The combined interest cover of registered providers in England will not return to 100% for another three years, according to the Regulator of Social Housing (RSH).

In its annual sector risk profile publication RSH said the financial performance of RPs fell again in 2024/25 as it has every year since 2018/19.

Registered providers’ EBITDA-MRI cash interest cover, which effectively measures how many times a providers’ operating cash can cover its interest payments, fell to 91% in 2024/25. A figure of less than 100% means a provider is not generating enough cash from its core operating activities (after accounting for major repairs investment) to cover its interest payments and is therefore seen as unsustainable in the long-term as it could present challenges around viability and liquidity. Some housing associations have been scaling back development, which involves taking on debt, in order to improve their interest cover ratio.