Vistry on track to be Britain’s biggest housebuilder
Vistry set to deliver over 18,000 homes in 2024, despite south division cost challenges
Vistry’s partnerships model, which builds affordable housing for over 140 partners, saw a 9.1% rise in completions in the first half of the year to 7,792 homes. Supported by strong demand and a focus on affordable housing, the group expects to maintain this momentum throughout the year.
Despite facing challenges in its South Division due to underestimated build costs, which are expected to impact profits by around £80 million in FY24, Vistry remains committed to its long-term goals. The company has initiated changes to the management team in that division and is undertaking an independent review to address the issues.
Vistry’s upcoming trading update, scheduled for November 8, 2024, will provide further insights into its performance and strategic direction as it continues to navigate challenges while driving growth. CEO Greg Fitzgerald highlighted the group’s alignment with government housing initiatives, as Vistry is set to build one in six of the UK’s new affordable homes this year. The firm reported an 11.1% increase in revenue to £1.97 billion, with operating profit up 10% to £227.3 million.
In addition to this, Vistry’s Thames Valley region has exchanged contracts to acquire five parcels of land at Finchwood Park in Finchampstead. This acquisition will enable the delivery of more than 600 new homes as part of their wider 1,500-home Finchwood development, led by Cala Group Limited.
John Richards, Land and Planning Director at Cala Homes Thames, said: “It’s excellent news that we have exchanged contracts on these parcels with Vistry. This will allow housing delivery to significant accelerate on the site.”
The first of the five parcels has already secured detailed planning permission and will provide 256 homes in the eastern part of the neighbourhood. Vistry expects to complete the purchase of Parcel 10 by December and plans to commence construction work on the site in January 2025.
