Home Business Vistry banks on partnerships to ride out private sales drop

Vistry banks on partnerships to ride out private sales drop


Chief executive Greg Fitzgerald said that strengthening Vistry’s partnerships housing business with the Countryside purchase had created a less cyclical and more resilient business.

In a end of year trading update this morning, Fitzgerald said Vistry started the new financial year with forward sales totalling £4.6bn (31 Dec 2021: £2.7bn), including £3.6bn for the newly enlarged Partnerships operation.

“We are seeing a sustained level of demand across Partnerships from housing associations, local authorities and the private rented sector, with a strong first quarter pipeline,” he said.

Vistry private house building forward sales were down at £1bn compared with £1.3bn a year ago.

Fitzgerald described this forward sales position as encouraging given the challenging market conditions and significant step-down in private sales rates in the final quarter of last year.

“It is too early in the current year to predict the outturn for private sales, however I remain cautiously optimistic that buyer sentiment will improve over the coming months.”

Adjusted pre-tax profit for 2022 is expected to be up 21% at around £418m. Full-year results will be announced in March.

Read More