The rating is the highest a housing association can receive from the Regulator, with G1 representing the highest standards for governance and V1 the highest standards for financial viability.
The IDA outcome confirms that the regulator is fully assured Platform’s financial plans support its financial strategy and has confidence in the way it is managed and governed.
The IDA is the first Platform has had since its creation in 2019.
Elizabeth Froude, the group’s chief executive, said: “It is really positive news that the Regulator has recognised the focussed way in which we have restructured both our board and our executive team, providing strong skills and expertise aligned to our new corporate strategy.
“We are absolutely delighted with the result. It demonstrates that Platform is in great shape to deliver our ambitious strategic plans, as well as maximising any additional forthcoming opportunities and challenges for the benefit of our customers.
“The increase in our housebuilding programme, whilst maintaining a clear commitment to high levels of affordable homes, reduction in our operating costs, and the funding we’ve attracted – including our Homes England strategic partnership and the £350m raised through the bond market – have all helped to achieve this.
“We continue to drive forward on delivering all the aims of our merger and can clearly demonstrate that we are making good progress.”
Over the next five years, Platform Housing Group aims to build around 12,000 new homes, improve the energy efficiency of many more homes to alleviate the fuel poverty burden on residents, and deliver services that support the health and wellbeing of its customers.
Froude added: “Platform Housing Group is highly committed to continuous improvement in all the services we deliver.
“However, we can’t do this alone, hence why we value the calibre and professionalism of our people, the strength of our stakeholder partnerships, and the unwavering commitment of our involved customers to achieve all that we do.”
Platform Housing Group owns around 46,000 homes in total, a figure which includes the 1,448 homes completed 2019/20 at an investment of £258m.
Image: Worawee Meepian/Shutterstock
Are you a social housing professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.