With news that borrowing by housing associations exceeded £10bn last financial year (a £2.6bn increase on the previous year), there is some evidence that the current rush to refinance may be coming to an end.  This is supported by the news that the vast majority of RPs have sufficient facilities to support their activities for at least the next year.

But with ambitious development plans across the sector, and sufficient security to support another £48bn of new borrowing, the next cycle of funding is never far away.