London-listed housebuilder Vistry rapidly expanded its land bank over the last year as it ramped up home building activity.
The firm increased its controlled land bank by c.1,600 over the last 12 months, it said in a trading updated published today.
The firm also acquired 5,642 new plots over the same period.
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Rampant demand in the UK’s housing market triggered by changing housing preferences and a rush to complete before the end of the stamp duty holiday has driven Vistry to ramp up housebuilding activity.
Housebuilding completions surged to 3,126 in the first six months of this year, up sharply from 1,235 over the same period last year.
Greg Fitzgerald, chief executive of Vistry Group PLC, says: “Market trends remain positive and we are seeing good demand for completions beyond the end of the Stamp Duty holiday.”
“There is some pressure across the material supply chain in terms of price increases and extended lead times, but we are working well with our partners to ensure successful delivery of our build programme and expect this position to ease through the second half.”
“House price inflation is more than offsetting any cost pressure.”
Vistry’s performance in the first six months of the year came in ahead of expectations at the start of the year, with average weekly private sales rate reaching 0.76, up 10 per cent on 2019 where it was 0.69.
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