Sparks - Living REIT

Inclusion Housing Community Interest Company (Inclusion), SOHO’s largest lessee, has received a compliant G2/V2 regulatory grading by the Regulator of Social Housing (RSH). Inclusion leases 124 of SOHO’s almost 500 homes, providing homes for 911 vulnerable adults and, as at 31 December 2025, represented c 30% of SOHO total rent roll.

Inclusion is a large, growing, nationwide provider of specialised supported housing, with a strong balance sheet and good record of income growth and surplus generation. Nonetheless, it had been previously rated G3/V3 (non-compliant) by the RSH, in a judgement dating back to 2019, partly reflecting the general concerns of the regulator with respect to the lease-based model. Inclusion is now the first predominantly lease-based housing provider to receive a compliant governance and viability rating by the RSH, representing a positive development for SOHO and the sector. It provides further evidence that well-managed, lease-based providers can operate successfully within the regulatory framework while continuing to deliver high-quality homes and services for vulnerable residents.