• 11 October, 2017 News

    Countryside shares edge lower despite completions rising more than a quarter
    Countryside has unveiled that the number of homes it sold jumped by more than a quarter during 2016 Countryside shares edge lower despite completions rising more than a quarter

    Countryside has unveiled that the number of homes it sold jumped by more than a quarter during 2016, whilst it continued to benefit from the government’s Help to Buy scheme.

    During a trading statement this morning, the FTSE 260-LISTED builder said completions-the number of homes it built and sold- heightened 28 per cent to 3,389 in the year to end of last month.

    Though, average selling price on private homes dropped approximately eight per cent to £430,000, however it said that was in line with predictions. With regards to its housebuilding division, it said that figure fell 23 per cent to £515,000, due to its aim of reducing its exposure to the top of the market.

    Meanwhile, its private forward order book heightened eight per cent to £242.4m. However, shares were down by 0.5 per cent at 346.4p in early trading.

    At the moment, the property market is going in two directions: whilst estate agents are finding it tough because cash-stapling buyers are staying away, house builders are having a moment. This is mainly due to the governments Help to Buy scheme, which provides financial assistance to first-time buyers trying to get their hands on new-build homes.

    Though the same can’t be said for those at the top end of the market-which explains Countryside’s decision to veer away from luxury homes.

    Just last week, the government announced plans to inject an additional £10bn into the Help to Buy scheme, which ultimately sent housebuilders’ shares soaring. Today, Countryside said it is “ideally placed” to benefit from the extra cash.

    Ian Sutcliffe, its chief executive, said: “We continue to see industry leading growth from our mixed tenure delivery and excellent returns from our innovative partnerships business model,”

    “We have successfully positioned our business to meet the strongest areas of customer demand and are greatly encouraged by the continued and increased political support for mixed tenure housing. We see further opportunities for both our partnerships and housebuilding divisions and remain entirely confident in delivering our medium-term growth plans.”

    Contact one of our brokers today at, www.forex.ltd.uk.


    Abi Moses

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