Grainger 'in strong position' after income boost

A residential landlord says it is “in a strong position to deliver further growth” amid a “favourable political environment” after seeing income rise.

Grainger is cheering double digit rental income growth after adding more than 1100 properties to its nationwide portfolio.

And the Newcastle-headquartered operator says it is primed to maintain its trajectory with the promise of future Government action complementing existing high wages and “healthy” affordability. 

According to a trading update for the year to September 30, the business enjoyed total like-for-like rental growth of 6.3 per cent, with bosses revealing its portfolio is 'fully let' with occupancy of 97.4 per cent.

Officials also revealed the company – which completed new schemes in Birmingham, Bristol, Cardiff and London during the year – generated £274 million from sales of “non-core assets”, which they say will support growth plans and balance sheet preservation.

Helen Gordon, chief executive, said: “Our growth is supported by our rapidly growing portfolio, with over 1100 homes added this year and a pipeline which will double our rental income when compared with the 2023 financial year.

“Rental growth in the 2025 financial year will be underpinned by continuing high levels of wage growth throughout the UK, particularly in our target customer demographics and geographical locations.

“Explicit confirmation by the Government that it opposes rent controls is welcome. 

“The proposals to reform the planning system, to stimulate housing supply and raise standards in the rental market, is equally welcome and aligns to our strategy and existing standards.

“As we enter a new financial year, we are in a strong position to deliver further growth.”

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