Residential Secure Income (ReSI) has suffered a dip in net asset value (NAV) following tax changes that mean VAT is chargeable on property managers.

Residential Secure Income’s Clapham Park scheme.

NAV at the group, which invests in affordable shared ownership, retirement and Local Authority housing, fell to 107.7p a share at the end of December, compared to 108.6p on 30 September.

ReSI’s portfolio value stood at £260.3m, down £500,000, as the VAT resulted in increased service charges payable by Resi during the quarter.

The group paid an interim dividend of 1.25p a share for the period, in line with the target of 5p a share for the current financial year.

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