Magna Housing has kept its highest ratings for governance and financial viability following an in-depth assessment by the Regulator for Social Housing.
The regulator carries out in-depth assessments of all housing associations on a four-year cycle. The ratings reflect how well social housing providers are managed and governed (G) and their long-term financial viability (V).
Following its recent assessment, the regulator has once again rated Magna as G1 for governance and V1 for viability, the highest possible ratings, as it did at our last IDA in April 2020.
The ratings mean the regulator considers that Magna meets the standards set for social housing providers. G1 means we are well managed and effectively governed as a business. V1 means we are in a strong financial position to deal with a wide range of challenges, now and in the years ahead.
As part of this IDA, Magna was also one of a small number of housing associations invited to take part in a pilot programme testing the new consumer regulations, which will become part of the IDA process from April 2024. This relates to the standards social housing providers must meet to ensure customers live in quality homes, have choice and protection, and can hold landlords to account.
Selina White, Chief Executive of Magna, said: “We are very pleased to have retained our G1/V1 ratings again following the latest in-depth assessment. This shows we are a financially sound and well-run business that’s in a good place to meet the considerable challenges we and our customers face.
“We also welcomed the opportunity to take part in the consumer inspection pilot. It was a valuable opportunity for us to undergo an early assessment of our capabilities against the new inspection process and to provide feedback to help shape the new regulatory approach.
“I’m grateful to every Magna colleague. It is their hard work and commitment to creating great homes together that is reflected in this positive judgement by the regulator.”
Magna Housing is a medium-sized, forward-looking housing association, providing high-quality and affordable homes to people, mainly across Dorset and Somerset. We own and manage more than 9,000 homes and have a team of about 450 colleagues. Our vision is to create great homes together with our customers and partners.
Find more information about the Regulator of Social Housing’s ratings and what they mean at GOV.UK.