Yorkshire Housing has reported it has narrowly failed to hit its build targets for 2024/25 due to construction delays and increased borrowing costs.

The 19,000-home landlord, in its annual financial statement said it completed 508 homes in the year to 31 March. This was down on the 689 completed the previous year. The total was equivalent to 2.53% of its social housing stock, missing its target of 2.75%.

The housing association said it hadn’t “quite met” its targets this year for the delivery of new homes”, with increased borrowing costs a significant factor.

The group’s total interest and financing costs increased by £856,000 year-on-year, while the amount payable on bank loans rosed by nearly £3m to £29.6m. The average rate used for interest capitalised increased from 4.05% in 2024 to 6.07% in 2025.