Grainger is expecting a year of record delivery as it pushes through £1bn of BTR homes.
The UK’s largest listed residential landlord said in a trading update this morning that it was on track to deliver 1,640 build-to-rent homes this year.
Chief executive Helen Gordon said 2023 would be “a year of record delivery and investment for Grainger”.
Grainger has a £3.2bn operational portfolio of around 10,000 homes and a £1.8bn pipeline for a further 7,000 BTR homes.
Within the £1.8bn pipeline, the £953m committed pipeline of 3,658 homes is fully funded, with finance and construction costs fixed.
Rental growth has also accelerated to 6.1% despite macro economic difficulties.
And sales were also strong. “Our programme of sales activity has proved resilient to date despite the uncertain outlook in the housing sales market, due to a lower reliance on mortgage purchases and first-time buyers,” Gordon said.
“Sales of vacant homes from our regulated tenancy portfolio, as well as asset recycling across our PRS, regulated tenancy and development portfolios, have performed well, generating £48.1m of total proceeds, ahead of the same period last year’s £21.1m proceeds.”
While sales prices were on average 1.2% below September’s vacant possession values, Granger pointed out that this outperformed the market.
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