Vistry plans ramp up in housebuilding this year
The company said it would build 1,400 more homes in 2024 than it did the year before.
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Your support makes all the difference.Housebuilder Vistry has said it plans to ramp up its construction speed this year, delivering more than 17,500 homes.
The business said that it would accelerate the rate at which it was building from 16,118 homes completed last year. That itself was a nearly 35% increase from the year before.
The business said demand in the market had picked up as banks start to prepare for the Bank of England to cut its base rate at some point this year.
We are optimistic that this trend will continue during 2024
“We have seen a notable pick-up in demand from PRS (private rental sector) providers in recent months, and the easing of mortgage rates at the start of the year has had a positive impact on open market demand,” Vestry said on Thursday.
“We are optimistic that this trend will continue during 2024.”
The business said revenue had grown 28.6% to £3.56 billion during 2023, up from £2.77 billion the year before. Pre-tax profit rose 23.2% to £304.8 million.
Chief executive Greg Fitzgerald said: “The group is committed to creating quality new homes through the development of sustainable new communities and places people love.
“We see high demand for mixed tenure housing and regeneration across the country and are uniquely placed to deliver on this market opportunity, helping address the country’s acute need for housing.
“It has been another busy year at Vistry and I am extremely grateful to all Vistry’s employees, the group’s suppliers, and our highly valued partners for their hard work and commitment.
“The business has started the year with a real passion and commitment to deliver on its strategy and medium-term financial targets, and we expect to make good progress during 2024.”
Shares were up 8.76% on Thursday afternoon.