Housebuilder adds 2,766 plots to pipeline and changes focus to larger strategic sites
Listed housebuilder Crest Nicholson has added 2,766 plots to its development pipeline over the six months to April, according to its latest trading update issued today.
Crest said its land-buying focus was moving to larger, strategic sites. Over the period the firm added six sites comprising 2,575 plots to its strategic land pipeline, and four sites comprising 191 plots to its short term pipeline.
Crest said it had enjoyed 鈥渟trong鈥� trading in the six months to April, buoyed by revisions to stamp duty policy and increasingly competitive pricing in the mortgage market.
Forward sales were up to 拢336m across 1,786 units, up 29% and 25% respectively on the previous year.
Average open-market selling prices were up 20% to 拢322,000, which the company said reflected 鈥渁n element of price inflation鈥� but also the product and location mix evolving.
Crest sold 97 units at its Bath Riverside outlet to global real estate investment manager M&G Real Estate, which has bought the homes for private rental. The firm said the transaction was intended to 鈥渇orm part of a longer relationship between the parties鈥�.
Crest Nicholson chief executive Stephen Stone said demand from house buyers remained strong, and that conditions for the housebuilder to meet such demand are 鈥渧ery favourable鈥�.
He said: 鈥淭he business is well positioned to continue to grow volumes and revenues in line with our previously stated targets and make its contribution to the delivery of the new homes that the country needs.鈥�
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