fall in income from sales. The group sales income fell from £307m to £220m year-on-year, with open market sales income falling from £157m to £99m and shared ownership income dropping from £150m to £121m. The fall was partially offset by a £28m increase in income from social housing lettings.