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Our Judgement

This judgement concerns an organisation that is designated a for-profit registered provider.Ìý

The registered provider is not at the head of its group. It is a subsidiary organisation within a larger group of connected companies.Ìý

The registered provider is not intended to operate as a standalone entity in the group structure. It requires the ongoing support of related parties to fulfil its functions and / or meet its objectives. The nature of this support is described in this judgement.Ìý

This judgement concerns the registered provider only and does not represent an assessment of the non-registered entities within the group.Ìý

	Grade/Judgement	Change	Date of assessment
Consumer	Ìý	Not assessed yet	Ìý
Governance	G1* Our judgement is that the landlord meets our governance requirements.	Assessed and unchanged	July 2026
Viability	V2* Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.	Assessed and unchanged	July 2026

Reason for publication

We are publishing a regulatory judgement for Sage Rented Limited (SRL) following a stability check completed in July 2026.

This regulatory judgement confirms a governance grade of G1* and a financial viability grade of V2*.

Summary of the decision

Based on the relevant information and evidence we reviewed in carrying out the stability check, our judgement is that SRL meets our viability requirements and has the financial capacity to deal with a reasonable range of adverse scenarios. However, it needs to manage material risks to ensure continued compliance. We have therefore concluded the landlord’s grade is unchanged and issue a V2* grade for SRL.

From the stability check, there is no evidence to indicate a change in governance grade is required. SRL’s governance grade remains G1*.

This regulatory judgement is based on a stability check which does not include an assessment of SRL’s delivery of the outcomes of our consumer standards.

Prior to this regulatory judgement, the governance and financial viability grades for SRL were last updated in July 2025 following a stability check to issue a governance grade of G1* and a financial viability grade of V2*.

How we reached our judgement

We carried out a stability check of SRL as part of our annual stability check programme.

Our judgement about how well SRL is delivering the viability outcomes of our Governance and Financial Viability Standard is based on a review of a range of documents provided by SRL, as well as analysis of information supplied by SRL in its regulatory returns.

In confirming SRL’s governance grade as part of the stability check, our work was limited to verifying that the information contained in SRL’s regulatory returns did not appear inconsistent with its existing published governance grade.

Our stability checks do not assess a landlord’s delivery of the outcomes of our consumer standards.

Summary of findings

Governance – G1*– July 2026

From the stability check, there is no evidence to indicate that a change in governance grade is required.

Viability – V2* – July 2026

Based on evidence gained from the stability check, we have assurance that SRL meets the viability requirements of the Governance and Financial Viability Standard and has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.

SRLÌýneeds to carefully manage a range of exposures associated with its plans for future growth. This includes risks associated with refinancing current and future debt finance and ensuring continued access to debt markets to obtain further funding.ÌýSRLÌýalso requires continued support from its shareholders during this period of growth.ÌýWe have therefore concluded the landlord’s grade is unchanged and remains a V2* forÌýSRL.

Background to the judgement

About the landlord

SRL owns around 6,800 social housing homes across England, with a higher concentration in the South East and Home Counties.

SRLÌýwas registered as a for-profit provider of social housing in December 2019.ÌýSRLÌýis a company limited by shares. Its parent company is Sage Investments SARL, a holding company registered in Luxembourg.

SRLÌýoperates as part of a group of connected registered providers and a management company owned by the same parent, operating as Sage Homes.

Our role and regulatory approach

We regulate for a viable, efficient, and well governed social housing sector able to deliver quality homes and services for current and future tenants. Ìý

We regulate at the landlord level to drive improvement in how landlords operate. By landlord we mean a registered provider of social housing. These can either be local authorities, or private registered providers (other organisations registered with us such as non-profit housing associations, co-operatives, or profit-making organisations). 

We set standards which state outcomes that landlords must deliver. The outcomes of our standards include both the required outcomes and specific expectations we set. Where we find there are significant failures in landlords which we consider to be material to the landlord’s delivery of those outcomes, we hold them to account. Ultimately this provides protection for tenants’ homes and services and achieves better outcomes for current and future tenants. It also contributes to a sustainable sector which can attract strong investment. 

We have a different role for regulating local authorities than for other landlords. This is because we have a narrower role for local authorities and the Governance and Financial Viability Standard, and Value for Money Standard do not apply. Further detail on which standards apply to different landlords can be found on our standards page. 

We assess the performance of landlords through inspections and by reviewing data that landlords are required to submit to us. In Depth Assessments (IDAs) were one of our previous assessment processes, which are now replaced by our inspections programme from 1 April 2024. We also respond where there is an issue or a potential issue that may be material to a landlord’s delivery of the outcomes of our standards. We publish regulatory judgements that describe our view of landlords’ performance with our standards. We also publish grades for landlords with more than 1,000 social housing homes. 

The Housing Ombudsman deals with individual complaints. When individual complaints are referred to us, we investigate if we consider that the issue may be material to a landlord’s delivery of the outcomes of our standards. Ìý

For more information about our approach to regulation, please see Regulating the Standards.

Further information

• Regulating the standards
• Regulatory standards for landlords

Related documents

• Decent Homes Standard