Housebuilder Vistry has said it is “uniquely positioned” to play a key role in helping the new government hit is housing targets.
Updating on trading in the first half of 2024, the group said it was looking forward to working with the new government and was supportive of plans to introduce mandatory housebuilding targets, reform the national planning policy framework, add new planning offices and prioritise brownfield and “grey belt” land.
Chief executive Greg Fitzgerald said: “We look forward to working with the new government to address the country’s housing crisis and are extremely well placed to support its ambition of delivering the biggest boost to affordable housing in a generation.”
He added: “Our unrivalled expertise and track record in partnerships housing delivery and our current growth momentum, uniquely positions Vistry to play a key role in helping the government address the country’s affordable housing crisis.
“We are encouraged that they are seeking to move quickly and we are in a strong position to support this: we have maintained investment in land and development opportunities, extended our relationships with a broad range of affordable housing partners, increased our timber frame capability, and ensured we have capacity for growth within our existing operational structure.”
The housebuilder said it was on track to deliver a 10% growth in profit for the full year as completions rose.
Vistry said it expected to deliver more than 18,000 completions in 2024, up from 16,118 in 2023. It said its confidence was underpinned by strong forward sales, which were up by 21% to £5.1bn.
In the six months ended 30 June, Vistry said it had completed 7,750 homes, up by 8% on the 7,143 homes built in H1 2023.
The housebuilder added it has secured new land and development opportunities totalling 8,225 plots in the first six months of the year, up from 6,561 in H1 2023.
“The group has delivered a strong performance in the first half which underpins the board’s confidence in its expectations for the full year,” said Fitzgerald.
“Our partnerships model is significantly outperforming the broader housebuilding market and we are confident we will deliver over 18,000 completions for the full year and make progress towards our medium-term targets.”
Vistry will announce its half year results on 5 September.
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