SNG was formed in October 2023 from the merger of Network Homes and Sovereign. We’re one of the largest housing associations in the UK, with over 84,000 homes and 210,000 customers across the south of England, including London.
We have a clear purpose to provide good, affordable homes: the foundation for a better life, and a vision of thriving communities, over generations. Our expectations for good quality homes are reflected in our Homes and Place Standard. Our size and geographic breadth means we own a diverse range of homes offering stability alongside growth potential.
SNG will have an annual income of over £800m in 2024-25 and will invest £8.5bn over the next 10 years, building 25,000 new homes, as well as regenerating estates and improving the quality of existing homes. A new Community Foundation is also being established which will invest £100m over a ten-year period.
To achieve our commercial and social goals, we need a diverse range of funding which is cost-effectively structured to provide the necessary funds and maintain liquidity. This includes an appropriate mix of bond and bank finance.
We've published our first corporate plan [pdf, 3MB] 
covering the period to 2026.
Sovereign Network Group
Regulator of Social Housing: G1/V2
Moody's: A3 (Stable)
S&P Global Ratings: A- (Stable)
- Moody's Credit Opinion Report October 2024 [pdf, 114KB]
- S&P Global Ratings report November 2024 [pdf, 148KB]
Sovereign Network Homes (until April 2025)
Regulator of Social Housing: G1/V2
We measure our performance against the new Tenant Satisfaction Measures (TSMs), introduced by the Regulator of Social Housing (RSH) in April 2023 as part of the Consumer Standards.
Please note: because Sovereign Housing and Network Homes merged partway through the 2023/24 financial year, our first set of results combine two slightly different methods - see the 'Summary of our survey approach' section on the webpage.
Our value for money framework sets out how we define, deliver and demonstrate VfM through everything we do at SNG. Our definition is simple: maximising the impact of every pound to deliver our corporate plan.
We have agreed measures and targets for VfM which are aligned to our financial plans. The targets for 2024/25 are set out below and progress against those targets is reported bi-annually to our Board and through our annual report and accounts published on our website. Our Value for Money performance for 2024/25 is set out on page 21 of our Annual Report [pdf, 30MB] .
The most recent value for money statements for Sovereign Housing and Network Homes are available below:
Sovereign Housing Value for Money Statement [PDF, 1.88KB]
Network Homes Value for Money statement [PDF, 13MB] (Refer to page 15 of Network Homes' Financial Statements 2023)
Our value for money framework sets out how we define, deliver and demonstrate VfM through everything we do at SNG. Our definition is simple: maximising the impact of every pound to deliver our corporate plan.
We have agreed measures and targets for VfM which are aligned to our financial plans. The targets for 2024/25 are set out below and progress against those targets is reported bi-annually to our Board and through our annual report and accounts published on our website.
| VFM Financial Measures | SNG Actuals 2023-24 | SNG Target 2024-25 |
| Reinvestment - Investment in properties (existing homes as well as new supply) as % of the value of total properties held. | 7.8% | 8.96% |
| New Supply (Social) - New social housing properties as % of homes owned in the period. Social housing includes social rent, affordable rent, low cost homeownership (shared ownership). | 2.3% | 2.3% |
| New Supply (Non-Social) - New non- social housing properties as % of homes owned in the period. Includes homes for market rent or sale. | 0.0% | 3.3% |
| Gearing (Housing at Cost) - Debt to asset ratio comparing cash and financing balances against the value of properties held. | 46.9% | 52.63% |
| EBITDA MRI Interest Cover - Earnings before interest, tax, depreciation and amoritisation, with major repairs included divided by the total interest payable on loans. | 104.3% | 111.3% |
| Headline Social Housing Cost per unit - Total spend on management, maintenance, major repairs and other social housing costs divided by the total number of properties. | £5,081 | £5,561 |
| Operating Margin (Social Housing Lettings) - Measures the amount of money left over from rental income after the main costs of running the business have been deducted as % of overall turnover. Social housing lettings only. | 23.6% | 24.7% |
| Operating Margin (Overall) - Measures the amount of money left over from rental income after the main costs of running the business have been deducted as % of overall turnover. | 21.1% | 21.0% |
| ROCE - Return on capital employed compares the operating surplus to total assets less current liabilities. | 2.6% | 2.7% |
SNG has a clear social and environmental purpose to provide homes that people love over generations. Over 90% of our homes we provide are for people who aren’t able to afford to rent or buy privately, and we have a clear strategy to reduce the environmental impact of homes so they can be enjoyed by future generations.
Over 70% of SNG's stock is at EPC C or above, with a delivery plan to increase this to 100% in advance of the Regulatory requirement of achieving this by 2030. Our primary target, which follows years of research and assessment of our properties, is to improve all of our properties to EPC B+, creating an operationally net zero carbon housing portfolio by 2047.
We are a social purpose organisation and investment in our communities is core to our strategy. We are creating a community foundation to invest over £100m of external and internal funding over the next 10 years.
SNG will remain well governed, retaining its G1/V2 ratings previously held by both Sovereign and Network Homes.
You can find some key SNG reports and links below:
- SNG's first Impact and Sustainability report for 2023/24 [pdf, 4MB] .
- SNG's first Environmental Sustainability strategy [pdf, 4MB] - designed to integrate consideration of the planet and nature into everything that everyone at SNG does.
- Visit our related Sustainability and social impact webpage.
2023 ESG reports for Sovereign Housing and Network Homes are also available:
- Sovereign Housing ESG report [pdf, 3MB] (We also engaged with Inspired ESG to measure our energy usage, associated emissions, energy efficiency actions and energy performance for 2022-23: Streamlined Energy and Carbon Reporting (SECR) [PDF, 4MB] and help us compile our Carbon Balance Sheet for the 2022-23 year [PDF, 3MB] ).
- Network Homes ESG report [pdf, 11MB]
Sustainable Finance Framework
Sovereign and Network Homes both have a Sustainable Finance Framework and these are aligned. The categories represent tangible and effective investment areas which are core to our sustainability strategy and the focus of our service delivery.
SNG (formerly Sovereign Housing Association)
Sustainable Finance Framework [pdf, 11MB] - updated following the merger to reflect the new Sovereign Network Group and latest information in the 2023 Sovereign Housing ESG report [pdf, 3KB] .
Second Party Opinion report [pdf, 476KB] - provided by Sustainalytics and their opinion is that Sovereign's Sustainable Finance Framework is both credible and impactful.
SNG (formerly Network Homes)
Network Homes Sustainable Finance Framework [pdf, 4MB]
Breakdown of allocations
Treasury
Sovereign Network Group annual report and financial statements 2023/24 [PDF, 30MB]
You can also read more about our operational and financial performance in our quarterly update [PDF, 125KB] .
Previous annual reports
- Find previous Sovereign Housing and Network Homes annual reports on our Publications page.
Previous quarterly performance updates
- Quarterly performance update Q1 2024/25 [pdf, 860KB]
- Quarterly performance update Q4 2023/24 [pdf, 236KB]
- Quarterly performance update Q3 2023/24 [pdf, 225KB]
- Quarterly performance update Q2 2023/24 [pdf, 155KB]
Investor roadshow
- SNG held an Investor Roadshow [pdf, 6MB] in Q3 for current and prospective investors to provide an update on our performance and discuss our strategy.
Sovereign Housing Capital plc, a wholly owned subsidiary of the Registered Provider (RP) Sovereign Housing Association Ltd has issued Medium Term Notes (MTN) as follows:
| Date issued | Maturity Date | Issued Amount | Coupon | Interest paid | Date |
|---|---|---|---|---|---|
| 2009 | 2039 | £175m | 5.705% | Semi-annual | 10 September / 10 March |
| 2012 | 2043 | £250m | 4.768% | Semi-annual | 1 June / 1 December |
| 2019 | 2048 | £375m | 2.375% | Semi-annual | 4 May / 4 November |
| 2024 | 2057 | £400m | 5.5% | Semi-annual | 24 Jan / 24 July |