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Our Judgement

	Grade/Judgement	Change	Date of assessment
Consumer	C1 Our judgement is that overall the landlord is delivering the outcomes of the consumer standards. The landlord has demonstrated that it identifies when issues occur and puts plans in place to remedy and minimise recurrence.	First grading	July 2026
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 Vico Homes Limited (Vico Homes) following an inspection completed in July 2026.

This regulatory judgement confirms a consumer grade of C1, a governance grade of G1 and a financial viability grade of V2.

Prior to this regulatory judgement, the governance and financial viability grades for Vico Homes were last updated in January 2026 following a stability check and responsive engagement to confirm a G1 grade for governance and a V2 regrade for financial viability. This is the first time we have issued a consumer grade in relation to this landlord.

Summary of the decision

From the assurance gained during the inspection, based on the evidence provided by Vico Homes, we have concluded that overall Vico Homes is delivering the outcomes of the consumer standards. Based on this assessment, we have concluded a C1 grade for Vico Homes.

Our judgement is that Vico Homes meets our governance requirements. Vico Homes has provided evidence to demonstrate the effectiveness of its governance arrangements and that it continues to effectively manage the risks of its activities, allowing it to deliver its strategic and charitable objectives. Based on this assessment, we have concluded a G1 grade for Vico Homes.

Our judgement is that Vico Homes meets our financial viability requirements. It continues to meet covenant requirements, has capacity to manage a reasonable range of adverse scenarios and has access to sufficient liquidity. However, in addition to increasing investment in its existing homes, Vico Homes has significantly increased its growth plans, and this has reduced its capacity to respond to adverse events. Based on this assessment, we have concluded a V2 grade for Vico Homes.

How we reached our judgement

We carried out an inspection of Vico Homes to assess how well it is delivering the outcomes of the consumer standards and meeting our governance and financial viability requirements, as part of our planned regulatory inspection programme. During the inspection, we considered all four of the consumer standards: Neighbourhood and Community Standard, Safety and Quality Standard, Tenancy Standard, and the Transparency, Influence and Accountability Standard.

During the inspection we observed a board meeting and tenant scrutiny meeting, spoke with tenants, held meetings with Vico Homes including its non-executive directors, interviewed staff, and reviewed a wide range of documents provided by Vico Homes.

Our regulatory judgement is based on all the relevant information we obtained during the inspection as well as analysis of information supplied by Vico Homes in its regulatory returns and other regulatory engagement activity.

Summary of findings  

Consumer – C1 – July 2026

In relation to the Safety and Quality Standard, Vico Homes provided evidence-based assurance that it has appropriate systems in place to ensure the health and safety of its tenants in their homes and communal areas. We gained assurance that Vico Homes regularly monitors and reports its compliance with its legal landlord health and safety responsibilities, and that it has effective mechanisms to give its board assurance that related controls are operating effectively.

We saw evidence that Vico Homes has an accurate and up-to-date understanding of the condition of its homes at an individual property level, and that it has a process in place for maintaining this information. There is also evidence that Vico Homes uses this information to plan its services and to optimise the use of its homes.

Vico Homes provided evidence that repairs are undertaken largely in accordance with its published timescales and that exceptional cases are closely monitored to ensure resolution. Customer satisfaction with the timeliness and overall standard of the repairs service indicates that the service is performing effectively.

In relation to some areas of damp, mould and condensation management, Vico Homes’ performance is currently below target. However, it has provided evidence that it is prioritising improvements in these areas and that it has sought independent assurance of the quality of its service.

In relation to the Neighbourhood and Community Standard, Vico Homes has demonstrated an effective approach to dealing with anti-social behaviour across its neighbourhoods, working closely with its main partners and achieving positive results in areas that are of most concern to its tenants.

In relation to the Tenancy Standard, Vico Homes provided evidence that its approach to lettings and allocations is fair, transparent and inclusive and offers a range of housing to meet customer needs.

Overall, Vico Homes is delivering the outcomes of the Transparency, Influence and Accountability Standard. Vico Homes provided evidence that it treats tenants with fairness and respect and, supported by the information it holds, demonstrated its capacity to deliver services based on the diverse needs of its tenants.

There is evidence that Vico Homes is committed to the ongoing development of an effective and outcome-focused tenant engagement framework including tenant involvement in setting strategic plans and scrutiny reviews of specific service areas. Vico Homes also supports broader scrutiny of its performance by publishing a wide range of accessible information in various formats.

Vico Homes takes steps to ensure that complaints are addressed in a fair and timely manner, and its effectiveness is indicated by published performance measures. Complaint themes are continuously monitored and used alongside other information to highlight areas where improvements are most needed, and its website provides details of lessons which have been learned. Vico Homes provided evidence of specific changes that have been made to improve services as a result of its learning from complaints.

Governance – G1 – July 2026

We are assured that Vico Homes’ governance arrangements are consistent with a G1 grade. Vico Homes’ strategic direction is clearly board led and reporting arrangements enable effective oversight of both operational and financial performance. Independent assurance has been provided of the effectiveness of governance, and Vico Homes has acted upon recommendations in a timely and responsive way.

An appropriate risk management framework is maintained, and our judgement also reflects evidence of risk-based board challenge to executive proposals. The skills and experience of board members is suitably aligned to Vico Homes’ risk profile, and the approach to succession planning demonstrates an understanding of the importance of this. Vico Homes seeks independent assurance regarding its performance both regularly and widely, the results of which indicate a well-governed organisation.

Viability – V2 – July 2026

Vico Homes was regraded to V2 in January 2026 following a stability check and responsive engagement. Following our inspection, our judgement is that this grade remains unchanged.

We have assurance that Vico Homes meets the financial viability requirements of the Governance and Financial Viability Standard. Its latest business plan is based upon reasonable assumptions, and it forecasts adequate headroom against its loan covenants. The results of stress testing indicate that its plans can withstand a reasonable range of adverse scenarios. Vico Homes seeks to protect its financial viability by maintaining a framework of financial ‘golden rules,’ and it is currently arranging additional funding facilities that will ensure ongoing access to liquidity into the medium term.

Vico Homes is pursuing an ambitious growth strategy that will significantly add to its long-term debt. Owing to the profile of its existing homes, financial margins will also be impacted by the requirement to improve energy efficiency. This is reflected in forecast levels of interest cover that have deteriorated compared to previous forecasts. This indicates reduced capacity to service the increasing debt portfolio.

Background to the judgement

About the landlord

Vico Homes owns around 33,500 social homes across the north of England, much of which is concentrated around the city of Wakefield.

Vico Homes has a single 100% owned non-charitable subsidiary entity, Vico New Build Services Limited, set up to mitigate irrecoverable VAT in relation to development activity. It was incorporated in 2022 and started trading in 2025/2026.

Vico Homes has a 50% interest in a joint venture Limited Liability Partnership (LLP), Bridge Homes (Yorkshire) LLP, which was incorporated in 2014 and established to provide new homes in Wakefield.

For the year ended March 2025, Vico Homes reported turnover of £208.8m. It employs 1,259 full-time equivalent staff.

Vico Homes intends to develop around 8,300 homes over the next ten years.

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.  

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.  

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