14 March 2024 , 14:47
846
0
Housebuilding firm Vistry has announced plans to ramp up construction this year, aiming to deliver over 17,500 homes.
The company intends to accelerate its building rate from 16,118 homes completed last year, which was a 35% increase from the previous year. Vistry is expecting an increase in demand as banks anticipate a potential cut in interest rates by the Bank of England.
"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," Vistry said. "We are optimistic that this trend will continue during 2024."
The company's revenue grew by 28.6% to £3.56 billion in 2023, up from £2.77 billion the previous year, while pre-tax profit increased by 23.2% to £304.8 million. Greg Fitzgerald, Chief Executive of Vistry, stated: "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."
8 money changes coming in February including Universal Credit and passport fees
"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." The company's shares were up 8.76% on Thursday afternoon.