Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Vistry, a British home construction company recently its decision to pivot its primary attention towards its affordable housing division due to the escalating slowdown in the broader housing market in the UK. This strategic shift led to a remarkable 11% surge in the builder's shares, reaching a level not seen in over a year, at 893 pence during early trading hours. The challenging scenario for British housebuilders is being exacerbated by the Bank of England's 14 consecutive interest rate hikes, impacting profit margins and buyer demand as increased mortgage expenses and affordability issues pose significant challenges.
Various indicators within the industry, including measures like mortgage approvals and housing prices, have experienced declines in recent months. Just last week, the mortgage lender Halifax reported a substantial 4.6% year-over-year decrease in house prices, marking the swiftest decline since 2009.
Various indicators within the industry, including measures like mortgage approvals and housing prices, have experienced declines in recent months. Just last week, the mortgage lender Halifax reported a substantial 4.6% year-over-year decrease in house prices, marking the swiftest decline since 2009.
Vistry has been collaborating with local government entities and housing associations to construct affordable housing units. Notably, this Partnerships division has shown stronger performance compared to its Housebuilding unit, which operates in a manner similar to competing construction companies.
Greg Fitzgerald, the CEO, emphasized that the growing demand for affordable mixed-tenure housing throughout the nation is expanding significantly. He noted that Vistry holds a distinctive leadership position in partnerships housing. The FTSE 250 company announced its intention to combine its Partnerships business with its Housebuilding operations by the conclusion of the 2023 fiscal year. This strategic move aims to prioritize the affordable housing model, characterized as high-return, capital-light, and resilient.
The Simplicity in Motion (Sim Im) strategy eliminates any uncertainty regarding Vistry's mixed housing model. It directs the company's focus toward a less volatile segment of the housing market, one characterized by a significant demand, as stated by analysts at Peel Hunt.
Vistry had strengthened its Partnerships business through the acquisition of rival Countryside for 1.25 billion pounds ($1.56 billion) last September. Furthermore, the company has outlined plans to return 1 billion pounds to its shareholders over the next three years, including the launch of an initial share buyback program valued at up to 55 million pounds in November. Vistry, a major player in the British housebuilding sector in terms of volume, reported an 8% increase in adjusted pretax profit to 174 million pounds for the six-month period ending on June 30th.The company reaffirmed its prediction that its annual pretax profit would surpass 450 million pounds.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy