UK property developer Vistry Group says UK house hunters are still pushing to buy homes despite cost of living uncertainty
British house hunters are still keen to buy homes despite cost of living uncertainty, says UK property developer Vistry Group.
The optimistic report says that 3,219 new homes were sold in the first half of 2022, which is 93 more than in the same period last year.
And with little sign of the housing market cooling, it now expects full-year earnings to be “at the upper end of market forecasts.” Prior to yesterday’s update, analysts were expecting profits of up to £417m.
Upbeat report: Vistry said it sold 3,219 newbuilds in the first half of 2022, up 93 from the same period last year
Vistry chief executive Greg Fitzgerald said: “The group delivered an outstanding performance in the first half of the year, significantly exceeding our expectations at the start of the year.
“Demand has been strong across the board and our forward sales position has further strengthened. The business is in excellent condition. Mindful of the broad economic uncertainty, we are bullish on the outlook.”
Its shares rose 2.2 per cent, or 18p, to 831.5p yesterday.
The update comes a day after rival Persimmon warned it was hit by planning delays, rising costs and shortages of materials and staff.
Fitzgerald, who has been boss since 2017, said new homes are being sought despite rising inflation, rising costs and higher interest rates.
There is a growing need for all types of housing, from the private sector and local authorities to providers of housing for the elderly, the company reports.