Caro, the build-to-rent and residential investment platform, has acquired 38 homes from Social Value Housing, a registered provider that had fallen into difficulty, in a deal that on the surface looks like routine portfolio consolidation but in reality points to a far more consequential trend rippling through England's social housing sector. Social Value Housing's troubles are not an isolated case; they are the latest and most visible symptom of a structural strain affecting smaller and mid-sized registered providers, many of which expanded rapidly during the low-interest-rate years of the late 2010s by acquiring leased and rent-to-buy stock, only to find themselves exposed as costs rose, regulatory scrutiny tightened and lease-based models came under sustained criticism from the Regulator of Social Housing (RSH).