25th Jul 2019 10:07
(Alliance News) - Countryside Properties PLC on Thursday said it expects to deliver growth in its current financial year as it saw an increased demand for property despite the ongoing political uncertainty.
The home builder said its performance in the 13-week period to the end of June was in line with expectations.
The company said its total completions in the third quarter were at 1,055 homes compared to 1,060 homes reported for the same period in 2018. Private average selling price was GBP374,000, broadly flat versus GBP376,000 last year.
Total forward order book as at June 30 stood at GBP1.14 billion, up 17% from GBP967 million on the same date a year earlier.
Countryside Properties said its Partnerships division has continued its strong growth, with total completions up 5% to 865 homes. The FTSE 250-listed company said it anticipates further growth from the new Midlands regions this year, which is also expected to continue into next year.
In addition, the company said it continues to have success in winning new sites, securing 2,676 plots in the quarter including a scheme to build 683 homes in Camden, London, and 1,500 plots for the new Midlands regions.
Turning to Housebuilding division, Countryside Properties said this unit also performed in line with expectations during the quarter, with total completions of 190 homes compared to 237 homes last year as a result of anticipated build phasing.
The company said Housebuilding unit has had another successful quarter in securing new land, with 3,314 plots secured in the period, including an option for 2,000 plots at Marden in Kent.
Looking forward, Countryside Properties said it continues to see strong customer demand across both divisions for all tenures of homes.
With build programmes on track, the company said its focus now continues to be one of converting its private for sale reservations into completions in the fourth quarter. The company is active on a total of 135 sites and remains on track to deliver full year expectations, it said.
"We have maintained our growth trajectory, while continuing to improve build quality and customer satisfaction. The business is performing well and we are laying the foundations for future growth," said Chief Executive Ian Sutcliffe.
He added: "The demand for housing of all tenures remains unfulfilled and we are encouraged by positive sales rate trends despite the ongoing political uncertainty."
Countryside Properties shares were trading down 0.5% in London on Thursday at 297.20 pence each.
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