Hopkins Homes was bought two years ago by Kier Living owner Terra Firma

Top 50 housebuilder Hopkins Homes saw income and profit hit in the wake of the spiralling interest rate hikes following the mini-Budget of former prime minister Liz Truss in September 2022.

The Suffolk-based private housebuilder, which was set up in 1993, said revenue in the nine months to March 2023 was 拢144m, down by an adjusted 9% on the 拢245m earned in the 14 months to 30 June 2022.

Meanwhile, profit was down to 拢15.9m, a pro-rata decrease of 40% on the 拢41m in the year prior.

hopkins

Hopkins Homes has been owned by private equity firm Terra Firma for two years

The figures cover nine months to reflect a change in its accounting period to align with its parent company.

鈥淒uring the period, sales demand was impacted by increasing interest rates and economic instability that arose following the mini-Budget announcement,鈥� the firm鈥檚 annual report said.

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The company achieved 506 legal completions, comprising 355 open market properties and 151 affordable housing units, marking a shift towards the latter.

Private equity firm Terra Firma snapped up Hopkins Homes for an undisclosed sum at beginning of 2022. The same firm bought Kier鈥檚 housing arm for 拢110m the year before.