Making a lasting difference

Annual Report and Accounts 2018

In June 2017 Peabody and Family Mosaic merged to become one organisation. We are now responsible for 55,000 homes in and around the capital. We build great quality places and will develop more than 2,500 new homes each year.

Our mission is to help people make the most of their lives by providing great quality affordable homes, working with communities and promoting wellbeing.

Download the full report


£6.3bn Total Group assets (2017: £6.1bn)
£175m Surplus (2017: £180m)
£2.7bn Committed debt funding (2017: £2.4bn)
£609m Total Group turnover (2017: £558m)
A3 Credit rating (2017: A3)
31% Gearing (debt: assets at cost) (2017: 32%)
£0.9bn Development pipeline (2017: £0.8bn)
£250m Significant investment in new homes
£2.5bn Unused property security (2017: £2.6bn)
G1,V2 Regulatory rating (2017: G1,V1)
£1.3m Employment and apprenticeships investments (2017: £1.3m)
£68m Investment in existing homes
982 Jobs and apprenticeship opportunities secured
£6.9m Value of investment in Peabody Community Foundation
98% Customer satisfaction with care and support services
17,500 Customers supported via care and support services

Leadership’s view

Delivering our shared social purpose and helping more people in housing need was at the heart of our decision to merge.

Lord Kerslake Chair

The new Peabody stands out from the crowd because it strives to do things differently to make the biggest difference for our residents and for our communities.

Brendan Sarsfield Chief Executive

The financial performance for 2018 is an especially strong result, against a backdrop of continued rent reductions and upfront merger costs.

Susan Hickey Chief Financial Officer

Our business at a glance

Our homes

Peabody owns and manages over 55,000 homes across London and the South East. Most of our 110,000 residents live in London, predominantly in the inner boroughs – such as Islington, Greenwich and Hackney – with diverse and growing populations. But our portfolio is actually spread across 29 of the capital’s boroughs. Outside of London, we have a significant number of homes in Essex, including many sheltered and supported properties, which sit within our subsidiary, Peabody South East.

Our development strategy

We help tackle London’s housing crisis through our growing development pipeline. We seek to deliver 2,500 new homes per year from 2021. We are not driven to grow for growth’s sake; our growth has purpose. We are committed to providing more affordable homes to help the most vulnerable and those in housing need.

We aim to build a third of our homes for market sale, a third for shared ownership and intermediate rent, and a third for low rent. That means we will be delivering an additional 6,000 new affordable homes by 2021.

Number of properties

  • 5,000+
  • 1,000 - 5,000
  • 500 - 1,000
  • 250 - 500
  • 1 - 250

Our core services


The essence of our strategy is to provide modern, responsive, cost-effective services that are fit for purpose in the 21st century.


Our communities are an integral part of our mission. Our ambition is to create communities that are healthier, wealthier and happier.

Care and support

Co-production of support services ensures we are focused on issues that matter most to our customers.

Our business model

What we do

We help people make the most of their lives by providing great quality affordable homes, working with communities and promoting wellbeing.

What sets us apart

We put the most vulnerable first

We create great places, where people want to live

We build resilience in people and communities

Our inputs

Financial resouces

We are an efficient organisation delivering a profit/surplus of £175m which we reinvest in homes and communities.

Physical resources

We have an asset base of £6.3bn and own 55,700 homes across London, the East and South East.

Our people

We have 3,100 employees.

Our know-how

Our experienced leadership team is well respected among our stakeholders.

Our relationships

We have strong relationships with a wide range of stakeholders, and are trusted to deliver our promises. Our strong resident scrutiny provides our customers with opportunities to shape our services.

How we create value

Market sales*


Market rents*


Social housing operations




What we do with the value we create

Build many more affordable homes for rent and shared ownership

Deliver the services that will support our residents’ and customers’ wellbeing and make the most of their lives

Invest in our existing homes to ensure they remain great places to live

The value we share

  • Customers

    We invested £250m1 in developing new homes, £68m in maintaining our existing homes and communities and £6.9m in supporting residents through Peabody Community Foundation.

  • Investors

    We provide our investors with a stable ROI, achieved through our long-term approach and investment in our assets.

  • Suppliers

    We develop mutually beneficial partnerships to offer the most value to our customers.

  • Employees

    We offer a great place to work and invest in our people, focusing on developing a diverse organisation at every level.

  • Government

    We have a strong relationship with the main political parties and are a trusted and credible advisor. We campaign and influence on issues that are most important to our customers.

1 Defined as fixed asset additions plus movement in stock.
* Percentages are based upon sales divided by turnover.

Our strategy at a glance

Our strategy in action

Develop and deliver reliably good modern services

It’s wonderful, it’s beautiful. It’s everything the way I want, you know. I’ll never see a place so spotless and clean.

Anna Warren Tenant, Hammersmith Estate
Build and maintain the best quality developments

It’s new, it’s lovely. It’s a new flat. There are shops and parks. I feel safe and I like everything here.

Claudia Diaz Tenant, Parkside
Work with local communities and build long-term partnerships

I don’t know what would have happened without this help. People my age don’t like asking for help but I was amazed to find it was available. I have absolute peace of mind now and I really don’t know what I would have done without it.

Joyce Joyce Tenant and user of STEPS
Grow and use our position of influence to create positive change

I really enjoyed having our meetings here. I liked having someone to talk to about my health.

Dann Sucharoen Tenant and participant of the Health at Home project