Vistry sees steady outlook as sales rate climbs

Vistry Group is maintaining full-year expectations as sales momentum builds. The housebuilder’s year-to-date sales rate has climbed to 0.91, up from 0.59 in its March update, with a sharp uptick to 1.32 over the past eight weeks. Its forward order book stands at £4.6bn, with 72% of forecast FY25 homes already secured. It said open-market activity is on the rise, buoyed by improved mortgage access and falling rates. Vistry expects FY25 open-market volumes to match last year, even as it winds down legacy housebuilding sites. The group is eyeing growth in affordable housing, following the government’s £2bn top-up to the Affordable Homes Programme. It anticipates a demand boost following June’s Spending Review. Meanwhile, institutional appetite in the PRS sector is strengthening, though partner funded deals remain subdued for now. Vistry expects momentum to return in FY26. Land buying remains measured with 1,672 plots secured so far this year as the group leans into its partnerships model and aims to shorten its owned landbank. Despite inflationary pressure on labour and materials, Vistry said cost increases are expected to remain in the low single digits. The company is also progressing refinancing plans for its loan facilities and targeting lower average net debt.