8th Feb 2023 10:13
(Alliance News) - Grainger PLC on Wednesday said it is confident in maintaining a strong performance as private rental demand continues to outstrip supply.
The Newcastle Upon Tyne, England-based residential property developer and landlord reported total like-for-like rental growth of 6.1% in the year-to-date and private rented sector like-for-like rental growth of 6.1% in the year-to-date, including 7.8% growth in new lets and 5.0% growth in renewals.
The company said occupancy in its PRS portfolio was at record-high levels of 99% at the end of January, while customer enquires also remain high.
Grainger added that GBP953 million of its GBP1.8 billion pipeline is fully funded, amounting to 3,658 homes, with GBP479 million in remaining costs to complete at September 30 last year.
Grainger also noted that 2023 has seen about GBP300 million capital expenditure on committed developments in 2023, with 1,640 new energy efficient rental homes to be delivered for the year.
Based on its strong rental growth, the company said it is "confident" in continuing its strong performance.
The company's joint venture with Transport for London is also in the process of drawing down the land from TfL, with full planning permission to deliver about 1,240 new homes in London.
Chief Executive Officer Helen Gordon said: "Building on last year's record performance, Grainger has continued to deliver strong performance against all key operational metrics as demand for private rented housing in the UK has continued to grow further, coupled with low levels of supply."
Grainger shares were up 2.1% trading at 262.80 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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