PRS and affordable homes boost Countryside completions
Countryside increased completions by 28% year-on-year in the 13-weeks to 31 December 2018, driven by an increase in private rented and affordable homes.
The housebuilder completed 1,094 homes in the quarter, compared to 852 in 2018.
It reported a “sharp increase” in affordable and private rented homes, after the acquisition of Midlands builder Westleigh and the expansion of it PRS framework agreement with Sigma.
Countryside increased completions by 28% year-on-year in the 13-weeks to 31 December 2018, driven by an increase in private rented and affordable homes.
The housebuilder completed 1,094 homes in the quarter, compared to 852 in 2018.
It reported a “sharp increase” in affordable and private rented homes, after the acquisition of Midlands builder Westleigh and the expansion of it PRS framework agreement with Sigma.
Affordable-home completions were up 52% to 413 for the quarter, against 271 the previous year. PRS completions rose by 66% to 341 homes, against 205 in 2018.
In contrast, private sales dipped by 9.6% to 340, against 376 in 2018.
Countryside’s partnerships accounted for 78% of total home completions, with some 249 homes from Westleigh. The total forward order book increased by 115% to £659m.
It also pointed to a strong quarter for new business with 5,613 additional plots secured, and major acquisitions at Kingston upon Thames and Acton Gardens. Countryside’s total secured partnerships land now stands at 34,254 plots, almost double last year’s 19,756.
Ian Sutcliffe, group chief executive, said: “Our balanced business model continues to give us sector-leading growth and greater resilience from our mixed-tenure delivery. We have a record forward order book and continue to win new business in our partnerships division, giving us visibility of future earnings and continued growth potential.”
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