The directors present their annual report and financial statements for the year ended 31 December 2025.
Environment
HBF has engaged with a range of environmental policy areas impacting residential development.
In relation to nutrient neutrality, HBF contributed to discussions on the development of the Nature Restoration Fund and associated legislative provisions, including engagement with parliamentarians and officials.
On water neutrality, the Government announced changes to Natural England’s advice in West Sussex, removing previous requirements affecting residential development following sustained industry engagement.
Following the implementation of Biodiversity Net Gain in 2024, HBF established a working group and undertook analysis of its initial operation, including the implications for smaller developers, and published findings highlighting ongoing challenges.
HBF also participated in discussions on Building Regulations reform and responded to a range of consultations. The introduction of the Future Homes Standard has been delayed until 2026, although certain policy elements, including requirements relating to solar panels on new homes, were confirmed during the year.
People
HBF continued to support industry activity in relation to workforce, safety and inclusion.
The Health and Safety Group met quarterly during the year, maintaining engagement with the Health and Safety Executive, publishing RIDDOR data and overseeing the work of specialist sub-groups.
HBF’s Equality, Diversity and Inclusion (EDI) Group continued its work to support a more inclusive workforce across the sector, including through the delivery of a second industry conference.
Skills
Skills development remained a key priority during the year. HBF worked with industry partners and CITB on the development of the homebuilding sector plan, which was published in August 2025. HBF also continued to engage with Skills England and the Construction Mission Board to support the delivery and coordination of skills policy.
Training and workforce initiatives continued throughout the year. The NHBC Masterclass programme reached a significant milestone, having delivered training to more than 15,000 delegates. During the year, the Trade Masterclass series was expanded to include Dry Lining, supported by CITB funding and delivered by experienced NHBC Building Inspectors.
Further initiatives, including Women into Home Building and Partner a College, continued to support recruitment and workforce development across the sector. The Future Talent Conference, held in February 2025, brought together trainees, graduates and apprentices to support early career development.
HBF also continued its work with NHBC and CITB on the training hub programme.
Communication and political engagement
HBF maintained a comprehensive programme of engagement with political stakeholders, members, media and the wider public.
Political engagement remained a key focus, with HBF engaging with parliamentarians across all parties through meetings, roundtables and formal inquiries. HBF also hosted and participated in events at the Conservative and Labour Party conferences and attended Reform UK’s conference.
Members were supported through a range of communication channels, including webinars, briefing documents, statistical updates and the HBF Explains series.
HBF secured media coverage across national, regional and trade outlets and maintained an active presence across broadcast and digital channels to represent the industry’s position.
A programme of reports and research was delivered throughout the year, providing analysis of housing delivery, affordability and policy impacts. These publications received significant engagement from policymakers, media and other stakeholders.
New Homes Week 2025 involved participation from over 100 organisations, including more than 70 HBF members, and provided an opportunity to highlight the economic and social contribution of the home building sector.
HBF
HBF continued to represent private homebuilders in England and Wales, with total membership of 451 at the end of 2025, comprising of 256 full members and 172 associate members.
A revised brand identity was implemented in March 2025. The rebrand reflects the evolution of both the organisation and the sector and supports HBF’s role as a representative body for the industry.
Changes to Board composition took place during the year. John Tutte (Bellway), David Thomas (Barratt Redrow) and Steve Midgley (Fairgrove Homes) stepped down from the Board. Dean Finch (Persimmon Homes), Greg Hill (Hill Group) and Mark White (Bargate) were appointed during the year. The Board continues to provide strategic oversight and governance of the organisation.
Other policy areas
Landfill Tax
HBF responded to Government consultation on proposed changes to Landfill Tax, including the proposed removal of the lower rate. Analysis indicated that the changes could have resulted in significant additional costs to development. Following industry engagement, the Government confirmed that it would not proceed with the proposal, although future rate increases will continue to impact the sector.
First-time buyers
HBF continued to engage with policymakers on support for first-time buyers, including proposals for a new equity loan scheme. No new measures were announced during the year.
SMEs
HBF undertook a range of activity to represent the interests of small and medium-sized developers. This included targeted research, stakeholder engagement and events, including roundtables with Government representatives and industry participants, to highlight barriers to growth and delivery.
London
Housing delivery in London remained a significant concern during the year. HBF published its ‘Mind the Gap’ report, setting out key challenges and potential interventions. The Government subsequently announced measures aimed at addressing declining levels of housing starts and completions.
HBF also convened a roundtable involving industry participants, housing associations and senior officials, including the Housing Minister and representatives from MHCLG and the Building Safety Regulator.
Mayoral elections and devolution
In advance of the May 2025 mayoral elections, HBF published a manifesto outlining proposals to support housing delivery at a regional level, including the adoption of Spatial Development Strategies.
HBF continued to engage with Metro Mayors and Combined Authorities throughout the year, facilitating dialogue between members and regional decision-makers. The Government also published proposals for a new devolution framework, to which HBF responded.
Home owner satisfaction surveys
The results of the 2025 Customer Satisfaction Survey were published in March, indicating that 94% of buyers would recommend their builder. Changes to the methodology for future star ratings were also confirmed, with ratings to be based on responses to two questions across both the eight-week and nine-month surveys.
New Homes Quality Board (NHQB)
HBF continued to provide industry input into the work of the New Homes Quality Board. The Government indicated progress towards establishing a statutory body, including a single consumer code and ombudsman scheme. HBF remains supportive of these proposals.
Housebuilder Media
Housebuilder Media Limited (“HBM”), a wholly owned subsidiary of HBF, continued to operate as a business media provider to the residential development and regeneration sector. Its activities include the publication of Housebuilder magazine, digital content and the delivery of industry events and awards.
Trading performance during 2025 was mixed. Advertising revenue was strong in the early part of the year but softened subsequently, reflecting wider market conditions. Display advertising income declined slightly on a year-on-year basis.
In contrast, events activity performed strongly, with a number of events exceeding prior year revenue, including the HBF Policy Conference, HBF Golf Day and Housing Market Intelligence event. The Housebuilder Awards 2025 achieved record performance, generating revenue in excess of £400,000 and attracting more than 700 attendees. The reintroduction of a winter event for housebuilders also contributed positively to overall performance.
Overall, however, the extra revenue exceeded extra expenditure and 2025 proved to be more successful for Housebuilder Media than expected, and ahead of 2024, delivering a profit after tax of £216,720 (2024: £170,805).
Finances – HBF Group
The Group reported a surplus after tax of £215,855 (2024: £198,268). Consequently, our reserves increased to £5,373,910 (2024: £5,158,055) with a cash balance increase to £5,513,845 (2024: £5,293,404). This includes member subscriptions for 2025 paid prior to the year end of £553,871 (2024: £511,054) as well as ringfenced funds which include amounts provided by members to fund designated projects of £262,158 (2024: £244,169).
The results for the year are set out on page 10.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the group will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Home Builders Federation Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The directors' report has been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £865 (2024 - £27,463 profit).
Home Builders Federation Limited (“the company”) is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered office is HBF House, 27 Broadwall, London, England, SE1 9PL.
The group consists of Home Builders Federation Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Home Builders Federation Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Home Builders Federation Limited
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents subscription fees payable by members calculated on a subscription year basis (which coincides with the Company's financial year). Where a member joins part way through a year, the subscription is pro-rated.
Turnover is recognised in the year in which the membership services are provided. Where turnover is received in advance for a subsequent subscription year, a suitable adjustment to creditors is made to show this as deferred income.
Housebuilder Media Limited
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.
The Company recognises turnover when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of turnover can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below:
(i) The Company publishes a magazine entitled Housebuilder 10 times each year. The magazine is made available free of charge to members of the Home Builders Federation and the National House Building Council and both these organisations pay subscriptions for this service. Individuals can also purchase subscriptions to the magazine.
(ii) In addition to subscription income, the Company also sells advertising space in the magazine.
Turnover from both subscriptions and advertising is recognised in the year in which the magazines are published. Any turnover received in advance of future subscriptions and advertising is deferred until the service is provided.
(iii) The Company also organises conferences and other events throughout the year and revenue is raised by the sale of tickets and via third party sponsorship.
Turnover from conferences and events is recognised in the year in which the event takes place.
(iv) Finally, the Company derives turnover from the sale of advertising on its website.
Turnover is recognised in the year in which the advertisement is placed. An appropriate adjustment is made for any turnover for advertising space that straddles the Company’s financial year end.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Related party transactions
The group and company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the group financial statements.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
It has been deemed by the directors that there are no judgements or key sources of estimation uncertainty recognised within the financial statements.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Details of the company's subsidiaries at 31 December 2025 are as follows:
The registered office of all entities listed above is HBF House, 27 Broadwall, London, SE1 9PL.
During the year, HBF Insurance PCC Limited was dissolved.
Cash and cash equivalents at 31 December 2025 includes £228,593 (2024: £220,337) paid by members to fund specific projects and is therefore restricted in use.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The Group and the company operate a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the Group and the company, in an independently administered fund. The pension cost charges noted above represent contributions payable by the Group. The pension costs payable by the company amounted to £222,797 (2024: £237,825). Contributions totalling £27,800 (2024: £29,599) for the Group and company were payable to the fund at the balance sheet date.
The company is a private company limited by guarantee and consequently does not have share capital.
Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
Included within creditors at the balance sheet date is an outstanding balance of £Nil (2024: £19,208) payable to an entity which has trustees in common with the directors.