A residential tower block in Sheffield has seen more than £170,000 in cost savings after a change in property management as pressure on service charges continues to build across the UK.
Horizon Management, which took over management of the 108-unit development in June 2025, delivered a 45% reduction in insurance premiums alongside an 11% cut in service charges.
The savings come against a backdrop of rising costs for leaseholders, with average annual service charges reaching £2,300 by the end of 2024, up 11% year-on-year and significantly outpacing inflation.
Insurance has been a key driver of rising costs, with premiums increasing sharply due to higher claims, ongoing building safety concerns and reduced competition among insurers.
SUSTAINABLE IMPROVEMENTS
Chris Browne (main picture), Managing Director at Horizon Management, says “Our work at this Sheffield tower block reflects our core approach: methodical analysis of costs, careful negotiation with suppliers, and maintaining service quality while delivering genuine value.
“In a market where residents are rightly scrutinising every pound of their service charge, we’ve demonstrated that significant savings can be achieved through proper management and attention to detail.
“These aren’t quick wins or corner-cutting measures, but sustainable improvements that benefit residents year after year.”
